Visit a branch of the bank that issued the check near your location. They may allow you to cash the check there, as they can verify whether the account it is drawn from has sufficient funds. Moreover, cashing your business checks can be done at various locations, including banks, credit unions, check-cashing services, retail stores like Walmart, and some office supply chains that offer financial services.
By Brad Nakase, Attorney
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If you don’t have a checking account to deposit the check, you can still cash or deposit a business check if you have a bank account. But you may run into trouble if it’s made out to your business and you don’t have a business account or if you don’t have a checking account at all. Alternatively, the business check may be cashed at a check-cashing service: Walmart Money Center, Payday Advance, Ingo Money, Moneytree, Money Mart, ACE Cash Express, Speedy Cash, etc.
Carly runs a home business where she makes her own custom jewelry for clients. As a sole proprietor, Carly does not want to open a separate bank account for her business. She prefers the money from her business to flow directly into her personal checking account. This process simplifies her ability to pay for rent, groceries, and materials. However, many of her customers do not feel comfortable providing their banking information online, so Carly accepts business checks. Since Carly doesn’t have a business bank account, she explores ways of cashing business checks made out to her company.
Cashing a business check may not appear to be any different from cashing a personal check written out to you. But if the check is made out to your business and you don’t have a separate bank account for your company, things can get complicated.
Online payments have grown in popularity over recent years; however, many people do not trust this option due to security concerns. Therefore, it is essential that companies establish business bank accounts to process checks. Without one, the business owner may face challenges receiving funds, especially if the business is an LLC or a corporation and the check is made out to the business name.
There are two major types of checks: personal and business. Personal checks are typically the size of dollar bills and can fit inside standard wallets. Business checks, however, are larger in size to help banks distinguish them from personal checks.
For a personal or business check to be considered valid, it must contain the following information:
Business checks often have additional security features, such as holograms or watermarks, to help banks discover and reduce fraud.
If you don’t have a business bank account for your business yet, you can still cash a check if it’s made out to your name instead of the business. If it’s made to the business, however, there are a couple of options:
Cash Checks at a Retail Store
Many retail stores offer check cashing services. Walmart, for instance, allows business owners to cash checks at the Money Center or Service Desk. The store charges fees based on the transaction type, and Walmart MoneyCards can also be used.
Cash Checks at the Check-Issuing Bank
If a business owner presents the check at the issuing bank, the bank ensures its legitimacy before processing it. Some banks charge a fee, but it can be waived by opening an account.
Cash Checks at a Cashing Store
Check cashing stores provide an alternative for business owners without a bank account. These stores often charge higher fees than banks, which may be based on a percentage of the check amount.
The Types of Checks You Can Cash at Walmart:
What Are the Check-Cashing Limits & Fees?
In most states, the check-cashing limit is $5,000, though Walmart increases this limit to $7,500 between January & April of each year.
Check-cashing fees have a $4 maximum for pre-printed checks up to $1,000. For pre-printed checks above $1,000, the maximum fee is $8. Two-party personal checks are limited to $200 & have a maximum fee of $6.
How Do I Cash a Check?
Simply present your endorsed check to the cashier at our Money Service Center or Customer Service desk along with valid identification & pay the required fee. There’s no need to register to cash checks with us or to have a Walmart store credit card or Walmart MasterCard.
How Can I Skip a Trip to the Bank With In-Store Check Cashing at Walmart?
We make it easy to cash your check while shopping. You’ll get your money immediately & save time doing it. Plus, there’s no registration required. Want to load cash on a Walmart MoneyCard for extra convenience? Easily get your card online & pay no issuance fee.
It is essential for small business owners to open a business checking account. Among the benefits business bank accounts provide are:
It is a good idea to open a business bank account because it shows customers and clients that a business is legitimate and professional. It also makes depositing and cashing checks much easier and cheaper. While there are in-store and online check-cashing services for individuals without business bank accounts, these are generally not a wise long-term solution.
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