NEW CHECK-CASHING RATES

Click to view a flyer explaining the rates in English or in Spanish.

Effective July 1, 2018, at Illinois Currency Exchanges

The cost to cash a check is now determined by check type in addition to check amount.

  • If you’re cashing a payroll check for $1000 or less, you may see a small increase of less than $1.
  • If you’re cashing a personal check, which is a check handwritten to you by another person, for $1000 or less, you may see a larger increase from $1 to $7.50.
  • If you’re cashing a public assistance check for $500 or more, you should see a decrease of more than $3. The new rate is capped at 1.50% of the amount of the check.

COMPLETE LIST OF RATES

The new rate schedule, as compared to the old rate schedule, is reflected below.

 

Checks less than or equal to $100.00.

Type of Check Old Maximum Rate New Maximum Rate
Public assistance 1.40% + $1 1.50%
Government check (e.g., EITC*) 1.40% + $1 2.40% + $1
Printed paycheck 1.40% + $1 2.40% + $1
Personal check 1.40% + $1 2.45% + $1
All other 1.40% + $1 2.40% + $1

Checks between $101.01 and $1250.00.

Type of Check Old Maximum Rate New Maximum  Rate
Public assistance 2.25% 1.50%
Government check (e.g., EITC*) 2.25% 2.33%
Printed paycheck 2.25% 2.33%
Personal check 2.25% 3.00%
All other 2.25% 2.40%

Checks greater than or equal to $1250.0.

Type of Check  Old Maximum Rate New Maximum Rate
Public assistance 2.25% 1.50%
Government check (e.g., EITC*) 2.25% 3.00%
Printed paycheck 2.25% 3.50%
Personal check 2.25% 3.50%
All other 2.25% 3.50%

**EITC = Earned Income Tax Credit

 

Concerned? Confused? We’re here to help! Contact Jenna at Woodstock Institute: (312)368-0310 xt. 2023.

 

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