You can make a check out to a named payee, but you can also make a check out to cash. When you make a check deposit into your checking account or savings account, you don't want any problems with the bank teller. It's important to review how to deposit a check made out to cash.
Can You Deposit a Check Made Out to Cash?
You can make a check deposit into your FDIC-insured bank account, even if it's made out to cash. Usually, there's a payee on a check, but if it says cash instead, cashing or depositing it in your checking account isn't difficult. Both banks and credit unions will accept them.
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How to Deposit a Check Made Out to Cash
With these steps, you can deposit a check made out to cash in either your checking account or savings account:
- Observe the front of the check.
- Identify that the check payable field is made out to cash.
- Look at the back of the check.
- Endorse your name on the back of the check.
- Fill out a deposit slip with the amount of the check.
- Write your account number on the deposit slip.
- Have your driver's license or another form of ID ready for the bank teller.
- Make the check deposit with the bank teller.
You will have the best luck at your own financial institution to make the deposit into your bank account. But even if your financial institution is not the issuing bank for the check, your bank will likely still allow it for deposit only.
Depositing via an ATM
If you receive a personal check made out to cash, you can deposit it into an ATM. You will need your debit card for the ATM. And you will need to enter the amount of the check into the ATM. Before inserting the check, ensure you know how to endorse the back of the check.
Even though you're at an ATM, you will need to wait for one to two business days to receive the funds in your bank account. This is to make sure there is enough money in the checking account of the payer who gave you the check.
Depositing via a Mobile App
Some financial institutions will allow a mobile check deposit to be made with a check written out to cash. You can use your mobile app to take a picture of the front of the check and the back of the check. You will also need to enter the amount of the check.
Some credit unions, like Jax Federal Credit Union, will not permit a check made out to cash to be deposited through a mobile app, so check with your financial institution before you try.
Depositing at the Bank
To make a check deposit at banks or credit unions, you'll need a deposit slip. The deposit slip will have a place for the amount of the check deposit. It will also require your account number. Once you have filled these items out and endorsed the back of the check, you can take them to the bank teller.
Frequently Asked Check Questions
It can be confusing when a name isn't listed as a payee. But "cash" written on the front of the check on the payee line can still be deposited or cashed. Knowing about depositing a check into your bank account is good personal finance. Here are some frequently asked questions about checks.
How Do I Endorse the Check for Deposit?
You can endorse the back of the check by writing your name on the line that says "endorsement."
Will Any Bank Accept a Bank Made Out to Cash?
If you are depositing the check in a checking account or another bank account, your bank will accept the deposit. But if you are trying to cash a check made out to cash, you will have the best luck by going to the original bank issuer of the check. You will find that name on the front of the check.
Will I Get My Cash Immediately Upon Deposit?
Most banks or credit unions will not allow you to have the cash immediately when you make a deposit. Some wait until the next business day. But other financial institutions, like Bank of America, will hold a check for two to seven business days. This is to avoid the bank cashing a bad check.