Though Walmart offers to check encashment facilities, they also have limits and minimal charges. But if you compare Walmart’s costs with banks, you’ll realize that it’s cheaper to encash a check with them. Here are the check encashment charges of Walmart:
- A maximum of $4 fee for checks with amounts ranging from $1 to $1,000.
- A maximum of $8 fee for checks with amounts exceeding $1,000
Let’s compare. Assume you have a payroll check that’s around $800. If you encash it at the Bank of America, you’ll pay $8. But at Walmart, you only pay half the fee for $4. Effectively, you got a 50 percent discount and convenience with no additional cost.
Suppose you’ll be encashing checks with amounts averaging $500 per week. If you go to M&T Bank, each check will cost $10 or two percent of the check amount. On a monthly basis, that would be $40, assuming you encash weekly. But at Walmart, you only pay $16 per month for four check encashments. Effectively, you saved $24 in a month. That’s already a lot of money if you’re stringently budgeting your expenses.