When you’re waiting for money to arrive, every day counts. If you need cash as soon as possible, it’s important to know how long it takes to cash a check. Luckily, some banks are more efficient than others at cashing checks. They’ve streamlined the process and can get your money into your hands in 24 hours or less. So in this article, you will get answers to the questions, “Can I cash a check at any bank?”, “What’s the average time it takes?”, and more.
How long does it take for a bank to cash a check?
The amount of time a bank takes to cash a check varies depending on the bank, the check and its amount. For example, if you take your paycheck to your local Wells Fargo branch and deposit it in your account using an ATM or online banking service, that same money should be available at many other banks within one day.
However, if you were to write out a personal check for $1 million dollars and hand it directly over to someone working at your local Bank of America branch (or literally anywhere else), they would likely not give you back any money right away—since large sums like this can take quite some time for major financial institutions to process.
According to SoFi’s professionals, “In general, banks will cash checks within 24 hours when they are deposited with electronic transfer through ATMs or internet banking services.” However, there are exceptions! For example: If someone writes out a million dollars personal check and gives it directly over at their local bank branch -it could take weeks before receiving any funds back.
Where can I cash a check without a bank account?
If you don’t have a bank account, where can you cash a check?
- Check cashers: These are the best option for people who need to cash a check immediately and have no other options. A check cashier will charge you a fee for each transaction, but if it’s your only option, that’s better than having no money at all. The average fee is about 3% of the amount cashed.
- ATMs: If there aren’t any local check cashers in your area and you don’t want to wait days or weeks for an online transfer from your bank account (more on this later), try visiting an ATM—but not just any ATM! You want one that allows cash withdrawals via checks.
What Happens to Deposited Checks?
Once your check is deposited, it’s processed by the bank. This process can take place in one of three ways:
- The check may be cashed immediately. In this case, the funds will be transferred to your account within a few business days.
- The check may be applied to a line of credit—if you have one with the bank—and put on hold until you decide what to do with it. If this happens, expect your account balance information to update within two weeks at most.
- Checks can be returned by the payee or their bank due to insufficient funds in those entities’ accounts or because there are other problems associated with your payment request (e.g., if someone else already wrote that amount on another check).
It can be frustrating when you’re trying to cash a check, and the bank says they won’t do it because they need more time or they just don’t want to. But some banks will do it, so that is something that should always be considered when deciding where to cash your check from.