Cashing a cheque online is a convenient way to receive your funds without having to go to the bank. It’s also a preferred option for those who need immediate access to cash, but their bank has placed restrictions on same day cashing of cheques. By simply signing up for an online service or downloading a cheque cashing service app, you can cash or deposit a cheque from the comfort of your own home and use the funds for whatever you need.
If you're new to the process of cashing your cheque electronically, it's actually quite simple. But, before getting started, here are some steps to keep in mind:
Find a digital or online service that offers the ability to deposit and/or cash cheques from anywhere, 24 hours a day, 7 days a week.
Once you’ve found the service that best suits your financial needs, download the mobile app or sign up online.
Check if the service has any fees associated with it, as some may charge a certain percentage of the cheque’s total value for processing the transaction.
Of course, going to a bank is still an option for cashing cheques, but if you're looking to save time and money by doing it from the comfort of your own home, iCash, an online provider for short term loans in Canada, explains everything you need to know about cashing a cheque online, including what types of cheques are accepted and other considerations involved. Read on to discover the details, so that you can benefit from the conveniences that come with it.
Benefits of Cashing a Cheque Online
It comes as no surprise that cashing a cheque is faster and easier when done online as opposed to going to the bank or using your cheque to make an in-store payment. Even if you've signed up for a cheque cashing app or an online service, but haven't yet used it, you may consider doing so after learning about the benefits:
1. Convenience
Aside from not having to leave your home, you can cash your cheque at any time and anywhere, no matter the hour or day of the week. Thanks to these services, you can instantly have access to your funds without ever having to step foot in a physical bank.
Keep in mind, though, that the processing time for accessing your funds differ depending on the service you use. Some may have it done within minutes while others may take longer. If you're in need of faster access to your funds, make sure to check the processing time before choosing the service.
2. Cash Free From Liens
Liens or holds on cashing cheques can be quite common, so you may want to avoid the hassle of having to wait - sometimes a few days - for it to clear. With online or digital services, you can rest assured that your funds will be readily available.
3. Greater Security
It may seem counterintuitive, but cashing or depositing a cheque online is a very secure option. Online banking and other cheque cashing services have built-in security measures in order to keep your information safe, so you won't risk having your cheque stolen or lost. Plus, you can more easily keep track of every transaction and make sure.
If you suspect that there may be any fraudulent activity occurring, you can contact the financial institution right away. There are also safety precautions that you can take on your end to help protect your financial information, and ensure that all your transactions remain secure.
4. Less Room for Error
Electronically cashing a cheque leaves less space for human error. You can double check the information you enter into the system is accurate, so that there's no way your cheque bounces or is sent to the wrong place. It's also much easier to keep track of all your transactions when they are done digitally, as all the details you need are stored in one place.
What You Need to Know About Cashing a Cheque Online
Now that you know cashing a cheque using an online service can provide a convenient, safe, hassle-free way to access your money, it's time to look at some of the details involved.
Here are a few things you need to know about using a digital platform to cash a cheque:
1. Before You Start
Make sure you have all the necessary information and documents to complete the process. This includes your government-issued ID, your bank account information (if applicable), the cheque you want to cash, and any other documents required by the service provider.
2. Taking a Picture of the Cheque
Once you have everything ready, you will need to take a picture of the cheque or scan it using your smartphone or laptop. Make sure all information is legible and accurate in this image, as any mistakes can lead to delays in the process.
You can follow some general guidelines on how to properly take a picture of your cheque for cashing:
Make sure there is a plain, contrasting background behind the cheque.
Ensure that all information on the cheque is clearly visible in the picture. You'll need to include all four corners and both sides of the cheque if necessary.
Try to keep your device steady as you take the picture to avoid blurring or distortion.
3. Submitting the Cheque
Once you have taken a clear image of the cheque, it's time to submit it. Most services have a simple step-by-step process in place that can be completed with just a few clicks. After your account number is entered and the cheque is submitted, you'll receive confirmation and should be able to access the funds.
4. Accessing Your Funds
Because of the nature of digital cheque cashing, you may be able to access your funds as soon as the transaction is complete. However, it can take longer for the payment to be processed, depending on the service provider. Ultimately, it's up to you to find out the best option for your situation.
5. Associated Fees
Although using a digital cheque cashing service can be beneficial, know that there may be associated fees. Be sure to read through all terms and conditions before you submit your cheque, so that you know exactly what to expect. If you're not comfortable with the fees, you can always go back to cashing your cheques at a bank or through the e-deposit option on your mobile banking app.
Troubleshooting Options When Cashing Cheques Online
Like most things, there can be technical difficulties when using digital cheque cashing services. If you're having trouble submitting your cheque or accessing your funds, the best thing to do is contact customer support. They should be able to provide you with helpful solutions and assistance.
You can also troubleshoot some common issues on your own:
Blurry or distorted pictures: When taking a picture of the cheque to be cashed online, it is important to keep your device steady and level. If the image is blurry or distorted, most services won't be able to accept the submission.
Unclear names or writing: If there are any discrepancies between the name on the cheque and the name you have entered, the service provider may reject your submission. To avoid this issue, ensure all names and writing are legible.
Incorrect account number: If you submit an incorrect account number, your funds will not be transferred correctly and may end up taking longer for your money to arrive.
Unaccepted cheque type: Know the types of cheques that are accepted by these service providers. Typically these are personal or business cheques, as many services may not accept out-of-country cheques.
Use iCash to Access Same Day Funds
Digital cheque cashing services can be a great alternative to visiting a bank or waiting for cheques to clear, but they are not the only option available to access quick cash. If you're in a pinch and need cash to cover an immediate expense, iCash is a very popular choice for Canadians. As a fully online lending service, iCash offers same day payments for small loan amounts. Simply apply online or use the mobile app, and get instant approval to access cash the same day. Regardless of your credit history, iCash can get you the money you need, when you need it.
