Explore the many places you can cash an insurance claim or settlement check near you. It is important that you understand the process to go about this first before visiting the nearest check cashing agent. First, let’s briefly explain what an insurance settlement check is.
- What is an Insurance Settlement Check?
- How to Cash an Insurance Check – Large & with Lienholder?
- Where to Cash Insurance Checks – 5 Places
- FAQs on Cashing a Settlement Check
What is an Insurance Settlement Check?
An insurance settlement or claim check is the check paid to the beneficiary after successfully qualifying for compensation. Checks are transactional methods that come in handy when corporate deal with individual or other corporate.
For example, if your car insurance company agrees to refund you cash for the damage on your car, they may write you a check. Now, how are these checks cashed?
How to Cash an Insurance Check – Large & with Lienholder?
At the onset, you should note that the process followed when cashing a check will depend on the policies or terms of the organizations involved. As stated earlier briefly, there is a need to have a clear understanding of the process that is to be followed.
The steps to follow when cashing an insurance settlement check are:
#1 Contact the Bank or Mortgage Company
It is essential to contact the companies you are dealing with so that they outline and clarify the conditions for cashing the check. Through such correspondence, the bank or mortgage company will be informed of the status of the check (settled) and the rightful payees
#2 Check endorsement
It is vital that you endorse the check. The company should also endorse the check. In addition to these, any other beneficiary listed must also endorse the check. Such beneficiaries include life or business partners.
After the endorsement on your part, the check should then be forwarded to the relevant financial institution for approval on their end
#3 Depositing Insurance claims check
After endorsement, you should then deposit the check with the financial institution involved (i.e. bank or mortgage company)
#4 Wait for Check Clearance
If you have finished the above steps, then all you need to do is wait for the banks to do their thing. Once the check has been cleared, and as the case may be, you can cash the check. Or in cases involving repairs (e.g., houses or cars), you can give it to the contractors.
Where to Cash Insurance Checks – 5 Places
Now let’s discuss where one can cash insurance settlement checks, with lienholder, without a bank account, or cheaply.
Just like most other checks, insurance checks can be cashed in many places. This list is a summary of the many places one can achieve this objective.
#1 Walmart Insurance Check Cashing
Walmart stores provide one of the best places one can cash their insurance claim checks. The stores are so prevalent in the US such that over 92% of the US population lives within 20 minutes range from the stores.
The cashing fees here are clearly outlined as $8 for any amount higher than $1000. However, one should note that the daily limit at Walmart is $5000
WellKeptWallet notes that if you wish to cash the checks your check for Walmart MoneyCard, you can still do it any of the man Walmart’s stores.
#2 Local grocery stores
In most cases, grocery stores are unreliable check cashing spots. As such, one should make an effort to confirm with the relevant stores. Also, some stores may discriminate clients based on whether or not the checks are typed or handwritten.
7-eleven gas stations are the most reliable gas stations that cash insurance checks. The only trick involved here is that one must download the app called Transact by 7-Eleven.
The money is then deposited on the Debit MasterCard which you can use to withdraw the cash from any ATM supporting the same.
#4 Using Apps
If you want to cash an insurance check without a bank account, I would recommend using apps such as PayPal and Ingo Money.
In NetSpend, the balance is loaded onto a prepaid debit card that one can withdraw through an ATM near you.
It should be noted that NetSpend supports online check-cashing
FAQs on Cashing a Settlement Check
Here are the commonly asked questions on the cashing an insurance claim/settlement check that you need to know about. You can also and a question in the comments section and we would get back with a well-researched updated reply.
Does Walmart cash settlement checks?
Yes, Walmart accepts insurance settlement checks subject to the existing policies and conditions.
How can I cash a settlement check without a bank account?
Well, as highlighted here above, people who don’t have a bank account can cash checks using apps such as Paypal and Ingo Money
READ MORE: How to cash a check at the Bank of America