How Much Does Ace Check Cashing Charge to Cash a Check?

Last Updated on March 15, 2024
Written by CPA Alec Pow | Content Reviewed by CFA Alexander Popinker

Ace Check Cashing is a popular financial services provider that offers convenient check cashing services. But how much does Ace actually charge to turn your checks into instant cash?

This guide will break down Ace’s typical fees so you can make an informed decision next time you need to cash a check.

How Much Does Ace Check Cashing Charge to Cash a Check?

The fees to cash checks at Ace can range from 1-5% of the check amount depending on the type of check:

• Payroll checks: 1% of the check amount with a $3 minimum fee
• Government checks: 1% of the check amount with a $3 minimum fee
• Insurance settlement checks: 5% of the check amount
• Personal checks: Flat fee starting at $3

So for example, cashing a $1,000 payroll check would incur a $10 fee (1% of $1,000). While cashing a $75 personal check would just be $3.

Additional fees may apply in some cases:

• Returned check fee: $10-$20 if the check bounces
• Check cashing membership: $9.99 per month for discounted fees

There is also often a maximum check amount that Ace will cash, usually $5,000 for payroll/government checks and $1,000 for personal checks.

According to the official website, ACE Cash Express charges a flat fee for check cashing services, which varies depending on the type of check and the location of the store. The menu board at each ACE location provides check cashing fees for different types of checks.

Personal Finance Whizz writes that ACE Check Cashing charges a flat 3% fee for cashing checks.

Ace Check Cashing overview

Cashing checks through non-bank providers like Ace Check Cashing or check cashing stores can be an easy way to quickly access funds, especially if you don’t have a bank account.

The tradeoff is that you’ll pay more in fees compared to cashing a check at your own bank or credit union, where fees are usually lower or waived for account holders.

At Ace, fees vary based on the type and amount of the check. Ace cash checks like:

• Payroll checks – from your employer
• Government checks – tax refunds, social security, etc.
• Insurance settlement checks
• Personal checks – from individuals

Fees are typically a percentage of the check amount for payroll and government checks. Personal checks often have a flat fee. Identification and sometimes additional verification is required.

How to Cash a Check at Ace Check Cashing

Cashing a check at Ace involves a few quick steps:

• Bring valid ID – A state-issued ID like a driver’s license or ID card is required. Military IDs are also accepted.
• Provide original check – Ace will verify the check is authentic and matches your ID. Make sure the check is signed and endorsed.
• Pay service fee – The fee will be determined based on the type and amount of the check, as mentioned above. You can pay the fee in cash or from the check proceeds.
• Get cash – Once approved, you’ll immediately receive the check funds minus the fee in cash, check, or to a prepaid debit card.
• Sign receipt – You’ll need to sign confirming the transaction and fees. The process usually only takes a few minutes.

Comparing Ace’s Check Cashing Fees

Ace Check Cashing’s fees are comparable to other check cashing chains and stores. However, traditional banks will cash checks for less for their account holders.

Here’s how Ace compares to other check cashing options:

• Banks – Account holders can cash checks for free or under $10.
• Credit unions – May charge around 1-5% or a flat fee under $5 for non-members. Lower for members.
• Walmart – Flat fees from $3-$6 based on the check amount.
• Check cashing stores – Typically charge 1-5% of the check amount, similar to Ace Cash Express.
• Payday lenders – May charge up to 10% in fees to cash checks if taking out a payday loan.

So banks and credit unions tend to offer lower check cashing fees compared to non-bank providers. But Ace Check Cashing may be more convenient and accessible.

Pros and Cons of Cashing Checks at Ace

Here are some key benefits and drawbacks of using Ace Check Cashing:

Pros:

• Speed – Get immediate cash on the spot. No waiting for checks to clear.
• Convenience – Large network of store locations across the U.S. Open late and on weekends.
• Accessibility – Provides check cashing services to the unbanked and those without accounts.
• Check alternatives – Can get money orders or prepaid cards instead of cash.

Cons:

• Higher fees – The 1-5% fees are more expensive than cashing at a bank. Fees add up over time.
• Limits on amounts – Ace may decline very large checks over $5,000. Banks may cash larger amounts.
• Identification required – Must have a valid, original ID that matches checks.
• No direct deposit – Unlike a bank account, cannot deposit checks remotely.

So for quick cash access, Ace offers a convenient option. But bank accounts allow you to cash checks for free and with fewer restrictions.

Alternatives to Check Cashing Services

If you want to avoid check cashing fees, here are some options to look into:

• Banks and credit unions – Open a free checking or savings account to cash checks for free or lower fees. Also allows remote check deposit.
• Prepaid debit cards – Consider reloadable prepaid cards to deposit checks for free through the card provider.
• Direct deposit – Ask your employer for direct deposit of your paycheck into a bank account or prepaid card.
• Remote check deposit apps – Use mobile apps to deposit checks electronically into an account and avoid fees.
• Retail outlets – Some pharmacies and retailers cash certain checks for under $1. But limits often apply.
• Automatic teller machines (ATMs) – Deposit checks into your own bank account ATM instead of cashing for instant funds.

You might also like our articles about the cost of Paychex Payroll and the price of an ATM.

Final Words

Ace Check Cashing provides convenient check-cashing services. But the 1-5% fees can add up, making it an expensive long-term option compared to a bank account.

Be sure to understand the fee structure based on check type and amount. Weigh the benefits of instant cash access against the higher costs. And consider alternatives like bank accounts and direct deposit to cash checks for less.

Frequently Asked Questions

Can I cash a $5,000 check at Ace?

Most Ace Check Cashing locations will cash payroll and government checks up to $5,000. However, acceptable check amounts can vary. It’s best to call your local Ace store first to see if they will cash a $5,000 check.

You’ll need to provide a valid ID matching the check. Ace will charge a 1% service fee, so cashing a $5,000 check would incur a $50 fee.

How to cash a $25,000 check?

It is unlikely that Ace Check Cashing will cash a $25,000 personal or payroll check as this exceeds their maximum limits. Instead, your best options are:

• Deposit the check into your bank account if you have one. Most banks will cash checks for account holders regardless of size.
• Go to the bank or credit union that issued the check to cash it. Issuing banks will cash their own checks.
• Use a wire transfer service to transfer the funds electronically instead of cashing the physical check.
• Break the check down into smaller amounts if allowed and cash them individually at check cashing services.

How to cash a check over $5,000?

To cash a check over $5,000, the most cost-effective options are to open a bank account or use the bank that issued the check. This avoids third-party check cashing fees.

If using a check cashing service, check their maximum limits first. Ace Cash Express locations limit checks to $5,000. Ask if they make exceptions for larger amounts. Otherwise, consider using a wire transfer service or breaking the check into smaller increments if allowed.