Every bank can be rather particular about how they accept customers from other banks. If you come with a card to withdraw money, they will charge you a service fee up to $2.50 every time you take out money. This can get rather annoying if your bank is based in another state and you need cash when you’re not home. If ever you get a check you’d like to cash, you might fear visiting another bank because of what they might require of you to cash a check.
Here are a few of the rules that banks have that you should know about regarding check cashing.
1) They want to verify your identity. Some banks do this by requiring you be a member of their bank. Others might be more willing to take a check from a non-customer if (a) the check giver is a member and (b) the receiver pays a certain fee. Whatever their policy, the usual identifcation process requires a valid, U.S. identification card (like a driver’s license) to verify identity. Call a bank beforehand to find out if they can assist you.
2) They will verify the availability of funds before they cash any check. Banks will take some time to make sure the account they are trying to take money from can pay up. If they can’t, they won’t cash it in.
3) To leave a paper trail, banks will often ask you to endorse the check with a signature, signifying that you truly are who you are. Should there be a dispute about the validity of your identity. You can always show that yes, that is your signature on the back of the check, or no, that isn’t.
These three things are the basics to expect when trying to cash a check. Various banks may differ slightly, but nearly all of them follow these basic standards. Feel free to drop into Check City to cash a check as well. We can assist you to cash your check today!