How to Get Your Cheque Cashed Quickly: 5 Rules

Having different options when it comes to cashing your cheques is important because it gives you increased financial freedom and opens up new opportunities to get quick and easy access to your money.

Even if you don’t currently have a bank account set up in your name, you can still get a cheque cashed in a simple and straightforward way using one of the alternative cheque-cashing service alternatives that exist. Here is how cheque cashing services work and how to use them.

1. Make sure your cheque is valid to be cashed

First things first, it is a good idea to take time to make sure the cheque you’re looking to have cashed is in good physical condition and is properly filled out. In order to eligible for cashing, a cheque needs to meet certain requirements.

It needs to be signed by the sender and all sections should be filled out. There should be no physical damage and the date and amount should be clearly stated, legible, and consistent in both written and numerical form. If your cheque does not meet these requirements, you need to return it to the sender and make sure the criteria is met.

2. Types of cheques that can be cashed using a cheque cashing service

Of course, depending on which service provider you visit, the requirements and criteria will vary slightly, but in general you should be able to cash the following types of cheques at most major cheque cashing services: business cheques, company cheques, bank cheques, account payee cheques, government cheques, benefit cheques, gaming and lottery cheques, as well as insurance cheques.

You may be able to cash small personal cheques as well but should probably try and call the service to find out what their policy is regarding personal cheques before you go all the way there expecting to get your money.

3. Benefits of using a cheque cashing service

One of the best things about using a cheque cashing service is that you will receive your money instantly and won’t have to wait for any bank or other financial institution to clear it. As mentioned above, it is also ideal if you don’t have a bank account or can’t make your way to your bank branch at this time.

The fee you pay is up-front and one time, you will walk out of there with the money in hand and will not own any additional fees in the future. This can be comforting to know as sometimes the fees associated with bank accounts and ATM transactions can add up quickly.

4. Be prepared to pay a fee

Speaking of fees, if you’ve decided to use a cheque cashing service, either because you don’t have access to a bank account or because it is more convenient, be prepared to pay for the service you are using. Depending on the place you visit, this might be a percentage of the cheque you’re cashing or a predetermined amount that is set regardless of how much the cheque is for.

5. What to look for when comparing cheque cashing services

Although most cheque cashing services operate according to fairly standard practices, it is still a good idea to compare things such as turn-around time, fees and charges, and restrictions. These factors will likely all be influenced by the type of cheque you’re cashing and the amount that is for.

Spend some time doing your research and comparing services, this way you’ll be able to make sure you’re getting the best rate and that you find the service provider most appropriate for your current situation.