Have you received an income tax check you’d like to cash quickly? It may be tempting to turn to Walmart for its convenience and low fees, but does Walmart cash income tax checks? This comprehensive guide will explore the answer to this question in detail, so you can make the most informed decision regarding cashing your check. We’ll look at the different types of checks Walmart cashes, the fees associated with cashing a check at Walmart, and the special considerations you should consider when deciding whether to cash your income tax check at Walmart. With this information, you’ll be able to make an informed decision about where to cash your income tax check and ensure that you get the best deal.
How Does Walmart Cash Income Tax Checks?
Walmart is one of several retailers that offer instant tax refund services. When you file your taxes, you can have your refund deposited directly into your Walmart account, allowing you to shop with the funds immediately. You’ll need to provide your Social Security number, bank routing number, and account number to participate in this program.
Types Of Checks Walmart Cashes
1. Government Checks
Government checks from the IRS and other government agencies are usually the easiest to cash. These checks are issued by the government, so there’s no risk of counterfeiting. This means that you can typically cash these types of checks at Walmart without verifying your identity first. However, it’s important to note that some government agencies may require you to verify your identity before cashing their check. For example, if you attempt to cash a check from the Social Security Administration at Walmart, you may be required to show identification before cashing your check. So if you want to be sure that you won’t need to verify your identity before cashing a check at Walmart, it’s best to confirm with the issuing agency first.
2. Paychecks
Paychecks issued by employers are another easy income tax check you can cash at Walmart without verifying your identity. In some cases, however, employers may require that employees provide a photo ID before cashing a paycheck. In this case, you may need to verify your identity before cashing your check at Walmart.
3. Tax Refund Checks
Tax refund checks are easy to cash at Walmart since they’re issued by the IRS, and there’s no risk of counterfeiting. However, in some cases, tax refund checks may come with a “for tax purposes only” endorsement. This means that you can only cash the check if you plan to use the money for taxes or other government-related expenses. In this case, you may need to verify your identity before cashing your check at Walmart. So it’s essential to ensure your check doesn’t have this endorsement before heading to Walmart.
4. Bonus Checks
Bonus checks are easy to cash at Walmart without verifying your identity first unless they come with a “for tax purposes only” endorsement, as noted above. It’s important to note that bonus checks typically have a limited time frame in which you can cash them (e.g., within 60 days of receipt). If you don’t cash the check within this time frame, it may be returned to the issuer, and you’ll no longer be able to cash it at Walmart.
5. Personal Checks
Personal checks are usually easy to cash at Walmart without verifying your identity first, as long as they don’t have a “for tax purposes only” endorsement. Personal checks can take a while to clear, so you may consider using another payment method if you need your money immediately after cashing your check.
Fees Associated With Cashing A Check At Walmart
1. Cashing Fee
As with most places that cash checks, Walmart charges a fee for cashing your check. This fee can range from $2 to $5 or more, depending on the type of check you’re cashing and the amount. For example, if you’re cashing a personal check worth $1,000, you can expect to pay a fee of between $2 and $5. However, if you’re cashing a payroll check worth the same amount, you can expect to pay between $3 and $4.50 in fees. Additionally, if you’re cashing an IRS tax check (see below for more details), this transaction has no fee.
2. Nsf Charge
If your account doesn’t have enough funds to cover your income tax check, Walmart will charge an NSF (non-sufficient funds) charge on top of the other fees associated with cashing your income tax check. The NSF charge can be up to $35, and you’ll have to pay this charge before you can take your money.
3. Check-Cashing Fee Cap
The Consumer Financial Protection Bureau (CFPB) has capped the amount Walmart can charge for cashing an income tax check at $25. This means that no matter how much your income tax check is worth, Walmart won’t charge you more than $25 in fees to cash it. This cap also applies to payroll checks; however, for personal checks, the cap is $30.
4. Special Considerations When Cashing Income Tax Checks At Walmart
When cashing an income tax check at Walmart, you should consider a few special considerations. First of all, Walmart is not a tax preparer. If your income tax check is made out to the IRS, you’ll need to take it to a tax preparer or the IRS office to receive your money. Secondly, if your income tax check is for $1,000 or more and you’re cashing it at Walmart, you may want to consider opening a bank account at Walmart instead of going through this lengthy process.
Special Considerations When Cashing An Income Tax Check
1. Walmart Cash Income Tax Checks
Do Walmart cash income tax checks? Can I go to my local Walmart and cash my check there? Unfortunately, no. According to the Walmart website, the company does not accept or cash any checks. This includes all government and personal checks, as well as payroll checks. As a result, you cannot go to your local Walmart to cash your income tax check.
2. Walmart Money card Cash Checks
However, if you need a convenient way to get your money quickly, you can use your government check at Walmart’s MoneyCard service. The MoneyCard is a prepaid card that customers use in conjunction with their existing checking account through the Walmart MoneyCenter. You don’t need a bank account to use this service; instead, you can deposit up to $1,000 per day using government and payroll checks (up to $3,000 per month) and money orders and prepaid cards from other companies like Green Dot.
3. Walmart’s Tax Check Cashing Fee
The company charges a fee of $5 to cash the government check, and it also assesses a fee of $2 to cash payroll or personal checks. This means you’ll need to make an additional payment of $7 for each government check you want to cash and another payment of $4 for each person or payroll check you want to cash. The company also charges regular fees for mailing your check from your bank, which means that cashing your income tax check at Walmart will cost you more than depositing your income tax refund directly into your checking account.
4. How Does The Moneycard Service Work?
The MoneyCard service is available in all states where Walmart operates stores, including Alaska, Arizona, Arkansas, California, Colorado, Idaho, Maryland (except Baltimore city), Missouri (except St. Louis city), Montana (except Billings area), Nebraska, Nevada, New Mexico, North Carolina (except Asheville city), Ohio (except Columbus city), Oklahoma, Pennsylvania, South Dakota, Tennessee (except Memphis area), Utah and Virginia (except Richmond city).
5. How To Open A Moneycard Account
You can open an account at Walmart MoneyCenter by visiting your local store or calling their customer service center. The representatives will ask you for the following information: your name as it appears on your government check, the amount of your income tax refund, and the date of your check. They’ll also ask you if you want to use the money in your account to make purchases at Walmart stores or other places where Walmart has a presence. Finally, they’ll need to see proof of identification before opening a new account for you.
Tips For Cashing An Income Tax Check
- The best place to cash your income tax check is at an IRS office.
- The only time you should cash a check at Walmart is if you have a specific issue with the way your check was processed by the IRS or you’re overpaying your tax bill and want to make a partial payment.
- There are fees associated with cashing checks at Walmart, so be sure to compare the fees for cashing your income tax check at Walmart against those of other locations before making a decision about how to handle your tax situation.
- If you’re overpaying your tax bill and want to make a partial payment, you should always see an IRS office to cash the check. You’ll pay less in fees at the IRS than at any other location.
Conclusion
When you receive an income tax check, you’ll have three main options for cashing the check: visiting a financial institution, cashing the check at Walmart, or cashing the check at a state or county treasurer’s office that issued the check. Cashing the check at a financial institution is the most straightforward option, but you’ll likely have to pay a fee. Cashing the check at Walmart will likely cost less in fees, but you’ll have to go to a location that isn’t as convenient.
