How to Cash a Paycheck

Video Transcript

"This is financial advisor Patrick Munro, on how to cash a paycheck. Once an individual receives a a job from a company they will, some fifteen days later, receive a check. What you should do is make sure you have a banking relationship set up at a bank where you've made a deposit prior to receiving that check. The bank knows you; they know your signature. Your signature card is in place. And when you do receive your check you can take it into the bank, and because of that relationship they will cash that paycheck. Normally, they will not cash anything more than what you have on deposit, so you want to make sure there's some money in there, or otherwise there will be a hold on your check, probably for a period of ten days until the funds clear when you have access to them. It's a process that the more you do it, the more the bank knows you; the easier it is to cash your paychecks at that particular bank. This is financial advisor, Patrick Munro, talking about how to cash a paycheck."