Receiving your personal injury settlement check can feel like the end of a long process.
At Fielding Law, we see it differently.
Our job is to protect our clients from the beginning of their case through the final distribution of their settlement. We fight hard on the front end to pursue the recovery our clients deserve. On the back end, we work to minimize bills, liens, and other deductions that can reduce that recovery.
That is also why we ask our clients to avoid settlement check cashing at check cashing stores.
These businesses offer convenience, but that convenience can come with a significant cost. When you have worked hard to recover compensation for your injuries, you should not have to give away a portion of that recovery just to access your money.
Check Cashing Stores Can Be Expensive
Check cashing stores make money by charging fees to cash checks. The fee may be a percentage of the check, a flat fee, or a combination of charges.
The larger the check, the more those fees can cost you.
When dealing with a personal injury settlement, the amount can be substantial. A fee that seems small at first can become hundreds or even thousands of dollars.
Common charges may include:
- Percentage-based fees: The store takes a percentage of the check amount.
- Flat fees: Some businesses charge a set amount for each check.
- Additional fees: Other services or transaction charges may increase the total cost.
Those fees come directly out of the money you recovered.
Your settlement may be needed for medical expenses, lost income, household costs, future needs, or other losses related to your injury. We do not want to see part of that money unnecessarily go to a check cashing business.
Why We Tell Our Clients to Avoid Them
Our clients have already been through enough.
They may have dealt with an accident, painful injuries, medical treatment, missed work, insurance companies, and the stress of a personal injury claim.
When we reach a settlement, we want our clients to receive as much of their recovery as possible.
That means looking at every factor that can affect the amount our clients ultimately receive.
Our work includes:
- Fighting for the recovery: We pursue the compensation our clients deserve.
- Addressing medical bills: We work to resolve outstanding medical expenses.
- Working on liens: We address claims that could reduce the client’s settlement.
- Protecting the final recovery: We look for ways to prevent unnecessary deductions.
- Helping clients understand their options: We explain what happens after the settlement is reached.
Paying a large fee for settlement check cashing can work against that goal.
We would rather help our clients explore other ways to access their settlement funds.
Consider Cashing Your Check at a Bank
If you have a bank account, your bank may be able to deposit or cash your settlement check.
Banks have their own policies for large checks. You may not receive immediate access to the entire amount.
Depending on the circumstances, the bank may:
- Place a hold on some or all of the funds.
- Require government-issued identification.
- Verify the check before processing it.
- Ask questions about the source of the funds.
- Charge a fee in certain situations.
Before you arrive at the bank, call ahead and ask about its requirements.
You should also ask when the funds will become available. This can help you plan for your expenses and avoid unnecessary trips.
A temporary bank hold may be inconvenient, but it is different from paying a check cashing store a significant fee that permanently reduces your settlement.
What If You Do Not Have a Bank Account?
Not having a bank account does not mean you have to use a check cashing store.
We understand that some clients do not have a traditional bank account. We want those clients to know they may have other options.
In some circumstances, our clients can go to one of our banks to cash their settlement checks, even if they do not have an account with that bank.
The specific requirements can vary. The bank may require identification or additional verification before cashing a large check.
If you do not have a bank account, talk with our team before using a settlement check cashing service.
We can help you understand your options and determine what may work best for your situation.
The Issuing Bank May Also Be an Option
The bank that issued the settlement check may also be an option.
Some banks will cash checks for people who do not have an account with that institution. However, policies and fees vary.
The issuing bank may require:
- A valid government-issued photo ID.
- Additional identification.
- Verification of the check.
- Information about the settlement or issuing institution.
Some banks may charge a fee, while others may offer check cashing without a fee under certain circumstances.
Call before visiting the bank so you know what to expect.
Do Not Give Away More of Your Settlement
A personal injury settlement can represent months or years of work.
You may have gone through medical treatment, dealt with insurance companies, provided documentation, and waited for your case to resolve.
Once the settlement arrives, protecting that money still matters.
Before using a check cashing store, consider:
- How much will the store charge?
- Is the fee a percentage of your settlement?
- Are there additional transaction fees?
- Can your bank deposit or cash the check?
- Can the issuing bank cash the check?
- Do you have another option that will cost less?
The answers could make a significant difference in how much of your settlement you keep.
Our Job Is to Protect Our Clients
At Fielding Law, we believe our responsibility does not end when we negotiate a settlement.
We fight for our clients on the front end. We work to minimize bills and liens on the back end. We also want to make sure our clients understand how their choices can affect the money they ultimately receive.
That is why we do not recommend check cashing stores.
A check cashing store may make accessing your money quick and convenient, but the fee can take money away from your recovery.
We want our clients to keep as much of their settlement as possible.
Protect Your Recovery From the Start
Protecting your settlement starts before you ever receive a check.
If you have been injured because of someone else’s negligence, choosing the right personal injury law firm can make a difference throughout your case. At Fielding Law, we do more than pursue a settlement. We work to protect our clients’ recovery from the beginning of the case through the final distribution of their funds.
We fight for the compensation you deserve. We work to address bills and liens. We help you understand your options throughout the process, including what to consider when your settlement check arrives.
You should not have to navigate your personal injury claim alone.
If you or a loved one has suffered a personal injury because of someone else’s negligence, contact Fielding Law at 833.88.SHARK to learn how our team can help protect your rights and your recovery.
Note: Information provided is for educational purposes and does not constitute legal advice. Always consult with a qualified attorney for legal concerns.
