Be sure to bring identification that matches the name written on the check.
Also, depending on the size of the check, you may not be able to cash the check because some banks have a limit on how much cash they can dispense. It will help if you go to one of the bank's larger branches which usually have more funds available.
However, banks treat government-issued checks differently—meaning, you often get percent of your cash immediately because banks know the government has the funds. If you can't cash a check for all of its value, you may need to deposit the check and—in that case—the type of deposit matters.
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Deposits made in person to bank employees work the best if you need the funds quickly. You could make the deposit at an ATM or use your mobile device, but those methods might result in longer bank hold times. Big-box stores and convenience stores often cash checks for a modest fee. Check-cashing outlets are another option and may be willing to take a risk, but they charge notoriously high fees.
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People are simply spending too much and not saving enough, and easy access to cash could be the root of it all. If you find that your savings are dwindling, make it a hassle, make it a hardship, make it a downright pain in the butt to spend your money, and you'll find that you actually spend a lot less of it. This article will show you how to place your savings on the proverbial top shelf.
Evaluate Your Current Situation This is the place to start when determining where your savings account should be. Ask yourself the following questions.
Why Do Bank Transfers And Deposits Take So Long?
The answers to these questions should give you an idea if easy access to cash is the cause of your savings problems. If you answered "no" to all of these questions, there could be bigger problems than access at play, and it may be time to rethink your budget. Assuming that you answered "yes" to at least one of the questions, however, it's now time to boost your savings by putting your savings account out of reach.
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Creating a Top Shelf for Your Account Reaching your savings goals can be difficult when you have easy access to your cash. The first problem pops up when your savings account happens to be in the same bank as your checking account. How do you hide your money from yourself? Give your savings account its own life in its own locale, preferably in a different bank without a debit card. When all it takes is a few button presses, many people are easily tempted to dip into their savings. Splurging on a night out or the latest must-have item, is easy when there is no effort involved on your part.
However, if you had to drive to one bank to withdraw "fun money" from your savings then drive to another bank to deposit it, your fun money might suddenly seem a lot less fun. Ask yourself how far you are willing to drive for a take-out burger, then make sure your "savings" bank is further than that. You don't want a bank that is conveniently located near where you, work, live or exercise, or near any place that tempts you to splurge. ATM access to your savings account can create a strong temptation to withdraw money from your account just as it did for having both accounts in the same bank.
The simple solution here is to tell your current or new bank that you don't want an ATM card be prepared for some quizzical looks from the teller or just cut up the one you have.
Savings Accounts. Interest Rate Shopping Since you will be establishing a new account anyway, now is the time to compare interest rates among those banks that meet your distance criteria. Don't forget to include online-only banks. You might find that having a new account helps you to not spend money you have deposited - and you can actually earn more money through the interest rate.
However, no matter which bank you choose, make sure it doesn't charge fees for going below a minimum balance.
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If your savings balance at any time is below the set minimum balance, part of your savings will be eaten up by fees. Set Up an Online "Bill" to Pay Yourself If you choose a location that's out of your way, you will still need a way to deposit money into your account. The key is to make withdrawal a hassle but deposits a breeze.
You can do this in several ways. The easiest method for depositing money is to set up an automatic bill payment bill pay to your new account. If you have online bill pay available from your checking account, create a new payee : for the payee name, use your name; for the payee account, use your new savings account number; for the payee address, use the address that your new bank provided to you on the deposit slips. You can also use the same address to send in payments through regular mail.
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