When compared to other financial institutions such as banks, it will be safe to say that check-cashing services charge much higher fees. Even though the fees vary based on the service provider, you can expect to pay anywhere from $4 to $45.
It is important to note that the average fee for check cashing services varies from one state to another, but typically it can be between 1 percent and 12 percent of the value of a check. For a $1,000 check, that is a range of $10 to $120 simply to cash the check.
Service Charges of the Top 20 Check Cashing Companies
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Green Dot
The Green Dot Corporation is an American financial technology and bank holding company headquartered in Austin. It is the world’s largest prepaid debit card company by market capitalization. Green Dot is also a payments platform company and is the technology platform used by Apple Pay Cash, Uber, and Intuit.
Green Dot makes your paychecks and government benefit checks available up to two days sooner and pays you 2% cash back on online and mobile purchases. There’s no minimum balance requirement. The app offers up to $200 in optional overdraft protection. Green Dot is ideal for combining a spending account with a savings account, which pays a 2% annual percentage yield
Service Charge: Accessing funds in 10 days is free, accessing in minutes is 2% or 5% with a $5 minimum; $15 opt-in fee for overdraft protection
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Western Union Netspend Prepaid Mastercard Mobile
The Western Union® Netspend® Prepaid Mastercard® gives you all the great features and benefits of a prepaid debit card with the power to send and receive Western Union Money Transfers from wherever you are. It is a feature-rich financial solution to help you manage your money.
The Western Union Netspend Prepaid Mastercard offers popular features like direct deposit and cash-back rewards, in addition, to check cashing through the mobile app. You also can send and receive money through a Western Union money transfer.
Cost: $5 card purchase fee. No mobile check load fee applies for standard service. For expedited service, you will pay 2% to 5% of the check value or a flat $5 fee to cash checks.
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PayPal
PayPal is an online payment system that makes paying for things online and sending and receiving money safe and secure. When you link your bank account, credit card, or debit card to your PayPal account, you can use PayPal to make purchases online with participating stores.
The PayPal app is an alternative to a traditional checking account that has a check-cashing feature that lets you add funds from checks to your PayPal Balance account.
Service Charge: No fee applies if you choose the 10-day delayed funding option. Government and payroll checks have a preprinted signature for a 1% fee or $5 flat fee. All other checks have a 5% or $5 flat fee.
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Netspend
Netspend is a company with prepaid cards that offers an alternative to checking account debit cards, credit cards, and cash. Netspend makes its money through a variety of fees, such as the monthly plan fee, transaction fees, ATM withdrawal fees, replacement card fees, and inactivity fees.
Customers can receive sizable discounts on prescription purchases of FDA-approved pharmaceutical medication with the Pharmacy Savings Card. The app makes it easy to reload a Netspend prepaid debit card without stopping at an ATM. In addition to check-cashing services, you get direct deposit and the option to receive paychecks up to two days early.
Service Charge: No mobile check load fee applies for standard service. For expedited service, you will pay either 5% of the check amount or a flat $5 fee.
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Ingo Money App
The Ingo Money App is a favorite choice for payroll check cashing. When you sign up, you must link at least one debit card, prepaid card, credit card, or PayPal account to your user profile. With Ingo, you can link your bank; prepaid, credit, or debit card; or PayPal account to deposit money. You can even split a check between accounts (for example, 50% to PayPal and 50% to a prepaid card).
Making use of the Ingo Money App is a great way to cash checks and get your money in minutes, 24/7/365, in the accounts you choose, without the need to go out or stand in a line. There are no deposit holds and if your check is approved and your account is funded, the money is guaranteed and safe to spend.
Service Charge:
- $5 or 2% for preprinted payroll and government checks (whichever is higher)
- $5 or 5% for other types of checks and money orders (whichever is higher)
- The preferred pricing plan, available to customers who’ve cashed at least six checks within the last 90 days, offers discounted rates
- No fee if you choose to receive your money in 10 days
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Brink’s Money Prepaid Mobile App
Brink’s Money Prepaid Mobile App is primarily known for its work in the armored transportation industry delivering cash to ATMs and banks. The Brink’s Money Prepaid Mobile App offers mobile check cashing to a prepaid Mastercard debit card with many of the same benefits as bank debit cards.
You add funds by loading a check, scheduling direct deposits, or transferring money from another Brink’s card or a bank account. When you enroll in direct deposit, you can receive your paycheck up to two days faster.
Service Charge: The check-cashing fees are third-party fees that are subject to change. Expedited services range from 2% to 5% or a $5 flat fee.
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Venmo
Venmo allows you to pay and request money from your friends. At its core, Venmo provides a social way to pay your friends when you owe them money and don’t want to deal with cash. Interestingly, Venmo is more than just a person-to-person payment app. If you sign up for a Venmo Debit Card or direct deposit, you can cash checks inside the app.
Service Charge:
- 1% fee for payroll and government checks (5% fee for all other checks)
- No fee for the 10-day approval option
- Fee-free ATM withdrawals at 30,000+ MoneyPass locations
- Earn cash back with Venmo debit Mastercard
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ACE Flare™
The ACE Flare™ Account by MetaBank® represents an alternative financial service that gives you the flexibility of banking without tying yourself to your local bank. The ACE Flare™ Account by MetaBank® comes with a prepaid debit card.
The card gives you access to your funds in the same way any other debit card would. The ACE Flare™ uses First Century Bank, N.A. — the same provider as Brinks and Ingo. With an optional ACE savings account, you can even earn an absurd 6.0% APY on balances under $2,000.
Service Charge:
- Fee-free cash withdrawals at 950 ACE locations in 23 U.S. states
- No charge for standard check cashing
- 2-5% expedited check cashing fee
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AnytimeCheck
AnytimeCheck is a one-stop solution for sending & receiving all your check payments easily. AnytimeCheck software is equipped with a suite of tools and features for an easier and more reliable payment process. With AnytimeCheck, business owners can get paid by customers by paper check without having to wait for the mail or visit their bank to make a deposit.
Service Charge:
- Basic Plan (20 checks): $1.75 per check
- Pro Plan (50 checks): $1.50 per check
- Premium Plan (150 checks): $1.25 per check
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Checks-2-Cash
Whether it be payroll, tax refund, social security, SSI, insurance, house refinance, 401k or personal checks, Checks-2-Cash welcomes all kinds of checks at their various locations. All Checks-2-Cash locations sell money gram money orders. While most money order processors offer money orders up to $500.00, Checks-2-Cash offers money orders up to $1,000.00. Money Gram money orders are like checks but without many of the hassles.
Service Charge:
- 3% on all checks over $2500
- 21% on checks below $2500
- 5% on SSI and Social Security checks
- 1% on all TANF checks
In Conclusion;
It is important to note that almost everyone, at one time or another, has come up just a little short when they needed to pay a bill or meet some other financial obligation.
For some people, services like cash checking and payday advances can be acceptable options to deal with this dilemma, but they come with hefty fees and other considerations. This is why you need to go through the list of check cashing companies to see their rates before making your choice.