Does Walmart Cash Personal Checks in 2024? The Complete Guide
Do you have a personal check you need to cash quickly and easily? If so, you may be wondering if heading to your local Walmart is a convenient option compared to cashing the check at a bank or check cashing store.
Why Consumers Need Check Cashing Options
According to the FDIC, approximately 5.9% of US households (7.1 million) are unbanked, meaning they do not have a checking or savings account. An additional 18.7% of US households (22.9 million) are underbanked, meaning they have a bank account but still rely on alternative financial services like check cashing.
For these individuals, being able to cash checks affordably at major retailers like Walmart fills an important need. But is Walmart‘s check cashing service worth using compared to other options?
Walmart‘s Fees and Limits for Cashing Personal Checks
The good news is that yes, Walmart does cash personal checks at over 4,700 store locations with Money Centers across the country. Here are the key details on their current check cashing fees and limits:
- The maximum check amount for a personal check is $5,000
- For checks up to $1,000, the fee is $4
- For checks between $1,001 – $5,000, the fee is $8
These fees are reasonable compared to other check cashing services. For example, at check cashing stores, the average fee is $5 for a $500 payroll check according to NerdWallet.
However, some individual Walmart locations may have lower maximum check amounts they will cash. It‘s wise to call ahead if you have a larger check to ensure they will cash it.
The Pros of Cashing Checks at Walmart
There are several advantages to cashing checks at Walmart compared to using a bank:
No bank account required – Anyone with a valid ID can cash checks at Walmart without needing an account. Banks typically require you to have an account to cash checks.
Quick access to cash – Walmart will cash your check right away and hand you cash, unlike depositing in a bank where you must wait for checks to clear.
Open evenings and weekends – With 24/7 service at many locations, Walmart offers more flexibility than bank branch hours.
Low fees compared to other check cashing options – As noted above, Walmart‘s fees are generally lower than dedicated check cashing stores.
Potential Downsides to Be Aware Of
However, there are a few downsides or risks to cashing checks at Walmart:
Their check amount limits may be lower than your bank‘s limits for check deposits.
You lose the ability to dispute fraudulent checks. Banks allow you to reverse deposited checks that bounce.
Carrying large amounts of cash may pose a safety risk.
Money orders offer more security than personal checks, so Walmart may reject some checks.
Walmart‘s Check Cashing Fees and Limits Summary
| Check Amount | Fee |
|---|---|
| Up to $1,000 | $4 |
| $1,001 – $5,000 | $8 |
Is Cashing Checks at Walmart Right for You?
Overall, Walmart offers a convenient and affordable option for cashing most types of personal checks without needing a bank account. If you need to turn a check into quick cash, Walmart is likely one of your best and lowest cost choices. Just be sure to call ahead and verify the check amount limits at your local store. And be cautious about carrying large cash amounts.
For repeat check cashing needs, comparing Walmart‘s fees to opening a free checking account at a local bank or credit union may also be wise for more security and features. But for occasional use, Walmart can be a handy and budget-friendly choice!
