Never Pay High Rates at Cheque Cashing Centres Again! Free Alternatives to Get Your Cash, Fast By Christi Posner Cheque cashing centres\u00a0make it really easy to\u00a0get cash fast. Many people use the cheque cashing service at their nearest payday loan store instead of going into their bank. They can take in any type of cheque and five minutes later they\u2019re walking out the door with a handful of cash. The problem is, most people don\u2019t realize they\u2019re being charged high fees to cash their cheques. Convenience costs money; money which you can keep in your pocket if you know your alternatives. Here are\u00a0alternatives to cash your cheques\u00a0and get your money for free!What Kind of Rates and Fees are Cheque Shops Charging? Popular\u00a0cheque cashing marts\u00a0are quick to\u00a0hand you money\u00a0but at what cost? The most common fee cheque shops charge is 3% of your cheque, plus $3. So if you were to cash an $800 paycheque every 2 weeks, you would pay over $700 a year in cheque cashing fees! If you use a credit card, $700 would be the interest payment for a year if you racked it up to $4000 at 19%. I\u2019m sure you can think of better things to do with $700!What To Do When You Need Cash Now Free Cheque Cashing Alternatives for Employment & Government Cheques If you had never really thought about the fees you pay when you need cash now, knowing about some\u00a0free cheque cashing alternatives\u00a0might just change your mind. There are a lot of ways to cash employment cheques, as well as government or personal cheques. Click on a link to jump to the section you want: \u00a0 Get Direct Deposit for Pay Cheques Take the Cheque to the Bank Where it is Drawn Go to Your Own Bank or Credit Union Open a Bank Account Where Your Employer Does Their Banking Cash Government of Canada Cheques for Free How Long Does It Take to Get Your Money When There Is a Hold? Cashing Foreign Checks or Third Party Cheques What If You Owe Money to Your Bank, Can They Take Cash From a Cheque? How to Get Help Ending the Cheque Cashing Cycle Direct Deposit for Employment & Pay Cheques Ask your employer if your pay cheque can be deposited directly to your account. Direct deposits typically aren\u2019t held. If you owe your bank money and are afraid they will take back any money that you put into your bank account,\u00a0open a bank account\u00a0elsewhere so that you can work on getting your situation back on track.Take the Cheque to the Bank Where It Is Drawn Take the cheque and your ID to the financial institution that it was issued from. The name of the bank is printed on the front of the cheque. A teller there will be able to see if the person or company who gave you the cheque actually has the money in their account. If they do, while they might charge you a small fee, they can give you the money instantly! The only complicating factor with doing this is that some banks will require you to go to the branch that the cheque was issued from.Cash the Cheque at Your Own Bank or Credit Union Go to your own bank or credit union, and give the cheque to the teller instead of depositing it in the ATM. Many people can\u2019t access their money right away when it is deposited through an ATM, but a teller can verify that the cheque is good, and often give you money right away. If they are going to hold a cheque, ask them to reduce or eliminate how long the hold will be. Sometimes a good relationship with your financial institution is all it takes.Open a Bank Account Where Your Employer Does Their Banking If direct deposits aren\u2019t possible, think about moving your account to where your employer does their banking. Then on pay day, deposit or cash your cheque in person. The teller can verify your pay cheque right away, and you should be able to get cash or deposit your money without any holds.Cash Government of Canada Cheques for Free If your cheque is a Government of Canada cheque under $1500, take it to\u00a0any bank,\u00a0along with your ID, to\u00a0cash it for free right away.How Long Does It Take To Get Cash from a Cheque? How Long Are Holds on My Bank Account? Many people bring their cheques to payday loan stores because they\u2019re worried about how long the holds on their bank account will be. Recently, the\u00a0maximum cheque hold periods\u00a0have changed. Generally, cheques less than $1500 will be held for 4 business days when deposited in person, or 5 days through the bank machine. For cheques over $1500, the holds jump to 7 and 8 business days. While it might seem unfair, holds are put in place to make sure that cheques \u201cclear\u201d without any losses for the bank. Depending on your bank account, the rules might be a bit different.Cashing Foreign Checks or Third Party Cheques Third party and foreign cheques can be a bit trickier to cash and the alternatives listed above don\u2019t always apply. A third party cheque is when someone signs a cheque that they\u2019ve been given and asks you to cash it for them. Cashing a third party cheque can cause you a lot of trouble if it turns out to be a bad cheque, or if it has a stop payment on it. Your bank will want you to pay the money back. That is why cheque cashing centres or payday loan stores will cash these types of cheques, but with higher fees. A foreign check is a check drawn on a financial institution in another country, like in the USA. A bank or check cashing mart charges you more money for a foreign check because they cannot verify if the check is good or not before giving you the money. For foreign and third party cheques it\u2019s best to deal with your bank so that you can avoid extra or high fees.Cashing a Cheque If You Owe the Bank Money or Have Bank Debt Be aware that if you try to cash a cheque at a financial institution that you owe money to, you may be asked to have all of your payments up to date before receiving your cash. However, know that all\u00a0Canadians are entitled to the first $100 of their cheques, regardless of their financial situation or if they have bank debt.End the Cheque Cashing Cycle at Payday Loan Centres - Contact Us for Help Today Cheque cashing fees are a huge waste of your money. If you want to stop cashing your cheques and paying high fees, let us help you find a better way to access your money. Contact us by\u00a0phone,\u00a0email\u00a0or\u00a0anonymous online chat\u00a0to ask a question about\u00a0alternatives to payday loans or cheque cashing centres, or to make an\u00a0appointment with a credit counsellor\u00a0who will review your financial situation and your options. Take charge of your money and keep every penny that you have worked hard for!