(2) Lower Cost Check Cashing
Some rules of the bank, such as the
minimum balance or the monthly fees, may
make it difficult to open a checking account.
Sometimes, the bank may not be located in
your neighborhood. If you do not open a
bank account, you may still be able to get
your checks cashed for free or at a lower
cost than the check cashing store. Here are
To cash your payroll checks:YOU can
ask your employer if the company will cash
your check for you, or you can go to the
bank where the employer has its account
and cash your check, usually for free. Your
employer may be willing to talk to its bank
and make sure that you can cash your pay-
roll check for free. Some grocery stores will
cash your check if you shop there.
To cash your government checks: Many
banks will cash a government check for free.
To cash personal checks:The bank whose
name is on the check may cash the check
Be aware that if the check you wish
to cash ismade out to you, you will have to
present some form of identification to cash
the check. If the check is made out to some-
one else, then that person must cash the
Opening a bank account without a Social
Most banks will ask for a Social Security
Number (SSN) when you open an account. They
will probably also require a form of identification
such as a passport or driver's license. The banks
ask for an SSN because they need to report taxes
to the Internal Revenue Service if they pay you
interest on your account.
Some banks will allow you to open a bank
account without an SSN if you choose an account
that does not pay interest. Also, if you cannot
get a Social Security Number, you can get an In-
dividual Taxpayer Identification Number (ITIN)
from the Internal Revenue Sewice. Many banks
will let you open an account with an ITlN instead
of an SSN.
In addition to the ITIN, the bank will ask
you to fill out a form called a W-8BEN.