Cash your settlement check at your bank or credit union since it’s likely you won’t have to pay any fees to do so. If you don’t have an account with a bank or credit union, you can cash your settlement check at a grocery or convenience store or through a check-cashing service. With these options, you may have to pay check-cashing fees.
If you’re worried about when you’ll get a personal injury settlement check, consider your options as you move forward with your litigation. For example, personal injury pre-settlement funding is available. This funding allows you to borrow against your projected settlement amount, giving you money to use for the duration of your litigation.
Where Can I Cash My Settlement Check in the United States?
You can cash the settlement check you receive in your personal injury case at your bank or credit union. This is typically the most cost-effective and fastest way to get your money. Your bank or credit union probably won’t charge you anything to cash your check. Plus, it may provide you with your money right away.
Cashing a check at a bank or credit union may allow you to receive your money the same day. However, if your settlement check totals tens or hundreds of thousands of dollars, your bank or credit union could place a temporary hold on your funds. If you obtained pre-settlement funds during your litigation, you may still have money to use until your check clears.
Alternatively, you can cash your settlement check at a grocery or convenience store or via a check-cashing service. Research the check-cashing options in your area before you proceed with any of them. That way, you can find an option that allows you to cash the check from your settlement without having to pay significant fees or wait a long time to receive your money.
Schedule your free consultation today 855-386-3968
How Do I Cash My Settlement Check?
Start the process of cashing your settlement check by first signing the back of it. Then, gather at least two forms of government-issued photo ID, such as your driver’s license, passport, or green card. Make sure the IDs you bring to cash your check aren’t expired. If you’re depositing your check, you’ll need your bank or credit union account number and routing number.
Review the terms and conditions of the party that will cash your check. For instance, at your bank or credit union, you may be subject to a hold that will require you to wait one or more days before you receive your settlement funds. Additionally, a grocery store, convenience store, or check-cashing service can charge fees for cashing your check.
Process your transaction, and you will get the funds from your settlement. If you previously received car accident pre-settlement funding or another type of non-recourse cash advance, your lawyer has paid back what you owe. Thus, you can keep the amount of your settlement check without having to stress over having to pay back your lawsuit funding company.
Factors to Account for as You Decide Where to Cash Your Settlement Check
Where you choose to cash your settlement check can dictate how soon you’ll get your money and the total you’ll receive. Below are factors to weigh as you determine where to cash your settlement check.
Endorsing Your Check
Regardless of where you cash your settlement check, you have to sign it to authorize your bank, credit union, or another party to complete your transaction. If your attorney’s name is on your check, they will also have to endorse it before you can cash it.
Fees
Grocery stores, convenience stores, and check-cashing services commonly charge fees for cashing checks. In many instances, these fees are a percentage of a settlement check’s value. They can vary based on the amount of your settlement check and other factors.
Limits
Banks and credit unions often restrict how much money they’ll make available on the day they cash checks. If you cash a large settlement check, your bank or credit union may make you wait a few days before all of your money is accessible. On the other hand, grocery and convenience stores and check-cashing services can place limits on the amounts of checks they’ll cash.
If you’ve tracked your settlement check and want to maximize its value, make an informed decision on the party you’ll let cash it. Take a look at different check-cashing options, the costs associated with them, and how long it’ll take them to fulfill your request. Next, you can decide on a check-cashing option that matches your expectations.
Click to contact us today
Think Carefully About Where You Want to Cash Your Settlement Check
You and your lawyer worked hard to secure your settlement check. Now, you have to figure out where to cash this check. Evaluate all of the check-cashing options at your disposal. When you do, you can select one that ensures you receive your money quickly and without incurring steep fees.
At Pegasus Legal Capital, we’re proud to be your trusted legal funding partner. If you’re in the middle of a personal injury case and waiting for a settlement check, we’re here to help. We provide non-recourse lawsuit cash advances between $500 and $6 million. Contact us to learn about our pre-settlement funding.
Your pre-settlement funding consultation is free — contact us today!