Monday 23 May 2016

Where Can I Cash a Personal Check Apart from A Bank! Please Help - 10 Ways to Cash Personal Checks

Where Can I Cash a Personal Check Apart from A Bank 

We started The Millionaires Giving Money Blog to connect rich wealthy millionaires and billionaires with people who needed help. Over time this blog has evolved into a place where readers ask unconventional personal finance questions other conventional personal finance blogs try to avoid. Recently a reader who has been with reading the blog for a long time asks the following question which really got me thinking. 
Question: I took your advice and started to invest my money in dividend stock. I now receive dividend checks in my name but sometimes I have trouble cashing the check. I'm on the road most of the time and wanted to know if there are any tried and trusted places where I can cash a personal check besides a bank. Look forward to hearing from you - Emerson 
Congratulations for getting into the habit of investing money in assets that pay income (dividend stocks). I'm happy that my advice is making a difference to your personal finance and you look like you're making headway from poverty into prosperity. I get a lot of questions about cashing personal checks and in this post I will list 10 ways to cash your personal checks safely. I will also be offering some insights to help you make the most out of your money. 

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10 Places to Cash a Personal Check Besides a Bank 

#1: Reinvesting Your Money 

The first point I would make about cashing in your personal check from the dividend company would be to reinvest it instead. By reinvesting your dividends you are compounding your money faster which means your income will grow at a faster rate year after year. If you really need the money then you must of  course cash it. If you don't really need the money and are using it for luxuries you are better off reinvesting it.  

#2: Open Multiple Bank Accounts 

You mentioned that you are on the road a lot which is why you don't have access to your bank all the time. One way to get around this would be to open bank accounts under your name with different banks so that you would have more places to deposit your check and then making a withdrawal. If you have a good credit score you will be able to open checking accounts without having a problem. Having multiple bank accounts is the easiest way to get access to funds as its' just a matter of depositing the check and waiting for the funds to clear. 

#3: Visit Bank Which Issued Check 

Another way to cash a check besides your own bank is to visit the bank which issued the actual check. Sometimes there is a charge for cashing a personal check at the issuing bank. One way to get around this is to use the personal check as a deposit to open your own bank account at the bank which issued the check so that you can avoid these charges and get access to banking facilities with another bank. 

#4: Cashing Personal Checks with Payday Lenders 

Some reputable payday lenders offer a personal check cashing service however these establishments charge a percentage of the value of the check when they cash it for you. There are many reputable payday lenders such as Ace Cash Express, Check 'N' Go and PLS Check Cashers which offer cashing services. These payday lenders are located all over the place so finding one wont be a problem, some of these payday lenders are also open 24 hours a day 7 days a week so there is added convenience if you need the cash fast. 

Nearly all established checking services charge fees in excess of 3% which makes the process rather painful especially if you want to cash a large check. Typical fees for example are as follows. Ace Cash Express and Check 'N' Go charge 3% of the checks value, while KeyCorp charge 1% and United Check Cashing charge 1.5% to 5% depending on the amount and which state you reside in. 

#5: Check Cashing Centers 

Another way to cash your check is to use organizations called Check Cashing Centers. To start do a quick search on Google for Check Cashing Centers with your location. The search should reveal several locations where check cashing is possible. Be sure to check out the reviews because there are a lot of scams when it comes to cashing a check. There is a fee charged for the service so you need to find out which organization charges the lowest fees. 

#6: Gas Stations and Convenience Stores 

More great places to cash a check in are gas stations and convenience stores. Gas stations and convenience stores are located all over the place and most of these organizations offer a check cashing service. The fees charged by gas stations and convenient stores might be higher compared to banks and payday lenders, however, if you need the cash quickly it's a valuable option to have. Typically these fees are both flat rate and percentage based. A typical example of a fee might be $20 for every $1000 cashed or 4% to 8% for higher amounts. 

 #7: Supermarket Cash Checking Service 

Large and medium sized stores such as Wal-Mart and 7-Eleven offer services such as bill paying, personal check cashing and other financial services. Wal-Mart charges are very low so it makes sense to cash a check at Wal-Mart if you really need to. Wal-Mart charges $3 for checks less than $1000 and $6 for checks between $1001 and $5000. Medium sized stores such as 7-Eleven offer a cash checking service for 0.99%. 

#8: Cash Personal Check with Prepaid Accounts 

You can cash a personal check for free with prepaid accounts. If you have a low credit score and problems with your credit file which is preventing you from opening a bank account or more bank accounts you could opt for a prepaid account. The typical cost of a prepaid bank account if between $5 and $10. If you do cash a lot of personal checks and you don't have a bank account then it makes sense to use a prepaid account to bank your check. The best prepaid cash checking account is Chase Prepaid Accounts which charge $4.95 per month for using their service. 

#9: Ask Friends and Family for Money 

One free way of cashing a check is to ask friends and family for money in exchange for your personal check. Most family members and friends are unlikely to charge a fee but you could offer a small amount to thank them for your help. This should be your preferred way to cash a check because you're not paying a fee so 100% of your money stays with you.  

 #10: Ask Employer to Cash Check 

Some employers offer a cash checking service but this is seldom advertised. If you're interested in cashing your check with your employer you need to contact the finance department or finance officer and ask if they are willing to offer this service. Explain your circumstances and then ask them if they can sort out an arrangement for free. 

If a free arrangement is not possible ask them to charge a small fee for the privilege. Having an employer cash a check is much more convenient because you can build trust over time. If you're on the road you can just ask the finance team to transfer the money to your account and then you can send them the check later. 

Where Can I Cash a Personal Check Apart From a Bank? 

You have many options beside a bank when cashing a personal check. The most important thing to do is to find a place where you cash your check for free. If you cant find a place to cash for free you need to compare the fees for all the organizations discussed above. Try to keep fees as low as possible by planning ahead of time so you don't get caught out on the road. I really hope this post has given you some options. Please forward this post to other readers who might find the content useful and don't forget to like this on Google+.  

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Monday 16 May 2016

I Have Bad Credit and Need Money Now and Have No Bank Account! Q&A Post

I Have Bad Credit and Need Money Now and Have No Bank Account! 

Here at The Millionaires Giving Money Blog we love helping people out of poverty. The site was initially set up to connect rich wealthy millionaires and billionaires to individuals and families who need help with money. Since then the site has evolved into a Personal Finance site where readers ask all sorts of questions conventional personal finance blogs are unprepared to answer.  
Recently a reader of The Millionaires Giving Money Blog asked the following questions 
When I was young I borrowed money and spent recklessly and now I have really bad credit. I need money urgently and to make matters worse I have no bank account. I know that I've been irresponsible with money in the past but I just want to get on and live a normal life now. Please if you have any ideas I would love to hear from you.  
This email from Joe is not an isolated case as I get many emails like this asking for advice and guidance on what to do when you have bad credit and no bank account and you need money now. In this post I have 10 golden nuggets of advice to fix all of these problems so you can start living and stop worrying. I really hope these ideas and strategies help you and I really hope you act of this so you can have a better future. So without further ado here are 10 ideas and strategies for people with bad credit, no bank account where you need money now. 

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I Have Bad Credit, No Bank Account and Need Money Now! 


#1: Have Bad Credit? Get a Copy of Credit File 

If you've got a bad credit file and a low credit score the first step for solving this problem is to get a copy of your credit report. Your credit report will list all the reasons why your credit score is so low. Some sites even offer tips and tools on how to repair your credit. If you do have any outstanding debts that you forgot to pay your credit report will highlight these debts. 

To fix your credit file you need to pay off outstanding debts or at least show that you are making an effort to pay it off. Contact all your creditors and let them know why your experiencing hardship. Make an effort to pay more than the minimum payments and pay 7 to 10 days before the payment is due. By making these small changes your credit score will improve over time. 

#2: No Bank Account 

Not having access to banking is a major problem. Without banking you cannot save effectively or spend responsibly. The banks will also refuse to offer you credit if you have no history of using a bank account. The first step you must take to fix this problem is to create a budget. List all your income and expenditure and then aim to create a surplus. Armed with this information you need to visit all the banks in your area and ask them for a basic bank account. 

They will notice that you don't have an existing bank account so will require something like your income and expenses statement to make a decision. There is a good chance you'll get a basic account with no overdraft facility along with a debit card. You may also need to pay a monthly subscription for the account. Once you prove that you're capable of running your bank account responsibly you will get access to better accounts with overdraft facilities. 

3: Need Money Now? Cut Expenses 

If you're struggling to make ends meet you must balance your books. What I mean is your income must meet your expenses. living on borrowed money will eventually ruin your life. Who wants to spend the rest of their lives paying off debt for their reckless spending in the past? List all your income and expenses and then try and reduce your expenses as much as you can. 

You need to remove any excess spending or luxury items from your budget so you can save money. If you pay insurance you must find the best deal so you can save money. You also need to find the cheapest energy company and switch tariffs. If you have a high rent or mortgage you need to find a cheaper place or a better mortgage deal. With groceries you must learn how to cook in batches and buy items at the lowest possible prices. You should also minimize the amount of food you eat outside and concentrate of cooking healthy wholesome food. With all these switches you should be able to find a surplus in your budget. 

4: Got No Money? Ask Government for Help 

Once you've completed your budget and created a healthy surplus you can look for Federal and State Benefits to help top up your income. If you have a low income near the Federal Poverty Level you can apply for benefits such as Food stamps, Rental Assistance, Energy Assistance and also Temporary Assistance for Needy Families. If you're a single mum or a vulnerable individual with disabilities you should be eligible for more. What you must do is go to the USA.Gov website to check what welfare benefits you are entitled to and then apply for them. 

When you do get more money for your finances you must not increase your expenses. The excess money must go towards to paying off debt, developing an emergency fund or saving for the future. If you can do this you your future will be much more rosier. 

5: Need More Money? Get a Second Job 

If you need more money you must either ask your boss for a rise and/or get a second job. Become an indispensable part of the business you work for and put in the hours and make a difference. Once you've proven yourself you can ask for a rise or find another job which pays better. 

You can also look for a weekend job or work night shifts to get more money coming in. What you need to realize is the more you earn now the better your future becomes so long as you can save the money. By working hard for a few years you can and will rise out of poverty and then lay the foundation for a better future. 

6: Need More Money? Start a Business 

One of the best ways to solve all your problems that is bad credit, no bank account and no money is to start a successful business out of something you are passionate about. Reflect on your passions and then find a way to monetize this. You can start a blog on a subject you are passionate about and then monetize it using sites like Google, Yahoo and Amazon. 

You can even sell products and services on your websites or even try your hand at selling stuff on Amazon and eBay. Whatever you decide to do you must remain patient because it takes time to make a business successful. Once your business takes off you must put all your profits into the business, paying off debt, bulking up your emergency fund or saving for the future. 

7: Make Money Giving Blood & Plasma 

One way I was able to dig myself out of poverty was by making money on the side and saving the money. I used to give blood/plasma to needy people and I was compensated by blood banks. Depending on the type of blood you have you could get anything between $30 to $100. If your blood is in short supply and rare you could make even more. 

You could even take part in Government approved trials which pay anything between $500 and $10,000 depending on how long you take part for, If you can give blood/plasma and take part in clinical trials for a few years you can easily dig yourself out of poverty. As always the money must be used effectively either to bulk up your emergency fund or to invest in assets that pay income. 

8: Earn More Money Through Education and Training 

Investing in education and training can help to improve your future prospects. Suppose you're in a repetitive job which pays $10 an hour, by educating and training yourself in an area you are passionate about could raise your hourly rate to $30 and hour. 

By picking courses and mini education packages which are cost effective but look impressive on a result could make a real difference to your pay packet. To get started find out what employers really want and then add these to your resume by taking education and training courses. Millionaires, billionaires and celebrities all have Charitable Foundations that may support scholarship opportunities so its an excellent place to start your search.  

9: Think Rental to Make Money 

If you want to accelerate your journey from poverty to prosperity you should think about renting assets. You should think about renting out your home, car space, rooms for storage and even your garden. An extreme example would be living in a tent and renting out your home, car, garden and even your loft space for rent. By doing this for a few years you would have enough to pay off debt, establish a hefty emergency fund and even invest for the future. 

10: Be Happy With What You Have 

Sometimes people are so desperate to get out of poverty they forget all the things they should be thankful for. By chasing prosperity you could miss out on having a happy life. Always aim to get out of poverty but always be happy with what little you have otherwise you'll end up being miserable. 

Bad Credit No Bank Account Need Money NOW 

There is always a way out of poverty. You must take steps to fix your credit file and open a bank account with the steps given above. To start a sound financial plan you must create a budget surplus and then look for ways to cut costs and increase income. When you start seeing money coming in you must be careful not to indulge in lifestyle inflation otherwise all the effort will be for nothing. Always pay off debt, establish a beefy emergency fund and invest in assets that pay income for the future. I really hope this post helps Joe and people like him and if you have any questions please do not hesitate to contact me. Good Luck.

If you want to repair your credit check out this great thread I found on The Find Some Money Forum - 100 Ways to Repair Credit Quickly in 2017.

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