You don't necessarily need a bank account to cash an insurance settlement check. Most other options charge a small fee for the service, but allow you to walk out with the entire amount. You won't have to wait days for the check to clear or tie up your funds in the meantime.
The Issuing Bank
If the bank that issued the check has a local branch near you, stop in and let the teller know you want to cash the check. You'll generally need to present two forms of identification, including a driver's license or state-issued identification card. Depending on the bank, there may be fees for non-customers. These may range from a flat rate fee to a percentage of the check. For example, TD Bank charges $7 to cash checks for non-account holders. Regions Bank charges 1 percent of the check amount for any check over $10 with a maximum charge of $20. Capital One, Citibank and SunTrust offer the service for free.
Retail and Convenience Stores
Several retail and convenience stores offer check cashing services. For example, Walmart cashes a variety of checks, including government, tax refunds, IRAs, 401(k)s and insurance settlement checks. The maximum amount that can be cashed is $5,000. The fee for checks between $1,000 and $5,000 is $6. There's no registration process. Checks are cashed instantly. Another option is to visit Kroger. Kroger cashes checks from an array of sources, including insurance companies. The maximum check amount is $5,000. Fees vary among Kroger Money Service locations. Once you enroll, money is received instantly. There's no waiting period for checks to clear. If you prefer, 7-Eleven features VCOM kiosks at select locations to provide check cashing services 24 hours a day. Although the money is available within minutes, first-time customers must complete the membership process, which includes providing information from your ID to verify your identity.
Check Cashing Stores
Check cashing stores often specialize in cashing checks for people who don't have bank accounts, need the money immediately or have a check too large for others retailers to cash . Payday loan stores also offer check cashing services without requiring you to take out a loan or payday advance. For example, Amscot cashes insurance settlement checks up to any amount. A government issued photo ID is required. Fees vary based on the location and amount of the check. There's also Check 'n Go, which features check cashing services. You'll just need to provide ID and pay the appropriate fees based on the check amount and your location. Another option is Moneytree, where you can cash a check of any amount without the funds being held. Just make sure you bring your government issued photo ID with you.