How Much Is The Fee For Cashing A Check
These days it might seem like everyone uses direct deposit for their checks.
However, that is not always the case. Many people still rely on check cashing businesses to help them cash their checks.
The big question that most people ask is how much do check cashing places charge? What is the fee that a check cashing store charges you when you go to cash a check?
I’m happy to tell you that the fee is normally very reasonable.
These fees are regulated by the states that the check cashing stores reside in.
What that means is, that the check cashing store isn’t going to be able to gouge you on the price for cashing a check. There are laws in place that protect consumers from this type of activity.
Additionally, it forces all of the check cashers in the area to work off the same basic rights.
Because of that, you’re going to find that the fees that check cashing stores charge are going to be fairly universal no matter where you look.
That having been said, there are going to be check cashers that will try to undercut the competition to gain your business.
This is actually pretty common in the check cashing industry as it gets much more competitive and has been ever since the growth of direct deposit.
So, you’re looking to cash a check at a check cashing location, but are concerned with giving up too much money in the process. You will likely want to know how much is the fee for check cashing. Luckily, these fees are regulated by the state and sometimes, you can even hunt down the best deal by comparing prices at different locations.
How To Find The Lowest Check Cashing Fees In Your Area
If you’re looking to find the lowest check cashing fees in your area, then there are a few simple steps that you can follow.
The first thing would be to search in Google for check cashers in your area. Google will return a list of check cashers that are located near you that you can then call and ask them what their fees are for cashing the type of check that you have.
Not all check cashers are going to be happy to tell you what that fee is, because they want to avoid their competition from potentially price matching or undercutting them.
However, you’re going to find that there are some check cashers that will tell you how much they charge.
You can take this information, compare the rates, and cash the check at the place that is going to charge you the least amount.
Is There Any Average That Check Cashers Charge
For the most part, most check cashers are going to charge you between 1% and 5% of the total amount of your check.
Now of course, this is going to vary on a state-by-state basis. I’m just giving you a rather broad industry average for most checks that are cashed.
As advised above, you want to price match, or at least shop around for the best deal you can find in your area. You may be surprised find that if you find a lower rate at another check casher, and you are currently a long-term customer with another store, they may be willing to match the lower rate.
Just like anything else that you might buy or use, it is always a good idea to know how much others in the area are charging for the same service or product.
You can end up saving yourself a lot of money in the long run if you take this step and do the homework first.
Mandy Dormain started working for Pawn Nerd in 2020. Mandy grew up in a small town in northern Tennessee. But moved to New York for university. Before joining Pawn Nerd, Mandy briefly worked as a freelance journalist for several radio stations. She covers politics and economy stories.