Check Cashing Rules
Various banks have different procedures for cashing checks. Before cashing a check, you may want to call several banks to find out about their check-cashing procedures, but the following information is generally true for most banks.
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Bank Account
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Some banks will not cash your check if you have no account with them.
Special Program
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There are banks that will cash your check if you have no account, but you'll have to register for a special program. Key Bank has a program called Key Plus. You have to fill out a registration form and present your driver's license or state ID, along with your social security number. You will be charged a fee equal to 1 percent of the check amount.
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Bank-Issued Check
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You can get a check cashed at a bank if the check was drawn on or issued by that bank.
Check Hold
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Other banks will cash your check, but will place the check on hold. If the check is issued from an out-of-state bank, the check could be placed on hold for five to 11 days. Even though the money is on hold, the bank will advance you $100 from the check.
Check-Cashing Companies
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There are check-cashing companies that will cash your check for a fee. For example, Ace Cash Express will cash your personal checks for a fee of 10 percent of the check amount; the fee for payroll and government checks is 3.75 percent of the check amount (see Resources).
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