Do check cashing places cash Yahoo! Checks? Or would i have to deposit the check in my bank account and wait for it to clear?
why wouldn't you just deposit it... don't cash checking places charge a percentage of the check? just deposit it...
Of course they do but sometimes it is better than waiting. Usually its like 2% i think? But my question isnt how much they charge to do it or even the cost of cashing it at all.. but i am asking if most check cashing places actually do cash Yahoo! Checks.
Yes, you can get the Yahoo checks cashed at those places. If your hold time is a problem, try talking to the teller about verifying funds on the check and clearing it immediately. Otherwise, take it to the issuing bank and cash it there. (I haven't received one yet, but I imagine it's gotta be a big national bank). I remember back in college those check cashing places would charge like $15 on a $100 check and they would just go through every step the bank would if I would have just pushed for it - calling to verify funds, sixteen forms of ID, thumbprint, sign a contract, take a lie detector test... and after all that they just bend you over and take a huge percentage all because you couldn't or didn't want to wait. I talked with my bank about 5 years ago and got a note put on my account to not put checks on hold. It was that simple. Only once since then did anyone try to put a check on hold and that was because I was opening up a couple of new accounts for the kids when I made my deposit. I refused to let him put the check on hold - I didn't want a new precidence to get set - so the guy talked to a few managers and eventually they just didn't put it on hold. I have a solid deposit history though - with only one bounced deposit in the last who knows how many years, and I never ever bounce or kite checks.
Who was your bank? I have wachovia and I want o have my bank not put a hold on my next check cause I need the money to pay bills.
i appreciate your long detailed response, but i noticed you said that you have never recieved one from Yahoo! so in conclusion you really wouldnt know. Is there anyone who is "positive" that this can be done?
If they'll cash out of state checks from great aunt edna's three day old bank account, I'm pretty sure they'll cash a check from Yahoo.
All banks have policies on placing holds on checks - but that is their policy and there are several factors that are taken into consideration, such as: Who is the check from? Where is the bank located (yahoo's check is from Citibank Delaware) How much is the check for? How does the check amount compare to your normal acount history? How long have you been a bank customer? Any branch manager can remove a hold - it really comes down to your relationship with the bank. Even though Yahoo is certainly good for the check, there is always a possiblity of fraud, or that Yahoo has placed a stop payment on the check after it was issued, which subjects the bank to losing money if they pay on it before they have received the funds. If you have relative little history with your bank, a hold is fairly common - the length depends on where you live vs. where the check is drawn. I've been with the same bank for many years and have never had a problem. Fairly recent changes have made the time period for a hold much shorter. There is no standard answer, you just have to go to the bank and see what they are going to do. They will tell you at that time if there is going to be a hold placed on any of the deposited funds and how long it will be.
I've only had one check put on hold in my whole life, and that was only because it was a big check, about $7,500 from Amazon.