How to Cash Stimulus Check

As the government continues to pump stimulus checks, many Americans are facing the same dilemma. If you do not have a bank account, you might be asking the same question: “How to cash stimulus check?” This article will cover the many options available to cash your check safely.

If you did not receive your Economic Impact Payment via direct deposit, you will receive via paper check. The dates of arrival will depend on two primary factors: Your income level in your 2019 taxes — or income taxes from 2018, if you haven’t filed last year’s — and if you filed jointly. 

According to the Washington Post, the disbursement of checks will take nearly six months to complete. IRS drafted a plan as follows:

• April 24-June 26: Individual Filers. The first round of checks will go to individuals with an income of $10,000 or less. The following week, for people with an income of under $20,000. After May 1st, it will continue to increase by $10,000 every week until June 26th.
• July 3 – Sept 4: Joint Filers. Folks with dual-income of less than $110,000 will receive their checks starting July 3rd. The following week joint filers of income under $120,000; increasing by $10,000 per week after July 17th until September 4.
• September 11: Stragglers. All other eligible people, including folks the IRS did not have information, will receive checks.

How to Cash Stimulus Check — If You Have a Bank Account

If that is the case, it is easy and simple. Simply take your check and make a deposit. Also, many banks offer mobile bank deposits — meaning, you can make a deposit from your cell phone.

If your bank offers the mobile deposit feature, check with there is a mobile deposit limit. You can contact your bank and ask for a one-time exception.

Download your bank app on your smart phone and snap away.

You can also find a ATM that accepts deposit. Moreover, you can visit your local branch. Be sure to take the necessary precautions highlighted by the CDC.

How to Cash Stimulus Check — If You DON’T Have a Bank Account

Open a Bank Account

Once you receive the stimulus check, it might be a good time to open a bank account. A lot of banks allow you to do the entire opening account process online.

With at least $1,200 in hand, the minimum deposit should not be an issue. Before committing to open an account, check the bank’s fee schedule and services — monthly service fee, ordering personal checks, minimum balance, etc. Moreover, some banks require the account holder to use their debit card at least five times within the month; otherwise, they charge a fee.

Another factor to consider is that some banks do not have the ability to print debit cards — it could take over a week before you receive your card. Thus, you won’t have access to cash immediately. You can, however, pay bills via ACH by using your account number and bank routing number.

This option might not be the best if you desperately need the cash.

Ask a Local Bank to Cash Your Stimulus Check

Because the stimulus check is guaranteed, banks will cash it for non-customers. You will have to pay a fee, however. Depending on the bank, the fees can range from $5 – $20.

It is wise to call a few banks to check what they charge, or if they are willing to cash it. The Federal Deposit Insurance Corporation (FDIC) — which regulates and ensures bank deposits — is prompting financial institutions to work with folks affected by the economic crisis. This also includes easing restriction of cashing checks for non-customer and the fees associated with the service.

Does Walmart Cash Stimulus Check?

The answer is yes. In fact, if you do not have a bank account, that might be the most convenient place to do it.

Most Walmart Supercenters, and some neighborhood markets provide check cashing service. Keep in mind that checks over $1,000 have a maximum fee of $8.

The Supermarket has set a limit of $7,500 until July 31, 2020. So, a married couple with 10 children would still be able to cash their $7,500 check.

You will need a government-issued ID to cash your stimulus check. Go to the Money Services, and the associate will deposit the balance into a Walmart MoneyCard. There is no issuance fee or reload fee. The MoneyCard will, however, charge a $5.94 monthly fee after June 30th. Unless you keep depositing $1,000 each month — which waives the fee.

You can cash you check for free and have it loaded into a Walmart card, if you want to spend its entirety at the store.

Supermarkets

Selected chain supermarkets offer check cashing services for your stimulus check and tax return.

Before heading to any local grocery store, contact them, and ask if they have a money service desk. For instance, Kroger — a family supermarket across many states in the United States — can provide that service in most of their stores and their brands.

Many supermarket stores offer this service. However, the fees will vary depending on your location and the store. It is best to call ahead, as some of them might have a limit on the amount they can cash.

Check Cash Stores

Due to the high fees, these are dangerously expansive. It is an option, but I highly suggest to stay away from them.

Most of these stores will have a limit of $5,000 per check. Some locations might give you a pre-paid card. Most of these stores charge anywhere between 3% to 5% of the check amount. Thus, if your check is $3,400 — two adults and two children — and the fee is 3%, you will pay a $102 fee.

Several years ago, I took a Bank of America’s check to cash at a Bank of America branch. They wanted to charge me an $8 fee. I had a total showdown at the branch because of that. I can’t imagine having to pay $102.

PayPal

PayPal is waiving its check cashing fee for a limited time. The check has to be $5,000 or less to cash with PayPal. And the fee is only waived for stimulus check, and tax return.

Cashing your stimulus check with PayPal is one of the easiest ways. You will need a functioning smart phone with a camera.

If this is your first time using its advanced money services, you will need to create a free PayPal Cash Plus Account. Download the PayPal app and snap away.

You can use the funds to for online purchases, withdraw money using your app at Walmart or ATM’s that accept the PayPal App. Moreover, you can request a Mastercard, which is a prepaid card of sorts. But that will take a few days before you get the card.

Paypal Cash Plus offers other similar services, such as personal check cashing, payroll checks, and tax refunds. However, it might take a few days for your funds to be available.

The Cash App

The Cash App is also a popular alternative to PayPal. While they do not have some of the fancy features the latter offers, you can still get the job done.

According to their site, the deposit physical check using the app will be available in early May. It is worth checking back, as they currently offer excellent services.

They also provide banking services with routing and account numbers. If you choose to start an account with them, you can go to the IRS Site and enter your information.

Prepaid Credit Cards

Some pre-paid cards offer standard mobile check processing. You can purchase a card at a local store (Walmart, Dollar General, HEB, etc).

However, you can expect the holding company to charge you a fee for the deposit — and monthly fees to maintain the account. Netspend, for instance, offers pay-as-you-go and a monthly plan. Each plan has its own set of fees for purchase and reloads.

Conclusion

How to cash your stimulus check is a dilemma that many Americans are facing. With the explosive unemployment rates, more and more people are in desperate need of cash. You can check out this article, you may find helpful information to help you during this crisis.

It is important to do some leg work so that you can cash your check with a minimum fee charged by someone else. Keep in mind that banks are making billions of dollars from fees and other miscellaneous charges. Try to avoid locations that will charge you a percentage to cash your check.