Many small business owners or individuals receiving business checks might wonder if Walmart offers a convenient solution for turning those checks into cash. The answer is yes; most Walmart stores nationwide have Money Centers or service desks that provide check-cashing services, including for business checks. However, remember some important details before heading to your local store.
In this article:
Does Walmart Cash Business Checks?
Yes, Walmart does cash business checks. Walmart generally accepts standard business checks made out to an individual (e.g., the business owner) and drawn on a U.S. bank account.
They may not accept checks payable directly to a business entity or those drawn on international banks. It’s best to call your local Walmart Money Center beforehand to confirm their specific policy and inquire about any limitations based on the check amount or issuer.
Accepted Check Types at Walmart
Walmart accepts a wide range of checks, including business checks, which companies use; payroll checks, which are given to employees for their work; government checks like the ones you get for a tax refund; cashier’s checks, which are special checks guaranteed by a bank; insurance settlement checks, which you might get if something you insured, like your car, was damaged; and checks from a 401(k) or retirement fund when you get money from your retirement savings.
Walmart also cashes money orders, but only if they are MoneyGram money orders that you bought at Walmart.
There’s another kind of check called a two-party personal check. This is a check written by one person to another person instead of to a business. Walmart will cash these checks too, but only up to $200; you need specific types of I.D. to do this.
Types of checks that are not accepted
Walmart has some rules about the types of checks they don’t cash. For example, if a check is handwritten, whether a business or a personal check, Walmart won’t cash it. They don’t do this because handwritten checks have a higher chance of fraud.
Also, there’s another kind of check called a third-party check. This check is made payable to someone else, not you. Even if that person signs the back of the check to give it to you, Walmart still won’t cash it. So, if you have a check made out to someone else, there are better places to cash it than Walmart.
What are the fees associated with cashing business checks?
At Walmart, a fee for cashing checks varies depending on the check’s amount and type. Generally, you’ll pay a set fee plus a percentage of the check’s value. For example, cashing a $100 business check might cost you an $8 flat fee plus an additional 3% of the check’s value, totaling $11. Check Walmart’s website or inquire at their Money Center to stay updated on the fee structure.
The value of the check determines the specific fees. For checks up to $1,000, the charge is $4. If your check’s value ranges between $1,000 and $3,000, Walmart applies a fee of 6% of the check’s amount. For any check exceeding $3,000, the fee is set at $18.75.
There’s also a maximum limit for check cashing at Walmart. The usual cap is $5,000 per check. However, this limit is increased from January to April to accommodate more extensive checks, allowing you to cash up to $7,500. This higher limit can be especially helpful during tax season or for other large payments you might receive early in the year.
How do you cash a business check at Walmart?
Cashing a business check at Walmart is a straightforward process that you can follow easily. First, make sure you have all the necessary documents. You’ll need a valid government-issued photo I.D., like a driver’s license or a passport. Remember to bring the business check you want to cash.
Next, go to the Money Center or the customer service desk when you’re inside the Walmart store. This is where they handle check cashing services. Once you’re there, you need to show the cashier your I.D. and the check you want to cash. They will check your I.D. to make sure it’s you, and they’ll also make sure the check is valid.
After your check is approved, you must pay a fee to cash it. The amount of this fee depends on the value of the check. Once you’ve paid the fee, you’re all set. If everything checks out, the cashier will give you cash immediately. It’s a quick way to turn your business check into cash that you can use immediately.
What are the alternative options other than Walmart?
If you have a business check and want to cash it, you have several options besides going to Walmart. One good choice is to use a bank account, especially if it’s a business bank account. You can deposit your check directly into this account. This way, you won’t have to pay any check cashing fees, which can save you money.
Another option is to go to check cashing stores. These stores are all around, and many offer reasonable rates for cashing checks. They also let you cash checks for more significant amounts than Walmart, which is helpful if you have a big check.
There’s also a modern and convenient way to deposit checks using your smartphone. Some banks provide mobile check deposit services. This means you can take a picture of your check using your bank’s smartphone app and deposit it right from your phone. It’s a quick and easy way to deposit checks without going anywhere.
What are the key things to consider before cashing checks?
At Walmart, the maximum amount you can cash from a check is typically around $5,000. It’s best to ask at your local Walmart store to know the exact limit. However, remember that not every Walmart offers check cashing services, as some states have specific regulations that prevent this.
If Walmart doesn’t suit your cashing check needs, alternative options exist. Opening a business bank account is a practical choice, simplifying the process of depositing checks and providing access to various financial services. Additionally, other retailers like Kroger and Fred Meyer also offer check-cashing services. Their policies may vary, so checking with them for details is advisable.
Final Thoughts
Cashing a business check at Walmart can be a convenient option for those needing immediate access to funds. However, consider the associated fees and limitations when depositing the check in a business bank account. Evaluate your needs and the check amount carefully before deciding on the best action.
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FAQs
Can I cash a business check made out to my business partner?
No, Walmart only makes checks payable to the person presenting the I.D.
What if my business check is for more than $7,500?
You must use a different check cashing service or deposit the check directly into your business bank account.
Can I cash a check at Walmart without a bank account?
Yes, absolutely! Walmart doesn’t require a bank account for check cashing.
Will Walmart cash international checks?
No, Walmart only cashes checks drawn on U.S. banks and payable in U.S. currency.
Does Walmart offer any other financial services for businesses?
Yes, Walmart MoneyCenter offers various services, including money transfers, bill pay, and prepaid debit cards.
Can someone else cash a check for me at Walmart?
No, it would help if you had a valid I.D. to cash a check at Walmart.
Is it cheaper to cash a check at Walmart than at a bank?
Walmart’s fees can be competitive compared to some banks, especially for smaller checks. However, consider factors like convenience and banking relationship benefits when deciding.
Can a business check be cashed at Walmart?
Yes, most Walmart stores offer check-cashing services, including for standard business checks made out to an individual (e.g., the business owner) and drawn on a U.S. bank account. However, there are some limitations:
- Certain restrictions may apply: Walmart may not accept checks payable directly to a business entity or those drawn on international banks.
- State regulations: Check cashing might only be available in some Walmart stores, particularly in some states with specific regulations.
It’s best to call your local Walmart Money Center beforehand to confirm their specific policy and inquire about any limitations based on the check amount or issuer.
Can a business check be cashed anywhere?
While Walmart is a common option, other places to cash business checks include:
- Your business bank account: Opening a business account allows for easy check deposits and access to other financial services.
- Other retailers: Stores like Kroger and Fred Meyer may offer check-cashing services, but policies vary.
- Check-cashing service providers: Dedicated businesses like ACE Cash Express or MoneyGram often charge higher fees.
What type of checks will Walmart cash?
Walmart generally accepts:
- Standard business checks are made out to an individual.
- Checks drawn on a U.S. bank account.
They may not accept:
- Checks payable to a business entity.
- Checks drawn on international banks.
- Cashier’s checks or money orders may have different policies.
Always confirm with your local Walmart Money Center for their specific rules.
Does Walmart take company checks?
It depends on what you mean by “company checks.” If you’re referring to:
- Checks payable directly to a business entity: No, Walmart likely won’t cash those.
- Standard business checks made out to an individual owner: Most Walmart stores accept these under their usual policy.
Remember to call your local store for specific details and limitations.
