Walmart, in addition to offering all kinds of products at low cost, offers a wide variety of financial services for its clientele, from sending money and changing a money order to issuing a private label credit card. This new catalog of financial solutions is offered through the Walmart Money Center found in all of its stores. Maybe after reading this you wonder “Can I cash a check at Walmart?” The answer is a resounding yes.
- 1 Can I cash a check at Walmart?
- 2 Requirements to cash a check at Walmart
- 3 How to Cash a Check at Walmart
- 4 Walmart Check Cashing IDs
- 5 Types of checks that can be cashed at Walmart
- 6 Why can’t I cash my check at Walmart?
- 7 Limits on the amount of checks
- 8 Eligible Payment Methods
- 9 How much does it cost to cash a check at Walmart?
- 10 Cashing check at Walmart vs. banks
Can I cash a check at Walmart?
Yes, at least mostly, as there are some limitations that we will see later. The check cashing service is carried out through Walmart Money Center (in Spanish, Walmart Financial Center); a customer service position that was launched by the department store chain to save its customers time and money.
The idea of the center is quite simple: facilitate obtaining money and bank transfers, cash advances, stimulus check cashing, and tax refunds. With Walmart on your side, you can even pay taxes quickly and without complications.
The ability to cash checks without cashing at Walmart is very useful, especially for those people who have decided to live without a bank account or that they do not have enough time to complete the operation in the bank.
Requirements to cash a check at Walmart
For reasons of security and payment facilities, Walmart establishes certain check cashing requirements. If you want to access the service, you must:
- Have a photo id government issued
- carry a eligible check to Walmart Money Center
- Select a payment method
- pay the exchange fee
How to Cash a Check at Walmart
Cashing a check at Walmart is very easy and quick to do. Yes indeed: you will have to visit a physical store because the electronic check option (mobile deposit) is not currently available to top up your prepaid card. Once you are in the store, you will have to proceed to:
- Endorse the check in your name
- Indicate the payment method
- show your ID
- And ready!
As you can see, cashing a check at Walmart can be easier than doing it at the bank, since financial institutions usually request 2 IDs issued by the government to verify the identity of the beneficiary.
Walmart Check Cashing IDs
Unlike other similar establishments, you will not have to register with Walmart to cash a check. However, for security reasons, the representative will ask you for a valid ID to confirm your identity. What can you present?
In some cases, they may also ask for your US Social Security number.
Types of checks that can be cashed at Walmart
Walmart opens this service with very strict exchange policies to avoid some problems, such as fraud and identity theft. That is why they only support:
- cashier’s checks; a very useful tool if you have decided to close your checking account or high yield savings account because it will allow you to access the full balance immediately.
- payroll checks. You can redeem your paycheck at Walmart after the payroll date. Remember to check the amount limitations before going to the store so you don’t miss the trip.
- government checks, such as the third stimulus check or any of the following. All checks that have been drawn by a government body also enter here.
- 401(k) withdrawal checks. Through this tool you can collect and withdraw money to buy a house, invest your money in something else or collect monthly distributions after retirement.
- MoneyGram money order, as long as it was issued by Walmart. If it is not issued by Walmart or is from another money transfer company, such as Western Union, for example, it will not be redeemable in the store.
- Insurance settlement checksWhether it’s life insurance, renters insurance, flood insurance, health insurance, etc.
- Tax refund checks. If you don’t want to wait for the days the IRS deposits, you can choose to collect your tax refund at Walmart.
Note: Walmart does not accept cashing of personal checks or those that have been filled out by hand.
Keep reading: Can I buy a Money Order with a Credit Card?
Why can’t I cash my check at Walmart?
If the type of check you want to cash is not listed above, you may not be able to change itAt least not at Walmart. And it is that, your financial center does not accept:
- personal checks
- postdated checks
- Hand-written checks
- Checks with multiple payees
- A check more than 180 days old
- Non-MoneyGram money orders
- MoneyGram Money Orders (money orders) not issued by Walmart
Limits on the amount of checks
Walmart works with checks up to $5,000, except for tax season. From the month of January to the month of April, this maximum limit becomes $7,500. The company has made this decision for the benefit of taxpayers, who will now be able to redeem their tax return refund directly at the store.
Eligible Payment Methods
Walmart limits check cashing methods to cash or reloads to the Walmart MoneyCard prepaid card. One of them, the first, involves the payment of a fee (which we will talk about later). If you choose to recharge the card, you will not have to pay anything.
How much does it cost to cash a check at Walmart?
The fee will depend on the amount of the check. Walmart charges from $3.00 (for checks of $1,000 or less) to $8 (for checks of $1,000 to $5,000). The commission will be automatically deducted from the value of the check. This means that if you try to cash a $2,000 check at Walmart, you will receive a minimum of $1,992 unless you select the reload option on your Walmart prepaid card instead of cash.
Cashing check at Walmart vs. banks
In addition to identity verification, there are several appreciable differences you should study before cashing a check at Walmart. Only then can you determine if this option suits you or not:
|Cashing check at Walmart vs. banks|
|Walmart Handles Affordable Rates for Check Cashing||The best banks and financial institutions usually charge more to cash a check|
|Walmart unfortunately does not support the redemption of personal checks||Banks and credit unions will cash your personal checks with no hassle|
|Walmart sets limits on check cashing. The amount, in no case, can exceed $5,000.
An exception to this rule is only allowed during tax season, where the maximum amount goes up to $7,500
|Banks and credit unions have no limits in this regard. As long as the funds are available, you will receive the full money|
To give you an idea of the disbursement you would have to make when cashing a check at the bank, it would suffice to compare Walmart fees ($3 for checks under $1,000 and $8 for checks of $1,000 to $5,000) with what traditional banks charge:
|How much does it cost to cash a check in the United States?|
|Bank||Check Cashing Fee|
|BB&T||$0 for checks less than $50
$8 for checks over $50
|Citibank||$0 for checks under $5,000|
|SunTrust||$0 for checks less than $50
$7 for checks over $50
|key bank||1% of the amount of the check ($3 minimum and $25 maximum)|
|PNC Bank||$0 for checks of $25 or less
2% of the amount for checks of $25 or more ($2 minimum)
|M&T Bank||2% of check amount or $3, whichever is greater|
|Union Bank||$10 for personal checks of $100 or more
$10 for business checks of $25 or more
|HSBCBank||$0 for personal checks
$3 for business checks less than $100
$5 for business checks over $100
|Regions Bank||$0 for checks less than $10
1% for checks over $10 ($2 minimum and $20 maximum)
|Fifth Third Bank||1% of the amount of the check ($4 minimum and $25 maximum)|
|Bank of America||$8 for checks over $50|
|BMO Harris Bank||$10 for checks of $50 or more|
These fees could be lower if we talk about online banks, since they usually work with mobile deposit. However, the alternative could be a limitation, since you will not be able to get the money in cash unless you choose to withdraw from ATMs. Keep in mind that these operations are also subject to charging a commission.