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How To Cash a Settlement Check Without Bank Account?
In fact, you do not necessarily need a bank account to cash an insurance settlement cheque. Most other options charge a small fee for this service, but allow you to walk away with the full amount. You won’t have to wait several days for the cheque to be cashed or for your funds to be frozen in the meantime.
The issuing bank
If the bank that issued the cheque has a local branch near you, stop and let the cashier know that you want to cash the cheque. You will usually need to show two pieces of identification, including a driver’s licence or government-issued ID card. Depending on the bank, there may be a fee for non-customers. These fees can range from a flat fee to a percentage of the cheque. For example, TD Bank charges $7 for cashing cheques for people who do not have an account. Regions The bank charges 1% of the amount of the cheque for any cheque over $10, to a maximum of $20. Capital One, Citibank and SunTrust offer this service free of charge.
Retail and convenience stores
Many retail and convenience stores offer check cashing services. For example, Walmart cashes a variety of cheques, including government cheques, tax refunds, IRAs, 401(k)s and insurance settlement cheques. The cash limit is $5,000. The fee for cheques between $1,000 and $5,000 is $6.00, with no registration. Cheques are cashed instantly. Another option is to visit Kroger. Kroger cashes cheques from a variety of sources, including insurance companies. The maximum amount of a cheque is $5,000. Fees vary from site to site. Once you register, the money is received instantly. There is no waiting period for cheques to be cashed. If you prefer, 7-Eleven has VCOM kiosks in some locations to allow you to cash cheques 24 hours a day. Although cash is available within minutes, new customers must follow the sign-up procedure, which includes providing your ID card information to verify your identity.
Cheque Cashing Stores
Cheque-cashing stores often specialize in cashing cheques for people who don’t have a bank account, who need money immediately, or who have a cheque that is too big for other retailers to cash. Payday loan stores also offer cheque cashing services without you needing to take out a loan or payday advance. For example, Amscot cashes insurance settlement cheques up to any amount. Government-issued photo identification is required. Fees vary depending on where the cheque is cashed and the amount. There is also the Check ‘n Go service, which offers check cashing services. All you have to do is show identification and pay the appropriate fee depending on the amount of the check and your location. Another option is Moneytree, which allows you to cash a check for any amount without having the funds withheld. All you need is government-issued photo identification.
Where you can Cash a Settlement Check Without Bank Account :
Banks and credit unions
The following list includes national banks that cash checks for non-customers.
Bank of America
- The types : Most cheques are accepted, as long as they are printed with magnetic ink (i.e. not on a personal printer).
- Limit: generally up to $500 for people who do not have an account.
- Fee for non-clients: $6.00 per cheque
- More information : The Bank of America indicates that it accepts “other types of checks” – specifications vary by agency, so call ahead to make sure a certain type of check is accepted.
Chase
- The types : Personnel, payroll, government, taxes, cash
- Limit: no maximum check amount is specified
- Fee for non-clients: $8.00 per cheque
Citi
- The types : Personnel, payroll, government, taxes, cash
- Limit: no maximum check amount is specified
- Fees for non-clients : FREE when the value of the cheque is less than $5,000.
HSBC
- The types : Paycheques, government cheques, tax refund cheques, insurance cheques and business cheques
- Limit: no maximum check amount is specified
- Fees for non-clients : FREE for personal cheques, but paying for professional cheques
- More information : The decision whether or not to cash the cheque depends on the discretion of each branch.
KeyBank
- The types : Personal, payroll, tax refund and government cheques
- Limit: no maximum check amount is specified
- Fee for non-clients: 1.5% fee per cheque
- More information : Check cashing at KeyBank Plus centers is available in Colorado, Indiana, Maine, New York, Ohio and Oregon.
TD Bank
- The types : Personnel, payroll, government, taxes, cash, and more
- Limit: no maximum check amount is specified
- Fee for non-clients: $7.00 per cheque
American Bank
- The types : Personnel, payroll, government, taxes, cash
- Limit: no maximum check amount is specified
- Fee for non-clients: $7.00 per cheque
- More information : U.S. banks cash almost all types of checks, provided the customer has an account or the check is drawn on a U.S. bank account.
Wells Fargo
- The types : Personnel, payroll, government, taxes, cash, and more
- Limit: no maximum check amount is specified
- Fee for non-clients: $7.50 per cheque
Other Information: Wells Fargo will cash almost any type of check, provided the customer has an account or the check is drawn on a Wells Fargo account.
Other Businesses
Many grocery stores and check cashing stores cash checks. They can be convenient for many reasons: there’s probably one nearby, most have long business hours (including evenings and weekends), and you may already be going there anyway. They usually charge a fee, but the amount of the fee is usually not prohibitive. Most grocery stores charge about the same amount as banks charge non-customers.
