Amscot is an American financial services company. This institution provides several financial services, as well as cashing checks of all types, regardless of the amount.
On the market, Amscot is known for its low fees. Even they have stated that a great part of their fees are way below the limits set by the state.
How Much Does Amscot Charge to Cash a Check?
At Amscot, the minimum charge will be $2.5 regardless of the check you are cashing. Of course, depending on the type of check and the amount, the fees to cash it will vary. Generally, on an average amount of money, the fees to cash a check at Amscot can reach $2.5 to as much as $17.2. Also, they may charge a certain percentage which can be from as little as 1% to 9.9% of the amount.
When it comes to payroll checks, in most cases, the percentage you are going to pay is about 2%. For example, for a $700 payroll check, the fee will be $13,65 and for a $300 payroll check, the fee will be $7.60.
|Type of Check||Rate||Details|
|Amscot Money Orders||1.5%||Used for secure payments|
|Cashiers||$0 to $5,000 — 3.9%; $5,000+ — 4.9%||Issued by a bank or credit union|
|Government Checks||$3-$10; 1.9 or 2.9%||Issued by a government agency|
|Insurance Checks||$0 to $5,000 — 3.9%; $5,000+ — 4.9%||Payouts from insurance claims|
|Money Order||9.9%||Prepaid, secure payment method|
|Payroll||$3-$14.95; 2.0% for checks higher than $1,000||Earnings from an employer|
|Personal Check||9.9%||Written by an individual|
|Tax Refund||2.5%||Returns from tax overpayments|
What are the extra costs?
A $0.3 fee may be charged if any photocopies are needed.
The cost of an envelope is $0.10.
Sending a fax, starts from $3.5, if needed.
Amscot Check cashing overview
Amscot is well known for cashing several types of checks. They can cash checks including:
- money order
Keep in mind that they have the ability to cash personal checks regardless of the amount. Amscot gives you the possibility to use their check cashing services, even if you have a check made out to your company, in case you own a business.
Presenting a valid photo ID such as a passport, driver’s license, military ID, and/or state-issued identification card, is mandatory in order to cash a check at Amscot.
It is important to mention that some of Amscot’s locations are open 24 hours. In general, most of their locations are open on Saturdays and Sundays. Also, on weekdays, their locations have long working hours, opening very early and closing late.
Important things to consider
Calling your local Amscot before going there, can save a lot of time. It is better to make sure they can cash your check beforehand. With the possibility of having several locations in your area, you may find different services available. Call and get the one that suits you.
How can I save money?
In order to save some money, you can avoid paying any fees by opening up a checking or savings account at your local bank. Usually, when it comes to check cashing places, they tend to charge more than your local bank.
Before you commit to what seems to be a very low fee, as they state that theirs are under state limits, it is always a good idea to see if other financial institutions can beat their rate. As we always recommend, you should try to ask for at least three quotes, from different financial institutions in your area.
- Amscot Cash Advance – Also called a Payday loan, it is a short-term service that can loan you money until your next payday check. However, this type of service is available when you need to pay a particular bill before your payday comes in. Take into consideration that it will add some extra costs, but at least you will not incur late fees from your billing company. In order to benefit from this service, you will have to write and post-date a check with the full amount of the loan plus fees. This check is deposited in order to assure Amscot and allow it to withdraw the loan repayment automatically on your next payday. With Cash Advance you can get a loan of up to $500.
- Pre-paid Credit Card – Having a poor credit score may not allow your local bank to approve a credit card in your name. However, from Amscot you can get a pre-paid credit card. With this service you can pay your bills online or through the phone, avoiding carrying cash.
- Money Order – Usually, there is a small percentage or one flat fee charged when it comes to a money order. Take into consideration that at Amscot, they never charge fees for this type of service. If you lose a money order, the replacement fee usually gets at around $14.
- Bill Payment – With these services, you will no longer have to send a payment and wait for it to be approved by your utility company. At Amscot, you can go in person and make the payment right away, being accepted by most local utility companies. You can ask for a list of utility companies accepted at your local Amscot location.
- Pre-paid Wireless – Amscot offers mobile phone services. This service allows you to be free of long-term contracts. In order to benefit from this service you must pay in advance. You can choose to pay for any amount of minutes or data. After you run out, to add more credit, call or visit Amscot. Unlike long-term contracts, a pre-paid cell phone service can easily be dropped off.
- Other Services – Amscot offers a great amount of other small services including ATMs, fax, photocopy service, postal service, and items required as stamps, envelopes, and boxes. Also, in some of their locations, you can purchase bus passes.
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