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:
Use Mobile Deposit
If your bank’s mobile app has a deposit function, you can deposit your check 24/7 without leaving your home. Simply sign your name on the back in the endorsement section and follow the directions within the app. The directions usually involve taking photos of the front and back of the check, selecting the account you wish to deposit the check into (if you have more than one) and entering the amount of the check. Voila! The funds are usually available within the first business day after you submit the deposit.*
Use an ATM
Most banks allow you to make a deposit using one of their ATMs (Automated Teller Machines). Every ATM is slightly different but, you simply insert your debit card, enter your pin, select the account you wish to deposit the check into, enter the amount and then insert your endorsed check into the deposit slot. The ATM will provide you with a receipt for your deposit and funds are usually available within three business days after you make your deposit.*
Visit Your Local Bank Branch
If you prefer to deposit your check at your bank’s physical location, simply sign your name on the back in the endorsement section, fill out a deposit slip and hand it to your teller. You can deposit the full amount of the check into your account or opt to receive some of it back in cash. If you want some cash back, be sure to indicate how much in the funds received section of your deposit slip. Note – if you are asking for cash back, you may have to have the requested amount available in your account to cover the cash back in the event the check you are depositing bounces. In general, when checks are deposited at a bank, the funds are usually available on the next business day after the deposit is made.*
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.
The articles in this blog are for informational purposes only and not intended to provide specific advice or recommendations. When making decisions about your financial situation, consult a financial professional for advice. Articles are not regularly updated, and information may become outdated.