The easiest and most recommended way of getting the money from your Federal Tax Return is through your bank account. This can be set up as an automatic transfer wired to your account and eliminates the hassle of finding somewhere to cash it and removes the cost many places charge. If you don’t want an automatic process, going to the bank in person and cashing your check is the best alternative, most banks do not charge check-cashing fees.
However, if the bank account is not an option there are several alternatives, with different advantages and disadvantages. One is visiting a retailer, such as Wal-Mart or other large supermarket chain stores. These will most likely charge a small percentage, perhaps two or three per cent, but the mass availability of such stores makes this option an easy one.
Check cashing stores are a further option such as Check ‘N’ Go. These stores are readily available and offer services such as loans, payday advances and check cashing. Their business model is based on lending money so for that reason they will probably demand a larger cut than other alternatives, perhaps as much as 10 per cent. It is up to you to decide if their convenience and ease of such outlets are worth giving up more of your tax return for.
Before settling for one of the above options, find out if your employer has a credit union. If so, going there to cash your check is a better option, credit unions are similar to banks in that they will not charge you a fee or a percentage for cashing your check.
Wherever you decide to go, be sure to bring personal identification, as legitimate businesses will only cash checks of the person to whom it is addressed.
However, if the bank account is not an option there are several alternatives, with different advantages and disadvantages. One is visiting a retailer, such as Wal-Mart or other large supermarket chain stores. These will most likely charge a small percentage, perhaps two or three per cent, but the mass availability of such stores makes this option an easy one.
Check cashing stores are a further option such as Check ‘N’ Go. These stores are readily available and offer services such as loans, payday advances and check cashing. Their business model is based on lending money so for that reason they will probably demand a larger cut than other alternatives, perhaps as much as 10 per cent. It is up to you to decide if their convenience and ease of such outlets are worth giving up more of your tax return for.
Before settling for one of the above options, find out if your employer has a credit union. If so, going there to cash your check is a better option, credit unions are similar to banks in that they will not charge you a fee or a percentage for cashing your check.
Wherever you decide to go, be sure to bring personal identification, as legitimate businesses will only cash checks of the person to whom it is addressed.
