Explore Your Check-Cashing Options | SunTrust Resource Center

Getting Organized

Explore Your Check-Cashing Options

Explore Your Check-Cashing Options
 

In today’s world of direct depositcorner banks and ATMscheck-scanning apps and prepaid cards, you have a lot of options. Here’s what you need to know about each.

Direct deposit

Many employers will deposit your paycheck directly into your account, so long as you provide account and routing numbers for your bank. Among deposit methods, this is one of the safest and most convenient.

“You should establish direct deposit if it is an option,” says Eleanor Blayney, CFP®, consumer advocate for the CFP® Board in Washington, D.C. “It gets your money right into your account with no separate trip to the bank.”

Choosing direct deposit also eliminates the chance that the check will get lost or stolen, makes it easy to track your deposits electronically, and usually means you will have access to those funds a day or two sooner, she says.

Visiting a local branch

Before the age of the Internet, going to a bank was the only way you could deposit a check or withdraw funds, and it is still an easy and quick option.

When making deposits at a local branch, Blayney recommends separating deposits and withdrawals into two transactions for easier financial tracking. “If you deposit $260, and take $100 cash back, the transaction may show up as simply a $160 deposit,” she says. “That makes it difficult to track exactly how much money you’ve made or spent.”

ATMs

ATMs are everywhere and offer a convenient option for depositing checks and getting cash, but you want to be thoughtful about these transactions. When depositing a check via an ATM, HowStuffWorks recommends recording the transaction in your checkbook and keeping the receipt of your ATM deposit to verify against your monthly statements. It’s also a good idea to choose ATMs that are linked to your bank to reduce or eliminate transaction fees.

Remote deposit

Many banks now offer a remote deposit option, which allows you to scan a check using a scanner or mobile app and send the digital image to the bank as a deposit. This can be a great convenience, but there are often dollar limits on these transactions and they may have associated fees.

Prepaid cards

Prepaid credit cards can be obtained directly from a bank, as well as a variety of retailers. They require no credit check or minimum deposit, and they can be reloaded any time.

“It is a convenient way to carry and access your money,” Blayney says. But she notes that there are benefits associated with using a traditional bank account, as well. “It’s a good idea to have a bank account so you can keep tabs on your financial history,” she adds. “If you funnel all of your money through one account, you’ll know exactly where your money is coming from, and where it’s going.”

However you choose to deposit your checks, convenience and security are key. Taking the steps to find a reliable way to deposit and manage your money will put you on track to make smart financial habits part of your routine.

This content does not constitute legal, tax, accounting, financial or investment advice. You are encouraged to consult with competent legal, tax, accounting, financial or investment professionals based on your specific circumstances. We do not make any warranties as to accuracy or completeness of this information, do not endorse any third-party companies, products, or services described here, and take no liability for your use of this information.

Related

Investment and Insurance Products:

Are Not FDIC or any other Government Agency Insured   Are Not Bank Guaranteed  May Lose Value 

© 2018 SunTrust Banks, Inc

equal housing logoSunTrust Bank is an Equal Housing Lender. Member FDIC

equal housing logoEqual Housing Lender. SunTrust Mortgage, Inc

SunTrust, SunTrust Mortgage, SunTrust PortfolioView, SunTrust Robinson Humphrey, SunTrust Premier Program, AMC Pinnacle, AMC Premier, Access 3, Signature Advantage Brokerage, Custom Choice Loan and SunTrust SummitView are federally registered service marks of SunTrust Banks, Inc. All other trademarks are the property of their respective owners.

Services provided by the following affiliates of SunTrust Banks, Inc.: Banking products and services are provided by SunTrust Bank, Member FDIC. Trust and investment management services are provided by SunTrust Bank, SunTrust Delaware Trust Company and SunTrust Banks Trust Company (Cayman) Limited. Securities, brokerage accounts and insurance (including annuities) are offered by SunTrust Investment Services, Inc., a SEC registered broker-dealer, member FINRA, SIPC, and a licensed insurance agency. Investment advisory services are offered by SunTrust Advisory Services, Inc., a SEC registered adviser. GFO Advisory Services, LLC is a SEC registered investment adviser that provides investment advisory services to a group of private investment funds and other non-investment advisory services to affiliates. Mortgage products and services are provided by SunTrust Mortgage, Inc.

SunTrust Mortgage, Inc. - NMLS #2915, 901 Semmes Avenue, Richmond, VA 23224, 1-800-634-7928. CA: licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act, IL: Illinois Residential Mortgage Licensee #MB-989, Department of Financial and Professional Regulation, 100 W. Randolph, Suite 900, Chicago, IL 60601, 1-888-473-4858, MA: Mortgage Lender license #-ML-2915, NJ: Mortgage Banker License - New Jersey Department of Banking and Insurance, NY: Licensed Mortgage Banker—NYS Department of Financial Services, and RI: Rhode Island Licensed Lender.

"SunTrust Advisors" may be officers and/or associated persons of the following affiliates of SunTrust Banks, Inc.: SunTrust Bank, our commercial bank, which provides banking, trust and asset management services; SunTrust Investment Services, Inc., a registered broker-dealer, which is a member of FINRA and SIPC, and a licensed insurance agency, and which provides securities, annuities and life insurance products; SunTrust Advisory Services, Inc., a SEC registered investment adviser which provides Investment Advisory services.

SunTrust Private Wealth Management, International Wealth Management, Business Owner Specialty Group, Sports and Entertainment Group, and Legal and Medical Specialty Groups and GenSpring are marketing names used by SunTrust Bank, SunTrust Banks Trust Company (Cayman) Limited, SunTrust Delaware Trust Company, SunTrust Investment Services, Inc., and SunTrust Advisory Services, Inc.

SunTrust Bank and its affiliates do not accept fiduciary responsibility for all banking and investment account types offered. Please consult with your SunTrust representative to determine whether SunTrust and its affiliates have agreed to accept fiduciary responsibility for your account(s) and if you have completed the documentation necessary to establish a fiduciary relationship with SunTrust Bank or an affiliate. Additional information regarding account types and important disclosures may be found at www.suntrust.com/investmentinfo.

SunTrust Robinson Humphrey is the trade name for the corporate and investment banking services of SunTrust Banks, Inc. and its subsidiaries, including SunTrust Robinson Humphrey, Inc., member FINRA and SIPC.