How Much Does Amscot Charge to Cash a Check?
Amscot is a financial institution that offers many services, including the ability to cash checks of all kinds for any amount. Known for some of the lowest fees on the market, Amscot claims that most of their fees are well under the limits that are set by the state.
How much is it?
- The cost to cash a check at Amscot is going to depend on the type of check and the amount. On average, the fees for Amscot to cash a check can range anywhere from as little as $2 to as much as $14.95, or if they charge a certain percentage, the percentages can range from 1 to 9.9%.
- To give you a scenario, a $700 payroll check will cost $13.65, while a $300 payroll check will cost $7.60. With most payroll checks, you are going to pay about 2%.
|Type of Check||Rate|
|Cashiers||$0 to $5,000 — 3.9%; $5,000+ — 4.9%|
|Government Checks||$2-$10; 1.9 or 2.9%|
|Insurance||$0 to $5,000 — 3.9%; $5,000+ — 4.9%|
|Payroll||$1.85-$14.85; 2.0% for checks higher than $1,000|
What is going to be included?
- Amscot cashes the following types of checks: personal, computer, handwritten, insurance, cashier’s, government, money order, traveler’s, out-of-state, and international checks. They are able to cash checks in any amounts.
- If you own a business and have a check made out to your company, you can still use Amscot’s check cashing service. This is convenient if you need to purchase supplies for a job or other things while the banks are closed. Most Amscot locations are open on Saturdays and Sundays as well as being open very early and late on weekdays. Some are even open 24 hours.
- In order for Amscot to cash a check, you must bring in a valid photo I.D.
What are the extra costs?
- If any photocopies are needed, a $0.25 fee can apply.
- An envelope can cost $0.10.
Tips to know:
- To save yourself time, call up your local Amscot to make sure that they will be able to cash the check that you have. There is a chance there may be more than one location in your area, so call around to find the best service.
- Cash Advance. Sometimes referred to as a Payday loan, this service will be able to give you money that you need to pay a particular bill if your paycheck is not going to come in time for you to pay it. Although this may cost a few dollars, it will be better than damaging your credit on incurring late fees from the billing company. This type of loan will usually be given by you writing and post-dating a check, which allows you to wait until your check is deposited but also allows Amscot to avoid having to run a credit check. These can be taken for up to $500.
- Money Order. If you need a money order, most places will charge you a small percentage or one flat fee. At Amscot, however, money orders are always free of charge. However, if you lose a money order and need it replaced, there will be a replacement fee, usually around $12.
- Pre-paid Credit Card. If you have poor credit and are unable to get approved for a credit card through your bank, you can purchase a pre-paid one from Amscot. This allows you to avoid carrying cash as well as pay bills online or over the phone.
- Pre-paid Wireless. Amscot offers a pre-paid cell phone service for those who do not want to sign a long-term contract. Once you purchase or acquire your phone, you can simply pay for a certain number of minutes or amount of data. Once you run out, simply call or visit Amscot to add more.
- Bill Payment. Most local utility companies will allow you pay your bill right at your local Amscot location. Instead of having to send the payment in, you can go pay it in person. Each Amscot location will have a list of utility companies that they will accept.
- Other Services. If you need any other small services, Amscot offers things such as ATMs; notary services such as faxing and photocopying; postal services such as providing stamps, envelopes, and boxes as well as actually being able to send them; and, in some locations, bus passes.
How can I save money?
- Most of the time, check cashing places are going to be a lot more than using your local bank. If possible, open up a checking or savings account at your local bank to avoid any fees when cashing a check.
- If you are positive that you want to use a check cashing service, try your best to get at least three quotes from other places in your area. Even though they claim they are under state limits, it does not hurt to see if other financial institutions are able to beat their rate.