Engaging in daily life activities without a binding bank account or a personal financial platform is not only challenging but may also create obstacles while carrying out financial needs. Despite that, more than 30 million US residents are surviving without a personal bank account and are still dealing with financial undertakings and monetary transactions successfully. According to the latest FDIC assessment, many US households are ‘under banked’ or ‘unbanked’ pursuing financial communications through cash-based consumption. It is also a fundamental requirement for economic survival in today’s world; therefore, learning to function without a bank account is imperative.
There are certain changes in the banking industry and financial platforms that noticeably make supervising bank accounts difficult. Many US residents are seriously considering the transition to cash-based consumption because of the increasing bank fees and stringent requirements. Many residents currently own a checking or savings account and sometimes utilize pawnshops and wages to fulfill their financial requirements. You are most likely to survive without a personal bank account, but you may face some difficulties to cash a third-party check if someone hands it out to you. In this situation, you will be required two follow a different route to acquire cash which may be problematic but not impossible.
What is a three-party check?
A three-party check represents a check written to one person but signed over to another to deposit or cash. For example, your mother writes you a $50 check. You take that check and sign over the rights to the check to your brother. Your brother can cash the check as a third party.
How to endorse a check to a third party?
To endorse a check to a third party, you need to write “Pay to the Order of” and then to write the Third Party’s Name Below Your Signature. The crucial thing is to write the name of the person you are signing the check over (third-party) to in the endorsement area under your signature.
A common norm is depositing a received check to the respective bank account and procuring cash at the same spot by providing valid documentation and verification cards. However, you may need to reroute without a valid bank account by cashing the check at the issuing bank or any check cashing retailer. You can also operate ATMs to cash a check if you do not possess your identification card by assigning someone else to do it. To cash a check without a bank account, you will need two forms of photo verification.
Who will cash a third-party check?
Third-party check to cash you can do in any bank, but it may require both parties to be present or photo ID if fraud is suspected. Additionally, with third-party check cashing, you can cash except the bank at some grocery stores, some check-cashing stores, money services, credit unions.
How to cash a third-party check without a bank account?
To cash a third party without a bank account, you can do it in the bank if you are the person whose name is written on the check. In that case, using a photo ID, you will easily cash the check. Additionally, you can cash outside the bank in a credit union such as Connexus Credit Union or Navy Federal Credit Union.
You will need to demonstrate that the third-party check is issued to you; therefore, providing personal documents and verification records is imperative as part of a bank’s policy. It is required to show that the name written on the check is yours to prevent any fraudulent activity. If you intend to go to the issuing bank or cashing place, you must submit two forms of picture identification before beginning the process. Verification documents include a driver’s license or a state-issued ID card, a passport, a military ID as well as a credit or debit card with a recent picture on it.
Visiting the Bank branch
You can also visit the local branch of the bank through which the check has been dispensed. The bank agent or representative will assist and track the account and cash the check easily by ensuring enough funds are available in the account. However, the person who has been issued the check must visit the bank branch to avoid any scam or deception case as the banks need to verify the person signing the check. Therefore, you need to endorse the check physically in front of the bank representative, which can be done on the back of the check normally mentioned as “Endorse Here” printed on it. If you are cashing a check without a personal bank account, you will need to sign your name and put the identification number on the back of the check or the endorsement area. You may also be required to submit your fingerprint on the endorsement area for detailed verification. A small amount of fee is also applied if you are not a legal account holder. Otherwise, the bank may refuse to cash the check.
Many retailers and merchandisers provide check-cashing accommodations along with a small amount of fee, except for big businesses such as Wal-Mart who may give up the fee if the check receiver decides to transfer the check amount to one of their prepaid store cards. Other options include payday loan shops and other check-cashing stores that may be willing to give cash for a check. The small businesses will give cash and a flat rate or a small percentage of profit from the check amount. In addition to that, a fingerprint will also be required as proof of identification. Big merchandisers such as Wal-Mart can give you cash for the government-issued check or payroll provided you have a valid photo ID and Social Security number along with a small fee of four dollars.
The banks do not easily provide cash for those people who do not have a valid bank account. Therefore, the non-customers are less likely to be accommodated because they are more likely to lose money if they receive a duplicitous check. However, if the bank representative still decides to cash a check conveniently, then be prepared to submit a small service fee. You can also try opening a checking account at the bank, which is free of charge, allowing you to cash third-party checks conveniently without any hassle of documents.
Does Walmart cash third-party payroll checks?
No, Walmart does not cash third-party checks because it cashes only two-party checks, government, payroll, tax, pre-printed, cashiers, 401k disbursement, and insurance settlement checks.
However, there are streamlined reliable alternatives for traditional banking account, such as a mobile or prepaid account. Without a proper bank account, you can easily deposit and perform money transactions for a small fee. For example, according to US News and World Report, Chase offers a prepaid card to the customers that provide facilities of money deposit onto it if you deposit a check into the Chase ATM. You can also cash a traveler’s check at any currency exchange place. However, they will not cash personal, business, or government-issued checks.
What banks take third-party checks?
Third-party checks you can cash at:
- Bank of America
- Chase Bank
- Connexus Credit Union
- First National Bank
- M&T Bank
- Navy Federal Credit Union
- PNC Bank
- SunTrust Bank
- TD Bank
- U.S. Bank
Conducting daily activities without a bank account may slow down your financial activities, including the monthly salary or government benefits. Other alternatives can be used online or at any store with an electronic card reader. AccountNow, Bluebird, and PayPal debit cards are reliable and efficient platforms for money transactions and financial movements. These platforms offer the same facilities and services which are typically associated with a bank account. You can use these alternatives to pay for utilities, insurance, and mortgage bills with affordable services.
If you decide to cash checks at any grocery or retailer, you will be required to join the loyalty program, making you eligible for their special discounts. If there is no option left, you can open up a bank account to avoid future inconveniences. You will most probably require a bank account because certain banks have different check-cashing rules to prevent fraud and protect their account holders. In addition, some banks have limited options of cashing a check, and those two under strict guidelines leave no choice other than using financial transfer methods. You can also use wire transfer, online banking systems, and reliable financial platforms to carry out money transactions and receive access to cash.