Many major retailers, grocery and check cashing stores offer check, warrant, or draft cashing services, but they must have an Oregon license to do so and are limited to charging these fees:
- 2 percent of the check’s face-value for a government check, such as a tax return check, or a payroll check issued by a federal, state, city or county agency.
- If the check is cashed in a city, county or state other than the one that issued the check, the check casher can charge 3 percent.
- 10 percent for other types of checks, including insurance checks, money orders, or personal checks.
- No licensed check casher can charge more than $100 to cash a check.
Under Oregon law, all licensees must post their license and their fees in plain view of customers.
The check casher decides the identification it will accept from you, but typically it will ask for a valid driver license, Driver and Motor Vehicles (DMV) identification card, or any type of government photo identification. It may charge you an additional 0.5 percent if you have identification that is outdated, such as a former address.
After you cash a check, make sure you get a receipt. The receipt is required to show:
- The name of the check-cashing business
- Date of the transaction
- Face value of the check
- The fee charged
Keep in mind that a check casher has the right to determine if it will cash your check.
If you use check cashing companies on a regular basis, you might consider opening an account at a bank or credit union to deposit checks and other money for little or no cost. Bank On Oregon, a collaborative effort that includes consumer advocates, banks and credit unions, and state and local government, can help you find safe and affordable checking and savings accounts.