![\"Vintage](\"https:\/\/content.artofmanliness.com\/uploads\/2017\/12\/cash-check.jpg\")
<\/p>\n<\/p>\n
We\u2019ve talked before about how in an age when checks have become uncommon (but still are used occasionally), the younger generation often doesn\u2019t know how to write them, and offered a quick tutorial on the subject<\/a> to remedy this knowledge gap.<\/p>\n But there\u2019s also the flipside of the equation to discuss: what do you do when you\u2019re the recipient of a check?<\/p>\n Like check writing, check cashing has become a lost life skill thanks to direct and digital payments. Yet try as you might to avoid receiving checks, you\u2019re still likely to get them as a form of payment. For one thing, if you have an aunt named Gertrude who likes collecting Precious Moments figurines, you\u2019re guaranteed to receive your $20 in Christmas money in the form of a check.<\/p>\n Today we walk you through exactly what to do to turn your check into useable funds.<\/p>\n There are two things you can do to gain access to the value of a check: 1) cash it (turn it into cold, hard moola), or 2) deposit it right into a bank account.<\/p>\n If you don\u2019t have a bank account, then your only option is #1, and it\u2019s going to cost you.<\/p>\n When you cash a check, you give the bank or store (see below) the check and they give you money in return. A bank or store is taking a risk when they do this: they might give you the cash for the amount of the check, but once they try to clear it, if the check turns out to be bogus, they\u2019re out that money they gave you.<\/p>\n To mitigate that risk, if you\u2019re cashing a check at a bank that you don\u2019t have an account with, they\u2019ll charge you a service fee that could range from a flat fee of $10 to a percentage fee of 1% of the check’s amount. The same is true if you try to cash a check at a convenience store or Walmart. In short, if you don\u2019t have a bank account, you\u2019ll lose money when you cash a check.<\/p>\n However, if you cash your check with a bank that you do have an account with (and you have enough money in that account to cover the value of the check) then the bank won\u2019t charge you a fee for getting that cash.<\/p>\n Plus, you\u2019ll of course be able to simply deposit the check directly into the account (again, for free) instead of cashing it, which is the much more popular option. Once you deposit your check, the bank will make that money available in your account once it clears, which usually takes a day or two. If you put it into a checking account, you can then draw on it by using your debit card (or you can withdraw it from an ATM, should you turn out to need actual cash).<\/p>\n If you don\u2019t have a savings and\/or checking account, go to a bank today and open one up. It\u2019s easy and will only take 20 minutes.<\/p>\n Let\u2019s now dig into the different ways you can cash\/deposit a check:<\/p>\n The old-school way to deal with a check is to walk into a bank branch and cash\/deposit it with a human teller. It\u2019s easy because you have a person there to help you with the process, and it\u2019s the only way to instantly get actual cash for a check. But going into a bank is inconvenient (even if you use the drive-thru); especially if you get stuck in line behind an old dude depositing all his loose change into his savings account.<\/p>\n If you\u2019re straight cashing the check, you\u2019ll just need to hand it over with your photo ID (or sometimes just your your debit card + PIN).<\/p>\n If you\u2019re depositing a check (or depositing just part of it and getting part of it in cash), follow these steps:<\/p>\n 1. Fill out a deposit slip.<\/strong> You\u2019ll find them in the bank\u2019s lobby or near the teller\u2019s counter. They all look pretty much the same everywhere. Here\u2019s one from my bank, The Bank of Oklahoma:<\/p>\n Once you\u2019ve got the deposit slip in hand, here\u2019s how you fill it out:<\/p>\n 2. Endorse your check.<\/strong> Flip your check over and sign on the endorsement line. Do not endorse your check until right before you deposit it. If you sign it and then let it hang out for a bit beforehand, you run the risk of it getting stolen and then cashed by a thief. So play it safe and wait until you deposit the check to endorse it.<\/p>\n 3. Give the check and deposit slip to the teller;<\/strong> if you\u2019re asking for cash along with your deposit, the teller will likely ask for your photo ID, too. Once you\u2019ve handed everything over to them (and they\u2019ve handed back cash, if you asked for it) you\u2019re done.<\/p>\n If you want to avoid the lines at the bank or you need to deposit a check after the bank is closed, you can deposit your check (and even cash) via an ATM. Because so few people take advantage of ATM deposits, many banks have limited or completely gotten rid of the service, so call your bank to find out if they still offer it at their ATMs and, if so, at which ones.<\/p>\n Once you\u2019ve located an appropriate ATM, here\u2019s how to deposit your check into it: <\/strong><\/p>\n 1. Swipe your ATM card and enter your PIN.<\/strong> <\/strong><\/p>\n 2. Instead of selecting WITHDRAWAL, select DEPOSIT. <\/strong><\/p>\n 3. Get an envelope and fill out the requisite information.<\/strong><\/p>\n 4. Endorse the check and insert it into the envelope. <\/strong><\/p>\n 5. Place envelope in deposit compartment of ATM.<\/strong><\/p>\n 6. Select complete transaction on the screen.<\/strong><\/p>\n 7. Walk\/drive away. But not before getting a Slurpee.<\/strong><\/p>\n While depositing checks via an ATM is much more convenient than depositing with a teller, most convenient of all is using your smartphone to do it. Most banks today have smartphone apps that allow you to securely and easily deposit a check from the comfort of your own home. No more lines. No more even having to drive to find an ATM.<\/p>\n Here\u2019s how to use your phone to deposit a check:<\/p>\n 1. Endorse your check. <\/strong><\/p>\n 2. Use the app to take a picture of both the front and back of the check you\u2019re depositing.<\/strong> Follow the app\u2019s instructions on how to deposit a check. Most will have you snap a picture of both the front and back of your check.<\/p>\n 3. Shred the check after it clears.<\/strong> You\u2019ll get a notification from the bank via your app or email that the check you deposited has cleared. Once you get that notification, shred and throw away the check.<\/p>\n The only downside of mobile depositing is that banks often put limits on the amount you can deposit with this method. So if you get a $30,000 check from Daddy Warbucks, you\u2019ll need to make a visit to your local bank branch and deposit it with a teller.<\/p>\n Believe it or not, there is an etiquette to check cashing, and its only rule is to cash the check as soon as you can, especially if it\u2019s a personal check. Here\u2019s why: When your Aunt Gertrude wrote you that birthday check for $20, she probably deducted that amount from her check registry. If you wait a month to cash that check like the ingrate you are, poor Aunt Gerty\u2019s checking account won\u2019t balance. So help an ever-loving spinster out by depositing that check as soon as you get it.<\/p>\n Even if the check is from some faceless corporation, it will serve you well to cash it as soon as you get it. Many companies put expiration dates of 90 days on their checks, meaning if you try to deposit a check four months after you received it, you\u2019re out of luck. Also, some banks won\u2019t even accept checks that are more than six months old.<\/p>\nFirst, Have a Bank Account<\/h3>\n
How to Cash\/Deposit a Check With a Bank Teller<\/h3>\n
![\"How](\"https:\/\/content.artofmanliness.com\/uploads\/2017\/12\/cashcheck.jpg\")
<\/p>\n\n
How to Deposit a Check With an ATM<\/h3>\n
How to Deposit a Check With Your Phone<\/h3>\n
Check Cashing Etiquette<\/h3>\n