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Check Cashing in Miami, FL (Near You) Online or in Store
Loans for any reason ($100 - $35,000):
If you have a check to cash in Miami, FL, you might think you need to go to the bank, but a lot of people do not actually have bank accounts and rely on other check cashing services.
If you are ‘unbanked' and are wondering how you can cash your checks, you can go to a dedicated check cashing store, loan store, or even some retail outlets that offer check cashing.
All you'll need is an ID that corresponds with the check, and you'll be given cash in hand once it's processed. Unlike banks, it doesn't take days to clear into your checking account, though you will be charged a small fee that is taken out of the cash.
Our helpful directory of check cashing locations in Miami, Florida will help you find your nearest option, which could be close to your home or place of work if cashing a paycheck.
Alternatively, there are now some apps that work in conjunction with a prepaid debit card that allows you to enter your check information and have the funds deposited to the card.
This can then be used at an ATM to get cash or used in stores. While this is similar to banking, you do not actually require a bank account.
This page takes a closer look at check-cashing in Miami, FL, the state's regulations, and how much it might cost you.
Related services in Miami, Florida:
The need for check cashing solutions in Miami, Fl
While many people view checks as old-fashioned since the rise of bank transfers and online banking, some employers still issue checks, and this is often the only way unbanked employees receive their wages. Paying these workers in cash requires extra accounting.
People don't have bank accounts for several reasons. They might be homeless or without a fixed address, not a legal US citizen, spend all their income and therefore don't have a minimum balance to open an account, are hiding from debts, or simply do not trust the banking system.
Florida is one of the most unbanked states, so many businesses exist to help these people cash their payroll and other checks.
If you are unbanked or simply need the money from a check quickly, then you can use our directory to find a check cashing service near you in Miami.
Unlike applying for loans and other financial services, cashing a check does not require a credit check and your credit score has no bearing on if you are allowed to cash the check. The primary reason you might be turned away is if you don’t have an ID or the check itself is not valid.
Loans for any reason ($100 - $35,000):
How does check cashing work in Miami, Fl?
Cashing a check at a loan store or other outlet is very easy in Miami. All you need to do is sign the check, show some corresponding ID, and agree to the fee.
The cashier will then do some simple verifications and give you the amount in cash, minus the fee. Some will even accept checks without ID for a higher fee, but this is not guaranteed.
If you've successfully cashed a check you can often apply for membership and receive an ID card from the store to make the process quicker in the future.
To protect the unbanked, Florida has some legal limits on how much you can be charged for check cashing.
Check Cashing Regulations in Miami, FL
Chapter 560.1401 or the Florida Statutes regulates check cashing businesses in Miami, Florida. This requires all check cashing services to openly display their forms of accepted ID and a list of fees that may be charged, so the consumer knows what they are getting in to.
If you are cashing a payroll check, you cannot be charged more than $5 or 5% of the amount being cashed, depending on which is highest. This jumps to 6% if you do not have a valid ID, though they are not required to cash the check in this scenario.
Welfare checks are also protected with a fee of no higher than 3% of the amount being cashed (or 4% without ID) or $5 (whichever is highest).
All other checks are limited to a fee of 10%. So, a $500 check will not cost more than $50 and can be as low as $20 for government-issued welfare or social security.
Some large chains like Kmart may offer even lower fees, so it's worth shopping around for the best deal if you have multiple locations near you.
Although banks do not charge for cashing checks, they can take days to clear and because they charge for other services, you may not be any better off.
Check cashing alternatives in Miami (Florida)
If you live in Miami and are unbanked you can also open an account with a credit union, which will often offer lower fees and eligibility requirements for financial services than banks.
They are designed by its members to help the community in which they reside, though they can also be exclusive to clubs, employers, or societies, not just the community itself.
Credit Unions are also non-profit, but you are not guaranteed that there will be one in your area, so a check-cashing store may be the best option.
You could also get a prepaid debit card which you can fund via check if you use an app. This is much like a mini-bank account.
Some check cashing stores may also be able to deposit your check onto a prepaid card directly, which is more likely if it is a payroll or welfare check.
Miami check cashing directory
Before including a check cashing location in our directory, we ensure they are licensed to provide such a service in Miami, FL, and that they have good feedback from customers.
Many locations will offer a range of financial services, no just the cashing of checks. This might include payday loans and installment loans, pawning, product rentals, and more. Some are also part of larger retail chains.