About Cashing Checks
Whether you got a check for your birthday or it’s your first paycheck at a new job, you’re about to be in the money. First, however, you have to cash your check. It’s not hard provided you have a picture I.D. and possibly a bank account to help you out, particularly if it’s a personal check.
Generally, national banks don’t keep large amounts of cash on hand. Most banks disclose the amount of notice needed to cash large checks in the Account Agreement disclosures you received upon opening your account.
Instead of cashing the check, you may want to obtain a cashier’s check or wire the funds.
There is no federal law or regulation that requires national banks to cash checks for non-customers. Most banks have policies that allow check cashing services only for customers who have an account with them in order to protect both themselves and their customers from forgeries.
Once a national bank cashes a check that has been forged by a non-customer, they may lose money if they cannot collect from the person who cashed the check.
Also, if a national bank agrees to cash a check for a non-customer, it may legally charge the presenter a fee.
