If you‘ve ever been short on cash and needed to pay for something important, you may have considered writing a post-dated check. A post-dated check is one that‘s dated in the future, allowing the check writer to delay the payment until a later date when they expect to have the necessary funds available.
Post-dating checks used to be a common practice, but these days fewer people are using checks in general. However, some people still rely on post-dated checks from time to time as a way to "buy now, pay later." If you‘re wondering whether you can cash a post-dated check at Walmart, one of the most ubiquitous retailers in the U.S., here‘s what you need to know.
Walmart‘s Official Policy on Cashing Post-Dated Checks
According to Walmart‘s corporate website, the retail giant does not accept or cash post-dated checks under any circumstances. This applies to all Walmart stores nationwide. The company website clearly states:
"We do not cash post-dated checks. Checks must have a current date to be cashed."
So if you receive a post-dated check and take it to Walmart in hopes of cashing it, you‘ll be denied, even if the check is otherwise valid. Walmart simply doesn‘t accept checks dated in the future as a matter of policy.
Why Doesn‘t Walmart Cash Post-Dated Checks?
You may be wondering why Walmart is so strict about not cashing post-dated checks. The main reason has to do with the risk and uncertainty involved.
When someone writes a post-dated check, they‘re counting on having enough money in their bank account to cover the check amount on the future date written on the check. But a lot can happen between now and then. The check writer‘s financial situation could change, they may forget to deposit money to cover the check, or they could even purposefully write a bad check and hope to disappear before anyone notices.
If Walmart were to cash a post-dated check and then the check bounced due to insufficient funds, the store would be on the hook for the loss. They would then have to spend time and resources trying to track down the check writer to recoup their money. It‘s simply not worth the hassle and financial risk for Walmart.
By only accepting checks dated for the current day, Walmart can verify the funds are available right then and avoid potential issues down the road. It‘s a smart policy from the company‘s perspective, even if it may be inconvenient for some customers.
Alternative Places to Cash a Post-Dated Check
So if Walmart won‘t cash your post-dated check, what are your other options? Your best bet is to go through a bank or credit union. Most banks will accept properly written post-dated checks, although policies can vary from one financial institution to another.
Some of the major U.S. banks that are generally willing to cash post-dated checks include:
- Bank of America
- Chase Bank
- Citibank
- PNC Bank
- TD Bank
- U.S. Bank
- Wells Fargo
Credit unions also tend to be accommodating when it comes to post-dated checks, so it‘s worth asking about their policies.
Another option is to visit a check cashing store. Many of these specialty shops are willing to cash post-dated checks for a fee. Well-known check cashing chains include Check ‘n Go, Moneytree, ACE Cash Express, and United Check Cashing.
However, be aware that check cashing stores typically charge much higher fees than banks. According to NerdWallet, check cashing fees can be as high as 3-5% of the check value. So if you‘re cashing a $1,000 check, you could pay $50 in fees. Always ask about a store‘s fees upfront before proceeding with cashing your check.
How to Cash a Post-Dated Check: Step by Step
If you have a post-dated check you need to cash, follow these steps:
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Wait until the date written on the check arrives. Legally, banks and credit unions can choose to cash a post-dated check at any time, even before the date on the check. But many will require you to wait until the date arrives to protect themselves and the check writer.
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Gather the necessary documents. You‘ll need at least one valid, government-issued photo ID like a driver‘s license or passport. Some places may ask for a second form of ID as well.
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Endorse the back of the check. Sign your name on the back of the check on the line that says "Endorse Here." Use the same signature you have on your ID.
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Take the check to your bank, credit union, or check cashing store. Go to a teller and let them know you‘d like to cash your check. Present your ID and the endorsed check.
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Pay any fees. Depending on where you cash the check, you may have to pay a fee, either a flat rate or a percentage of the check amount. Factor this in so you know how much money you‘ll actually receive.
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Get your money. Once the teller verifies everything, they‘ll give you the cash value of the check minus any fees. Depending on the amount, you may receive some larger bills and need to ask for smaller ones if necessary.
Risks and Downsides of Post-Dated Checks
While post-dated checks can be a convenient way to delay payment on a purchase, they come with some notable risks and downsides.
First, as mentioned, there‘s no guarantee the check writer will actually have sufficient funds in their account when the future date arrives. If the check bounces, you could be on the hook for a returned check fee from your bank, typically around $35.
Second, post-dating a check doesn‘t always work as intended. Legally, banks are not required to honor the future date on a check. Depending on their policies, a bank may cash a check as soon as it‘s received, regardless of the date on the check. So don‘t count on the future date to delay payment.
Third, if you‘re the one writing a post-dated check, it can be hard to keep track of outstanding checks and ensure you‘ll have enough money in your account on the date the check is cashed. One forgotten check could trigger an overdraft and costly fees.
Alternatives to Post-Dated Checks
If you need to delay a payment, there are probably better options than post-dating a check:
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Ask if you can pay by credit card instead. You‘ll have until your next statement date to pay your credit card bill, buying some extra time. Just watch out for high interest rates if you can‘t pay in full.
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See if the merchant offers a short-term payment plan. Some stores will let you break up a large purchase into smaller, more manageable payments over time, often with little or no interest.
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Apply for a personal loan through a bank, credit union, or online lender. You may be able to get a small loan to cover your purchase and then pay it back over a longer term in fixed monthly installments. This is more predictable than a post-dated check.
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Use a service like Venmo, PayPal, Zelle, or Cash App to send money electronically on a future date of your choosing. These apps make it easy to schedule future payments right from your phone.
Types of Checks You Can Cash at Walmart
While Walmart won‘t cash post-dated checks, they do cash a variety of other types of checks for a small fee (subject to some limits). According to their corporate website, the types of checks you can cash at Walmart include:
- Payroll checks
- Government checks
- Tax refund checks
- Cashiers‘ checks
- Insurance settlement checks
- 401(k) disbursement checks
- MoneyGram money orders
- Checks from a two-party state (this means they‘ll cash personal checks from friends/family members in most states)
However, note that not all Walmart locations offer check cashing services. It‘s a good idea to call your local store to confirm their policies before making a special trip.
Walmart Check Cashing Fees and Limits
For the types of checks Walmart does cash, here are the fees and limits to be aware of:
- For checks up to $1,000, the maximum fee is $4.00.
- For checks between $1,001 and $5,000, the maximum fee is $8.00.
- Walmart will not cash any check over $5,000.
- The maximum amount of checks you can cash per day is $7,500.
Note that these fees and limits may vary by location. It‘s best to check with your local Walmart store for their most up-to-date policies.
Final Word on Cashing Post-Dated Checks at Walmart
To wrap up, Walmart does not cash any post-dated checks. If you need to cash a check that‘s dated in the future, your best options are to go through a traditional bank, credit union, or check cashing store. Just be aware of the risks and limitations involved.
While post-dated checks used to be more common, these days there are usually better alternatives for delaying a payment, like using a credit card or signing up for a payment plan with the merchant. With a little research and planning, you can find a payment method that works for your financial situation.
Whenever using checks, whether post-dated or not, always make sure you‘ll have sufficient funds in your account to avoid costly overdraft fees and other headaches. And if you‘re on the receiving end of a check, try to cash it promptly to lower the risk of the check bouncing. With smart money management, you can stay on top of your finances and avoid relying on risky options like post-dated checks.