Cash Cheque

Getting a check isn’t the most convenient way to get paid. Direct Deposits, PayPal and other sites like PayPal are much faster, right?

Yet many companies, organizations and individuals still choose to pay by check.

What Is a Check to Cash? A check payable to cash has the word 'Cash' on the line where you normally write your payee’s name. Because the check is not payable to a particular person or organization, anybody who has possession of the check can cash or deposit the check. 1  Most checks are made payable to somebody. At H&T Pawnbrokers, we can instantly cash your cheque on the spot for a small fee — no more waiting days for cheques to clear, and you can do it without a bank account! We offer personal cheque cashing, as well as cashing for wages, solicitors, pools, giro, insurance, lottery, Inland Revenue, and building society cheques. A cash cheque is an open cheque which means you can cash it over the counter. You do not need to have a bank account because you can cash the check straight away. Usually an open cheque has a signature at the top and bottom. If there're two signatories to the account you will find two signatures at the bottom and top of the cheque.

There are obviously many ways to cash a personal check near you, going to the bank for example. Getting down to the bank can be a pain, so if you’ve got a check you need to cash, you might be wondering if there’s a way you can do it online.

If you’ve ever wondered how to cash a check online, you’ll be glad to know that there are actually plenty of options available to you.

Can I Actually Cash a Check Online?

While cashing a check online is totally possible, it does differ slightly to when you cash a check in-person.

When you take a check into a physical location like a bank or check cashing store, you can get cash on the spot. So you literally “cash” the check.

On the other hand, when you come to cash a check online you’re not “cashing” it per se, you’re depositing it into your bank account.

This means if you’re looking for cash you can hold in your hand right now, then you’ll need to head into your bank or closest check cashing place.

However, if you are cool with having the funds deposited into your bank, then cash your check online instead.

It’s so convenient. You don’t have to head out anywhere. You can do it right from your computer or even your phone!

Amazing, right?

Where to Cash a Check Online Now

We all know that trying to actually get to the bank during open business hours is so hard – often by the time we’ve finished work the bank is closed. So you have to trudge on down there at the weekend and who wants to do that?

That’s why cashing a check online is such a good option.

Thankfully, there are lots of places where you can get a check cashed online. Some of these places also let you cash other forms of payments. You can even cash a money order. It’s pretty easy to do as well.

Here are the best places where you can deposit a check online.

1. PayPal

• Fees: No, but there’s a ten day wait or you can pay a fee to get the money in minutes

Since most of us do have a PayPal account anyway, it’s definitely an option to consider.

PayPal has a Cash a Check service in the PayPal app. It allows you to cash checks and have them credited to your PayPal Cash Plus account. (If you don’t have a PayPal Cash Plus account already, you’ll be asked to set one up.)

It’s really easy to do as well.

• Take a photo of the check you want to cash.
• Send it to PayPal for review.
• If it’s approved, you can get the money sent right to your PayPal account in minutes. However, if you want the money in minutes, you do need to pay a fee.
• If you don’t need the cash right away, then you can choose to get your money in 10 days with no fee.

So it’s great that PayPal gives you a couple of options here.

• Learn more about cashing a check with PayPal here.
• Download PayPal for Android devices here.
• Download PayPal for iOS devices here.

2. Ingo Money

• Fees: No, but there’s a ten day wait or pay a fee to get your money in minutes

Next on the list we have Ingo Money.

With it you can cash paychecks, personal checks, business checks and more. The best part is that you can get your money in minutes.

It’s really easy to cash a check with Ingo Money.

• Just open up the app.
• Take a photo of the front and back of your check.
• Choose when you want your money, and where you want your money to be deposited. You can get your check sent to your bank, prepaid card, or PayPal account.
• Submit your check for review. The review process usually takes just a few minutes.

You can get the money in minutes, but you will be charged a fee.

Or you can choose to get the money in 10 days for free.

• Download Ingo Money for Android devices here.
• Download Ingo Money for iOS devices here.

3. Chase App

• Fees: No

Chase has an app you can use to deposit checks. It’s super easy, working in much the same way as cashing one with PayPal or Ingo Money.

Basically, you take a photo of the check, follow the on-screen instructions, and have your check deposited into your account.

The service is called QuickDeposit and there are no fees for using it.

Deposits that are submitted before 11pm Eastern time on a business day are usually available by the next business day. Deposits that are submitted after 11pm or on a non-business day will be processed the next business day.

• Download the Chase App for Android devices here.
• Download the Chase App for iOS devices here.

4. NetSpend

• Fees: No, with a 10 day wait or fees charged for expedited deposits.

Next on the list we have NetSpend. It’s an organization that offers a selection of prepaid debit cards.

And, of course, it provides check cashing.

NetSpend allows you to cash checks to your card using its Mobile Check Load feature.

All you need to do is get the app, take a photo, and follow the on-screen instructions – so again it works in much the same way as the apps above.

This is another one that allows you to cash a check for free if you’re willing to wait 10 days to get the money. Otherwise, you may be charged a fee.

Here’s where to get the app:

• Download NetSpend for iOS devices here.
• Download NetSpend for Android device here.

5. Bank of America App

• Fees: No

You can use the Bank of America app to deposit checks, which is great.

Most of these apps work in a similar way. And this one is no different. You’ll need to take a photo of the check and follow the on-screen instructions in the app to get your money.

You can cash lots of different types of checks with the Bank of America app, including:

• Personal checks
• Business checks
• Government/treasury checks
• Cashier’s checks

Checks that are received by the cutoff time (9pm ET and 8 pm PT) on a business day are generally available in your account on the next business day.

There’s no fee charged by Bank of America to use the Mobile Check Deposit feature.

Learn more about cashing a check with the Bank of America app here.

Here’s where you can get the app:

• Download the Bank of America app for Android devices here.
• Download the Bank of America app for iOS devices here.

6. Chime App

• Fees: No

Chime provides mobile check deposits to members who receive payroll direct deposits of more than $200 a month.

Mobile check depositing will be automatically enabled in your Chime app 30 days after you receive your payroll direct deposit.

• Download Chime for Android devices here.
• Download Chime for iOS devices here.

7. US Bank App

• Fees: No

Next we have the US Bank app. With it, you can deposit checks 24/7. All you need to do is take a photo of your check and follow the instructions to get your cash.

If you make a deposit by 9 p.m. CT, the balance is usually posted to your account the following business day.

• Download the US Bank app for Android devices here.
• Download the US Bank app for iOS devices here.

8. Wells Fargo App

• Fees: No

Wells Fargo is another bank that has an app you can use to deposit checks.

Again, you’ll just need to take a photo of the front and back of your check, and follow the instructions to cash it.

With the app, you can deposit personal, business, and most government checks.

Mobile deposited funds will become available on the day after the deposit credit date.

There are no fees for Wells Fargo Online and Wells Fargo Business Online customers to use the mobile deposit feature.

• Download the Wells Fargo app for Android devices here.
• Download the Wells Fargo app for iOS devices here.

9. Green Dot App

• Fees: No

Next on the list we have the Green Dot App.

Green Dot is an app that’s designed to help you to manage any Green Dot debit card or bank account. And you can even cash a check with the app.

This one allows you to deposit lots of different checks, such as:

• Personal checks
• Payroll checks
• Insurance agency checks
• Money orders
• Cashier’s checks
• Rebate checks
• Stock dividend checks
• Tax refunds
• Federal, state and municipal government checks

And you can deposit checks right from your phone.

Just take a photo of the check and then follow the instructions in the app.

Mobile deposits can be in your account as fast as one business day, but some checks may take up to 5 business days.

There are no fees charged to deposit checks into your account.

• Download Green Dot for iOS devices here.
• Download Green Dot for Android devices here.

10. First Midwest Instant Check Cashing

• Fees: No

With First Midwest Instant Check Cashing, you can deposit almost any type of check, such as:

• Personal checks
• Payroll checks
• Business checks
• Insurance agency checks
• Cashier’s checks
• Money orders
• Two party checks
• Traveler’s checks
• Rebate checks
• Stock dividend checks
• Tax refund checks
• Tax preparation firm checks
• Government tax refund checks
• Federal, state and municipal government checks

You can get instant access to your money, whether you have a First Midwest deposit account or not.

With the First Midwest app, you can deposit checks with your phone.

• Download the First Midwest app for Android devices here.
• Download the First Midwest app for iOS devices here.

11. GoBank

• Fees: No

GoBank offers no overdraft fees on its accounts, making it a great option for many. It provides mobile check deposits through it’s app. So you can cash checks right from your phone, and all you need to do is take a few photos of the check.

In order to start using the mobile deposit feature, you need to activate your card and your account must be active with recent recurring payroll direct deposit activity for at least two months.

Once you’re eligible, you can start cashing checks through mobile deposits. The money could be in your account in as fast as one business day, but some checks may take up to 5 business days.

There are no fees charged to deposit checks into your account, which is awesome.

You can cash lots of different checks, such as:

• Personal checks
• Payroll checks
• Insurance agency checks
• Money orders
• Cashier’s checks
• Rebate checks
• Stock dividend checks
• Tax refunds
• Federal, state and municipal government checks

Here’s where you can get the app:

• Download the GoBank App for iOS devices here.
• Download the GoBank app for Android devices here.

12. Santander Mobile Banking App

• Fees: No

You can use the Santander Mobile Banking app to deposit checks.

All you need to do is take a few photos of the check and follow the instructions in the app.

Deposits received after the 10p.m. ET cut off time will be considered as received on the following business day. So do keep that in mind. Now, it’s totally free to use the Mobile Check Deposit feature.

• Download the Santander app for Android devices here.
• Download the Santander app for iOS devices here.

13. ACE Elite

• Fees: No with a 10 day wait or pay a fee to get your money in minutes

The Ace Elite Prepaid app allows you to load checks right to your account. And like with many of the apps on this list, all you need to do is take some photos of the check.

You can have your money deposited within an hour, but you will be charged a fee. Or you can choose to wait 10 days and get your money for free.

• Download the ACE Elite app for Android devices here.
• Download the ACE Elite app for iOS devices here.

14. Brink’s Money Prepaid

• Fees: Yes if you want your money in minutes

Finally, we have Brink’s Money Prepaid.

It’s another prepaid card account that comes along with a check cashing feature.

If you enroll in direct deposit, you can deposit checks without having to wait in line. You can cash paychecks, and benefit checks with it.

With the Brink’s Money Prepaid app, you can load checks right from your phone using mobile image capture.

If you want your money fast, then you may be charged a fee for the transaction.

• Download the Brink’s Money Prepaid app for Android devices here.
• Download the Brink’s Money Prepaid app for iOS devices here.

It’s important to note that although many of the apps above don’t charge you a fee to deposit your check, there may still be wireless carrier fees charged by your service provider. So do make sure you check with your service provider to see if they do charge any wireless carrier fees.

Happy Getting Paid!

Nowadays, you don’t have to worry about getting to the bank (when it’s actually open!) and waiting in line to cash a check. No, now you can easily cash checks online and there are so many options for doing so!

Most banks now offer a check cashing service through their apps, so you can cash checks right from your phone.

Even if your bank didn’t appear on our list, it’s definitely worth checking if they have an app that you can use to deposit checks from your phone.

And keep in mind that even if your bank doesn’t provide an online check cashing service, you can still use websites like PayPal and Ingo Money to deposit your checks.

Next time you’re wondering how to cash a check online, it’s good to know that you have plenty of great options out there, and many of them are totally free to use!

From: Financial Consumer Agency of Canada

Access to the first $100

Financial institutions must make the first $100 of all funds you deposit by a cheque available to you right away. If the cheque is for $100 or less, the financial institution must make the entire amount of the cheque available to you.

The first $100 must be available to you:

• immediately if you deposit the cheque in person with a teller, or bank employee, at one of the financial institution's branches or other locations where you can open an account
• on the business day after the day of the deposit if you deposit the cheque in any other way, such as at an automated teller machine (ATM), using a mobile device

Exceptions for access to the first $100 for small and medium-sized businesses

Access to the first $100 deposited by cheque does not apply to cheques deposited by eligible enterprises, such as small and medium-sized businesses.

An “eligible enterprise” means a business with:

• authorized credit of less than $1 million
• annual revenues of less than $50 million
• fewer than 500 employees

Holds on cheques

When you deposit a cheque at a financial institution you may have to wait a certain amount of time to access the money. This is called a hold on a cheque.

A financial institution may hold money you deposit by cheque to:

• make sure that the person or company who wrote the cheque has enough money to cover it
• make sure that the person or company who wrote the cheque has not put a stop payment on it
• check the details with the cheque writer to make sure that it has not been altered
• make sure that the account on which the cheque was written is still open and has not been closed

Instead of using cheques, consider having deposits made to your account electronically. This may let you access the funds you deposit right away.

Maximum cheque hold period

There is a limit to the amount of time a federally regulated financial institution, such as a bank, can place a hold on money you deposit by cheque.

Federally regulated financial institutions can hold the money you deposit by cheque for 4 to 8 days. The amount of time depends on the amount of the cheque and how it was deposited.

These limits apply as long as the cheque is:

• in Canadian dollars
• drawn on an account from a financial institution’s branch within Canada
• paper-based, which includes cheques deposited using a mobile device
• encoded with magnetic ink used for the line of special numeric characters across the bottom of the cheque
• not damaged and a processing machine is able to read it

If you have an account at a provincially or territorially regulated financial institution, such as a credit union or caisse populaire, ask about its policy on holding funds deposited by cheque.

In some cases your financial institution may release the money to you before the cheque clears. If the financial institution does this, it's actually extending credit to you.

This means that if the cheque does not go through, you may need to pay back the amount of the cheque that was deposited to your account. If you don’t have enough money to cover the amount of the cheque then you might go into overdraft. This could cost you more money.

Maximum hold period for cheques drawn on banks outside of Canada

If the cheque writer or cheque writer's financial institution is located outside Canada, the cheque can take much longer to clear.

Financial institutions often hold foreign cheques for 30 days. If the cheque does not clear, your financial institution will withdraw the money from your account.

Your financial institution may choose to return the cheque to the bank that issued it and have it replaced by a secured method of payment, such as a bank draft or a cashier's cheque. It would then need to wait for that institution to send the bank draft or cashier's cheque.

Exceptions to the maximum cheque hold periods

The maximum cheque hold periods may not apply to:

• an account that has been open for less than 90 days
• a cheque that has been endorsed more than once
• a cheque that is deposited six months or more after it was dated
• a cheque that isn't issued in Canadian dollars
• a cheque issued from an account at a bank branch outside of Canada
• a deposit that a financial institution has reasonable grounds to suspect is being made for illegal or fraudulent reasons
• a cheque that isn't encoded with magnetic ink to allow character recognition
• a cheque that is damaged

Exceptions to the maximum cheque hold periods for small and medium-sized businesses

Small and medium-sized businesses and other eligible enterprises have the same exceptions to maximum cheque hold periods as those outlined above.

In addition, maximum cheque hold periods may not apply to these businesses if they have:

• a negative change in their credit score
• an increase in their overdraft balance that isn't being reduced by deposits received
• an unexplained change in the history of cheques being deposited to the account
• high numbers of cheques returned due to dishonoured cheques
• a notice of bankruptcy or creditor action against the business

Counter-signed cheques

A cheque can be cashed by someone other than the person named on the front of the cheque if they counter-sign it.

Check with your financial institution to find out if they accept counter-signed cheques. Not all financial institutions accept them.

Dishonoured cheques

A dishonoured cheque is when the cheque doesn't go through and can’t be paid.

Reasons for a dishonoured cheque may include:

• non-sufficient funds (NSF) in the cheque writer’s account
• irregular signature, that is, if the signature the cheque writer signs on the cheque differs from the sample signature in the financial institution
• a difference between the amount written in words and the one in numbers

Information you must receive about cheque hold periods

A federally regulated financial institution, such as a bank, must give you a written copy of its policy on cheque holds when you open an account. You can find the policy as part of your account agreement or as a separate document.

The cheque hold policy tells you how long the financial institution can hold the cheques that you deposit.

It must include information about:

• the maximum length of time it may hold funds for a cheque that is drawn on an account at a financial institution in Canada
• the maximum amount of time it may hold the funds you deposit from a cheque that isn't subject to the legislated maximum cheque hold periods

If the policy does not specify if a hold applies to your account(s), your financial institution decides when you deposit your cheque.

Changes to your financial institution's cheque hold policy

Your financial institution may change its policy on holding funds deposited by cheque. It must let you know what these changes are before applying them to your account.

If you get a regular statement in the mail, your financial institution must send you (or the person you choose to receive this information) a written notice explaining any change in its policy on holding funds deposited by cheque. It must do so at least 30 days before applying the change to your account.

If you carry a passbook that you present to the financial institution when you make a transaction, your financial institution must display, in your branch, a notice explaining the change in its policy. It must do so for at least 60 days before applying this change to your account.

Making a complaint about your financial institution

If the financial institution refuses to honour the maximum cheque hold periods, or doesn’t allow you to withdraw the first $100, it must give you a refusal letter. If you don’t receive the letter, ask for it. The letter must tell you how to contact the Financial Consumer Agency of Canada (FCAC) if you wish to file a complaint.

If you have a concern about a hold, discuss it with your financial institution.

Related links

• Depositing a cheque with your mobile device
  

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