How to Deposit a Check or Cash a Check
Have you recently received a check and aren’t sure what to do next? Rest assured, you have several easy options that can turn that piece of paper into cold, hard cash.
If you currently have a bank account, you can turn to your bank to deposit your check. Here are a couple of ways to do so:
To make a deposit at your bank, you will need fill out a deposit slip. If you have a checking account, you may have some deposit slips in the back of your checkbook, or you can get one at your bank. Be sure to fill in the date, the name on the account, and the account number. If you don’t have the account number, a teller will be able to look it up with your ID and/or debit card. Then enter the amount of cash (if any) you will be depositing in the “cash” section. Next, list the amount of each check you wish to deposit. If you have more than one check, be sure to list the amounts of each check on their own separate lines. If you run out of room on the front, there are usually additional lines on the back. If you want any cash back from your deposit, enter that amount in the “less cash received” section and sign your name in the signature line. Then add up the total of the cash and checks, subtract any cash received, and enter the total on the “total” line. If you have any questions, your teller or banker will be happy to help you.
If you wish to receive cash for a check, you can take it to your bank and cash it. Simply endorse the back of the check and provide the teller with your account number and ID. The teller will verify there are enough funds in your account to cover the check in the event it ends up bouncing or being fraudulent. That way the bank is not out any money for cashing the check. They will simply take the funds from your account to cover the amount they gave you in cash.
If you don’t have a bank account or want to get your cash without having to wait for funds to become available, you can always cash a check at the bank or credit union its drawn off of. The name of the bank is usually printed on the check for easy identification. Simply endorse the back of the check and provide the teller with your ID. The teller will verify there are enough funds in the account to cover the check and ensure the check was written by the account holder. Once everything is accurately verified, the teller will give you cash for the check. It’s important to note, some banks charge a fee when cashing checks for non-customers.
Certain retailers also offer check cashing services. However, some may charge fees to do so which decreases the amount of cash you get back. When possible, your best bet is cashing your check at your bank or the bank it is drawn off.
The first time you cash or deposit a check might feel a little confusing but the teller is there to help you. If you have questions about opening a checking account, filling out checks or managing your checking account, a Personal Banker from FNBO would be happy to answer them. Give us a call today.
*Funds availability timeframes vary by financial institution.