ONLINE CHECK CASHING: Detailed Guide

Previously, depositing money or cashing a check required a trip to the bank, which may be both time-consuming and inconvenient. However, online check cashing services has eliminated those hassles, making many banking activities as simple as snapping a snapshot at any time of day. Here’s all you need to know about online check cashing, as well as available cashing apps in 2023.

What is Online Check Cashing?

Online check cashing allows customers to save time by depositing checks remotely. Instead of taking a check to the bank, online check cashing allows customers to use their smartphones to take a picture of the front and back of a check and deposit it through a bank’s mobile app.

These digital transactions are known as remote deposit capture in the banking business. It’s both practical and secure. To avoid potential fraud, be sure the banking app you download to conduct a mobile check deposit is from the bank and not a random source. According to Outseer, a provider of payment fraud security services, fraudulent mobile apps will account for roughly 40% of all fraud attempts in 2021. Banks’ websites often include links for safely installing their apps.

What You Should Know About Online Check Cashing

While it is not possible to cash a check online, it is possible to deposit and access funds electronically. Here are a few things to consider before utilizing your bank’s mobile app or a third-party check-cashing app.

Convenience – If you don’t want to go to your bank or another brick-and-mortar check-cashing location, you could choose an online option.

You won’t have to worry about carrying a check around and maybe losing it if you cash it digitally. Furthermore, banks and third-party apps often have internet security precautions in place.

Fees — Learn about the costs of mobile deposits. While certain banks and third companies may not charge you to utilize their services, you should be aware of any fees that may apply if you need your money quickly.

Funds may or may not be available immediately as a result of your mobile check deposit.

Limits on deposits — There may be restrictions on how many mobile deposits you may make or how much you can deposit digitally at once.

Not all checks are eligible — There may be restrictions on the types of checks that can be deposited. Some banks, for example, may refuse to accept specific types of checks, such as cashier’s checks, third-party checks, or money orders.

Online Check Cashing Apps

The apps listed below allow you to access online check cashing services using your phone’s camera. Prepaid card suppliers to virtual alternatives to regular checking accounts are among them.

#1. Brink’s Money Prepaid

Brink’s is largely renowned for their work in the armored transportation industry, delivering cash to ATMs and banks. It also provides prepaid debit cards and check cashing through their mobile app.

#2. INGO MONEY

To deposit money with Ingo, you can use your bank, prepaid, credit, or debit card, or PayPal account. A check can even be split between accounts (for example, 50% to PayPal and 50% to a prepaid card).

You may also be eligible for Ingo Gold Preferred Pricing if you frequently cash checks (at least six checks in the prior 90 days).

#3. VENMO

Venmo is more than just a person-to-person payment service, which may surprise you. You can cash checks inside the app if you sign up for a Venmo Debit Card or direct deposit.

#4. PAYPAL

PayPal’s check cashing service is similar to that offered by First Century Bank and Ingo, but it has a better cost structure and a more trusted brand.

#5. LODEFAST

Lodestar Financial’s Lodefast app allows you to cash checks online and deposit them into your linked bank account, debit card, any prepaid debit card, or Akimbo Card.

As with most other check-cashing businesses, there is a free alternative if you can wait 10 days for your deposit, as well as an immediate deposit option for a little price.

#6. ACE Flare

ACE Flare, which is offered by MetaBank, offers many of the same services as a regular bank, such as check cashing, ATM access, a Visa debit card, and direct deposit. This is, however, a check-cashing app.

ACE employs the same provider as Brink’s and Ingo, First Century Bank, N.A. You may even earn an outrageous 6.0% APY on balances under $2,000 with an optional ACE savings account.

#7. Netspend

Netspend, as provided by Ingo, has a very normal pricing structure. Customers can, however, use the Pharmacy Savings Card to earn substantial discounts on prescription purchases of FDA-approved pharmaceutical drugs.

#8. AnytimeCheck

With AnytimeCheck, company owners can receive paper checks from consumers without having to wait for the mail or visit their bank to make a deposit.

#9. The Check Cashing Store

The Check Cashing Store doesn’t have many frills, as the name suggests, but you can deposit checks on your mobile device and transfer the money to a linked Visa, Mastercard, or Discover card.

The cost structure is not available on the company’s website, and customer care staff would not reveal it over the phone. However, the normal cost schedule for each check is between 1% and 5%.

#10. WALETEROS

If you have relatives in Central America, Waleteros is the best option. At the beginning of each month, Waleteros offers one-time $0.99 transfers to numerous locations in Mexico, Cuba, El Salvador, Guatemala, and Nicaragua.

This app lets you cash checks, get direct deposits, and send money with minimal expenses. There are no minimum account balances or overdraft fees, and customers have access to over 20,000 fee-free ATMs countrywide.

How Can I Cash A Check Instantly?

You don’t have to wait if you merely want to deposit the check so that your bank may begin processing the payment as soon as feasible. Most banks and credit unions enable you to deposit checks using your mobile device at any time of day or night, so you could deposit your check from your couch in the middle of the night if you wanted to.

If you need the money immediately away, cash the check, but be aware that it may need a little extra effort, particularly if you don’t have a bank account. Here are some things you should know.

#1. Check Type Is Important

The type of check you’re attempting to cash is important. Banks are only required to make the first $200 or so of a personal or commercial check available to you within one business day. Banks may treat government-issued checks differently—you may be able to access 100% of the cash within one business day after the banking day.

Other checks, such as cashier’s checks, payroll checks from local firms, and payments from insurance companies, may also qualify depending on your bank’s standards.

If you can’t cash a check for its full face value, you might have to deposit it. In this scenario, the speed with which you can access the cash is determined by the type of deposit you make. If you need the funds fast, make a deposit in person to a bank staff. You can also use an ATM or your mobile device to deposit money, although those options may have lengthy bank wait times.

#2. Try Going to the Check-Writer’s Bank

Taking your check to the check writer’s bank is the safest and quickest option to acquire cash. That is the bank or credit union where the check writer’s funds are held, and you may get the money out of the check writer’s account and into your hands immediately. If you go to another bank, you can’t be sure that the check is valid and that the money are in the check writer’s account.

The bank’s name or emblem can be found on the front of the cheque. You are not required to visit the same branch as the check writer; you may visit any branch of the same bank. Make sure you bring identification that matches the name on the check.

If you don’t have an account at that bank, you may have to pay a few dollars to have the check cashed. You may even discover that the bank refuses to pay the check because you are not a customer. Furthermore, depending on the size of the check, you may be unable to cash it because certain banks have a restriction on the amount of cash they can discharge. Going to one of the bank’s larger branches, which normally have more funds accessible, will help.

#3. Cash at your local bank.

Your own bank or credit union may be an excellent place to cash a check if:

You are not concerned about the check bouncing or being returned because the check writer lacks sufficient funds to cover the cheque.
The check was drawn for less than $200, or it was issued by the government.
You do not wish to pay any fees.

Because you are a customer, your bank should cash the cheque for free. However, because the check may take several days to clear, you won’t know if it will bounce immediately away. In most circumstances, banks will enable you to withdraw up to $200 instantly or within one working day if everything appears to be in order. If the check bounces, you’ll have to reimburse the money plus a fee (which could be up to $35).

#4. Using an ATM to Cash a Check

It’s a little more complicated than going to a bank, but you can also cash a check at an ATM. However, not every ATM will provide this choice; some will merely allow you to deposit the check, while others will not accept check deposits at all.

However, if local ATM enables it, simply bring your check, bank card, and a pen (to endorse the check) to the machine and follow the steps on the screen. Before the ATM will issue your cash, you may need to have the amount already available in your account.

#6. Retailers and Check-Cashing Facilities

If your bank is closed, will not cash the check, or will not give you more than $200 in cash—or if you do not have a bank account—you might try to get cash from a merchant. You’ll have the best luck with a government-issued or payroll check, although tiny personal checks may also be accepted.

Checks are frequently cashed at big-box stores, grocery stores, and convenience stores for a little fee—usually a few dollars. They normally limit the amount of personal checks they will cash to $50 or $100; Kmart is exceptional in that it will cash checks up to $500 and charges no fee in some areas and only $1 in others. The majority of retailers accept government checks, payroll checks, and money orders.

However, if you have a little personal check (less than $25), you can always ask someone at the customer service desk whether an exception can be made, especially if you’re a regular customer. But be prepared to get turned down.

How Long Does Online Check Cashing Take?

When you deposit a check using your mobile banking app (assuming you do so before the bank’s cut-off time), your check is treated as if it were placed at the bank branch, and your money should be available within one to two business days.

Can I Deposit A Check On Cash App?

You certainly can; it’s one of the simplest methods to cash a check while on the fly. Cash App allows you to deposit checks electronically, eliminating the need to stand in line at the bank.

How Long Does It Take For a $30,000 Check to Clear?

Deposits of $5,000 or more normally take 4 business days to clear.

How Do Banks Verify Checks?

Banks can validate checks by examining the funds in the account from which they were sent. It’s important to note that a bank will not validate your check before processing it, which means you could pay fines if you try to cash a faulty check.

How Can I Cash A Check Without ID?

Deposit it into your bank account via an ATM.
If your bank provides ATM check cashing, use it.
Someone else should sign the check.

In Conclusion

Utilizing online check cashing can save you time and a trip to the branch. Make sure your deposit does not exceed the bank’s limit, and keep any checks for a few days after you submit them.

Bank employees can also help with any questions you have concerning mobile check deposits and their limits.