Third $ 1,400 Stimulus Check: Where can I cash my payment?
The Internal Revenue Service (IRS) has already started sending direct stimulus payments to eligible beneficiaries and President Joe Biden has said he wants to make 100 million payments within the next 10 days. The money will be sent in one of the following three ways; direct deposit, EIP Debit Cards and paper checks.
More and more Americans have some form of bank account, but there was still over 5% of the nation without a bank account in 2019 according to FDIC. For those people who receive an economic impact payment (PEE), they will want to consider their options in order to keep as much of their direct raise payment in their pocket when they cash it out. Fortunately, there are several possible ways available to them to change their paper check to another form so that they can use the funds to make purchases or pay bills.
Things to Consider Before Cashing Your Stimulus Check
Before leaving to cash your stimulus check you should consider which option would be best for you based on your needs, the fees that may be billed to you and how much you will receive of the EIP. This will be the largest payment of the three to date, and some options may limit the amount you can cash out.
It is always wise to read the fine print before signing up for a service and educating yourself in advance. Is cash also the best option or would you like the money to be placed on a debit card or use an electronic payment system to be able to use the money.
Contact your local bank or credit union to cash your stimulus check
This option could allow you to solve two problems in one, open a bank account and safely store your stimulus money until you need to use it. However, if you are opposed to opening a bank account, you can ask a local bank if they will cash your stimulus check, what fees they charge and if they have a dollar limit.
Banks are more likely to cash a government check as your stimulus payment. The FDIC has encouraged financial institutions to help those affected by the covid-19 crisis, including removing fees and relaxing restrictions on cashing non-customer checks. Call ahead to find out what fees the bank or credit union charges, if any, to cash your stimulus check, as well as any other requirement.
Check with local merchants if you can cash your stimulus check
Some grocery stores and large retailers will cash stimulus checks up to a certain amount and possibly for a fee. You can check with Kroger affiliated grocery stores with a Money services counter, to cash your free stimulus check, however restrictions may apply. Walmart will cash a government check for up to $ 5,000 but for fees between $ 4 and $ 8. You can also deposit the money to a prepaid debit card via Walmart Credit Card but you may need to pay monthly fee.
Check-cashing stores can cash your stimulus check
Every town and many small towns have at least one check-cashing store which also offers payday lending and securities lending services. It would be a good option if you don’t have a bank, grocery store, or retailer that can cash your check, but be prepared to pay higher fees. However, the convenience and the hours can outweigh the disadvantages of the higher fees.
They may have a $ 5,000 cash limit, but some may put the money on a prepaid debit card for you. It would be best to call ahead so that you can compare their rates and judge if this is the best option for you.
Use your smartphone to cash your stimulus check
With the camera of your smartphone, you have several services to cash your stimulus check. Each service varies in the fees they charge and the amount you can cash out. If you’re willing to wait for the check to be cashed, most services waive the fee. however, Always make sure you understand the fees and other requirements before signing up.
This option can also be useful for other transactions, giving you the ability to shop, withdraw money from ATMs or stores, and cash other checks.