Do I need either a checking or savings account to cash in a paycheck or any other check?

Question

Do I need either a checking or savings account to cash in a paycheck or any other check?

Answer 1

You could try to take it to the bank on the check. For example if the check is from ABC bank go to ABC bank and cash it. That way you do not need an account just a picture ID.

HTH

Answer 2

Your bank will certainly cash a paycheck if you have a checking account with sufficient funds already in the account to cover the paycheck if the paycheck later bounces.  I do not know the general policy banks may follow if you have only a savings account.

What I can say is that any bank will place a hold on your funds until the check clears.  What this means is that you can get cash for your paycheck at the time you present the check to your bank only if you have funds already in your account.  An exception to this rule may apply for Government payroll checks.

What this means is that if you have a bank account with a $0 balance and ask them to give you cash for your paycheck, they will likely say no.  If however, your existing account balance is $1,000 and you ask to cash a $500 paycheck, they will say yes, place a hold on $500 of the $1,000 existing balance, and give you $500 cash.  Once the $500 payroll check clears, your bank will release the $500 hold.

Answer 3

Most banks will ask if you have an account with them before they cash your check, If you don't they usually charge you to do this.

Answer 4

Forged checks have gotten so hard to catch that banks do not want to cash checks except for their own customers, who have an account.  This means that you will need to open an account, most likely a checking account, since you can use checks to pay bills.  Look for a no-cost checking account, perhaps by arranging the direct deposit of your paycheck to your account.

An alternative is to go to a check cashing service, but they will charge you to cash your check.  Why not use a bank instead?