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4 Banks That Accept Third-Party Checks
Jul
Have you ever got a third-party check but don’t know where to money it?
Nearly all of banks within the US make it difficult so that you can money a third-party check. Nonetheless, a couple of options assist you to money out your third-party checks.
Fortunately, we’ve listed the banks that accept third-party checks. This text also includes essential information to know beforehand when withdrawing a third-party check. So, with none further ado, let’s get going!
Extra reading: 5 Ways to Money a Check Without ID
First Things First: Understanding Third-Party Checks
Before we explore the choices for cashing these checks, it’s essential to know what a “Third-Party Check” means.
Unlike the usual Two-party check, a third-party check affirms payment to an extra payee. To make this transaction, the payer must pen down their credentials on a check and hand it over to the payee.
Insurance claims are example of third-party checks. For example, your insurance company sends you a check for auto repairs. Now, for those who money this check directly and utilize the funds to pay for repairs, it becomes the usual two-party check.
Nonetheless, for those who sign and hand the check to the mechanic to pay for his services, the check becomes a third-party check.
Cashing a Third-Party Check: Requirements
Most banks refrain from cashing third-party checks considering the fraud risk involved. To mitigate theft and fraud, the institutions offering to simply accept third-party checks have some requirements in place:
Endorsement
Any institute accepting a third-party check would require a this-party check to be authentically endorsed, requiring each parties’ credentials. When endorsing a check, the perfect practice is to do it in front of a teller or an associate.
Using a mobile banking app or an ATM will likely end in a rejection of your request. Ensure to seek the advice of together with your Bank about properly endorsing the check to stop the rejection of your application.
Identification
Identification is one other must requirement for checking your third-party checks. While government-issued photo ID works usually, the identification requirements may vary depending in your Bank.
Alternatively, some banks might ask you to confirm the checks in person. To extend your probabilities of successfully cashing a third-party check, your best bet is to take it to the institute that originally issued it.
CitiBank
With greater than 600 branches and 2300 ATMs spread across the US, CitiBank is a distinguished bank. CitiBank also holds some 60K surcharge-free ATMs under its network, allowing its customers to access their financials anywhere within the country.
Being one in every of the distinguished banks within the country, CitiBank accepts various varieties of checks. Whether it’s a government check, an insurance claim, or a cashier’s check, CitiBank accepts all of them.
Nonetheless, when discussing accepting third-party checks, CitiBank has imposed some requirements on the method. The primary clause limits the non-customer money holders only to attract checks issued by CitiBank.
One other requirement for withdrawing a check from CitiBank is that it only allows the account holders to money checks available as much as the checking account balance. CitiBank may even require the payee to ensure the endorsement of the check.
Cashing a third-party check as a customer at CitiBank waives any fee. The limit can also be far more extensive than the $5K limit for the non-account holders of the Bank.
SEE: How To Money or Deposit Canadian Checks In US Banks
PNC
The PNC bank is renowned for its outstanding digital banking tools and competitive rates of interest in some US states.
While PNC Bank lets you money third-party checks at their premises, in addition they have some requirements to negate the dominant fraud and theft crimes. The Bank asks for a legitimate Photo ID for each parties to money the third-party check.
PNC Bank also doesn’t charge any fee for its account holders. Nonetheless, for non-account holders, the Bank has a various fee structure. While there is no such thing as a fee for a check value lower than $25, PNC Bank charges you 2% or $2 of the whole amount.
If the two% of your amount exceeds $2, the Bank will charge you that quantity as its fee. Nonetheless, when you fulfill the necessities, PNC Bank has a seamless process, making money the checks conveniently.
US Bank
With its convenient policies and low fees, US Bank is one other ideal option for cashing your third-party checks.
The bank policies allow the shoppers to money and deposit their third-party checks personally at any branch of the Bank. Nonetheless, as a non-customer, US Bank only lets you withdraw third-party checks issues by itself.
Non-customers must also pay a $7 fee when cashing their third-party checks. This fee markup also applies to other checks, including money, personal, or other similar checks. So, in case your check is considerable, the $7 fee seems like a minor nuisance.
Bank of America
Often known as one in every of the world’s leading financial institutions, the Bank of America also stacks up to permit US residents to money their third-party checks readily.
Nevertheless, the necessities and policies for cashing third-party checks are considerably strict on the Bank of America. The staff handles the Cashing and Depositing of third-party checks on a case-by-case basis.
The approval of cashing your third-party check is subject to the discretion of the manager of your chosen branch. Moreover, Bank of America requires each parties to be present when depositing a third-party check.
Bank of America is an incredible alternative for those who hold an account here. Nonetheless, the Bank of America only lets you money third-party checks at certain branches. So, before you head to the closest branch together with your third-party check, ensure to call ahead and make sure the supply of this service.
While no fees are related to cashing a third-party check for bank customers, the Bank extends no niceties to the non-customers. As a non-customer cashing a third-party check, Bank of America will charge $8 in case your check is value greater than $50.
Final Words
Many banks within the country assist you to money a third-party check. Nonetheless, the fees and requirements of many banks could make your head spin. The banks mentioned above are the perfect banks for cashing a third-party check.
Not only do these banks have minimal requirements, however the fee markup can also be very less, allowing you to money the check conveniently.
Nonetheless, the highest suggestion for cashing a third-party check is to utilize a bank where you hold an account. By utilizing your individual bank, you’ll be able to avoid any accompanying fees and simplify your complete process.
We hope we’ve covered the necessities and knowledge to make it easier to comprehend every potent detail about third-party checks and find the fitting Bank.
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