Full name Home address Phone number Driver’s license number Check with the bank the cheque will be drawn on to confirm that the person writing the check has an account with funds available to cover the check. Many banks will verify the account the cheque is drawing from if you contact them. [2] X Trustworthy Source Consumer Reports Nonprofit organization dedicated to consumer advocacy and product testing Go to source
If you own a small business, different rules may apply. Many banks will not cash a cheque made out to your small business. They will deposit it to the business’s bank account instead. If the check is made out to more than one person, all payees (the person or persons being paid) must sign the cheque.
Check the date. It is important that the date is accurate. The date written on the cheque is the first date at which the funds may be withdrawn. Also, many banking institutions have the right (but not the obligation) to deny payment after a period of six months has passed. [3] X Research source Check the numerical amount and written amount. The numerical amount box is located below the date. It represents the exact amount to be paid to the payee. You must make certain that this is the correct amount you are owed and that it matches the written dollar amount located to the left of the box. If the written and numerical amounts are different, most banks will honor the written amount. [4] X Trustworthy Source US Consumer Financial Protection Bureau U. S. government agency for protecting consumers in the financial sector Go to source Check the signature. For the cheque to be valid, it must contain the signature of the owner of the account from which the funds will be withdrawn. It is imperative that it is signed or the cheque will not be honored. [5] X Trustworthy Source US Consumer Financial Protection Bureau U. S. government agency for protecting consumers in the financial sector Go to source
Remember that if there is more than one payee – e. g. , “Pay to the order of Jackson and Leanna Teller” – all payees must endorse the cheque. [7] X Trustworthy Source US Consumer Financial Protection Bureau U. S. government agency for protecting consumers in the financial sector Go to source A check can be deposited into a joint account with only one of the joint owners signing the check. Once the check is endorsed, unless there are written restrictions, the check becomes a “bearer” instrument so that anyone can cash it.
You may not be required to show a photo I. D. if you cash the cheque at an ATM or via your smartphone.
Some banks may require you to deposit the cheque to your account rather than cash it. This is particularly likely if the cheque you are trying to cash is written on an account from another bank. [8] X Trustworthy Source US Consumer Financial Protection Bureau U. S. government agency for protecting consumers in the financial sector Go to source If the bank on which the cheque is drawn refuses to pay your bank – in other words, the cheque “bounces” – your bank will reimburse itself from your bank account. Banks will also usually charge a fee for the trouble of dealing with a returned cheque.
Many banks prefer that you have your bank debit card with you as well. If you do not have your debit card, you may be required to fill in additional forms to cash your cheque.
In most cases, you will need your bank debit card to deposit or cash a cheque at an ATM. The debit card identifies your account so that you can deposit or cash your cheque. Make sure you endorse the cheque before inserting it into the ATM.
Make sure to follow all the directions in the app. Take a clear, well-lighted photograph of the front and back sides of the cheque.
You must cash the cheque in person with a bank teller if you are not an account holder. Be aware that if the account the cheque is written on does not have sufficient funds to cover the cheque, the bank is not required to cash it. [11] X Trustworthy Source US Consumer Financial Protection Bureau U. S. government agency for protecting consumers in the financial sector Go to source Some states in the U. S. have laws that require banks to cash cheques drawn on their accounts without charging a fee. You can find out online if you live in a state where this applies. [12] X Trustworthy Source US Consumer Financial Protection Bureau U. S. government agency for protecting consumers in the financial sector Go to source
For example, many 7-Eleven convenience stores will cash cheques for a small fee (which varies by location). As another example, Walmart will cash cheques of up to $5,000USD, for which they will charge a fee of $6. They will only cash payroll, government, and tax cheques. [14] X Research source
For example, Visa has a reloadable “Payroll Card” that you can get through your employer. You can deposit cheques and withdraw money at any ATM that accepts Visa debit cards. [16] X Research source Many large banks also offer prepaid debit cards. Chase offers a prepaid card that allows you to deposit a cheque at any Chase ATM. The card has a monthly fee of $4. 95. [17] X Research source Prepaid cards are usually available through large financial institutions such as MasterCard and American Express.
The advantage of cheque-cashing services is that they will usually cash personal cheques. Most retailers will not. However, these services may charge a hefty fee to cash your cheque, so it’s best to try your other options first. [19] X Research source If you do not have a bank account and need cash immediately from a personal cheque, cheque-cashing services may be your only option.
To endorse the cheque to another person, write “Pay to the order of _______” on the reverse side of the cheque. Sign your name. In some cases, you may also be required to initial near the written and numerical amounts of the cheque. Never ask someone you do not know intimately to cash a cheque for you. Never cash a cheque for someone you do not know and trust extremely well.
