How to: Cash that Check

When you got your first check as an intern, you were probably elated that you were no longer competing in the Unpaid Internship Hunger Games. However, you probably also procrastinated cashing it because you weren't quite sure how to go about converting that slip of paper into bank account $$. Alas, secondary and higher education does not teach you how to deal with checks.

Here's a step-by step guide. Delay gratification no longer.

1. Carefully make sure the paid amount and payee is listed correctly. Don't worry if there are slight misspellings (see #3)

2. check the date to make sure everything's in order. Don't procrastinate too long: checks can go stale after 6 months, after which banks are no longer obliged to cash it.

3. Endorse the check. Flip over the check and sign your name in the "Endorse Here" section. You can also add instructions such as "For deposit only" or "Pay to the order of YOUR NAME." This prevents someone from picking your endorsed check off the street and cashing it in with a sketchy moneydealer.

Multiparty check? All parties must endorse. Are you a minor (under 18)? Your parent or guardian must endorse and write "parent/guardian" beneath. Name misspelled? Endorse the check with your misspelled name, then print the correct spelling underneath.

4. At the bank, fill out a deposit slip. You'll need your account number on hand, and usually you will fill out the amount of your cash and check deposits separately. Add it all up, subtract the amount of "cash back"--the amount of money the teller should give you when you cash the check, this is equivalent to a withdrawal--and put the sum in "total."

Hand the teller your deposit slip and checks and cash for deposit.

If you forgot your account number, the teller can usually swipe your debit card and find out your checking account number.

5. Ask the teller when your money will be available. If you deposited the check in the morning, it should be that afternoon. If you deposited it in the afternoon, it should be the next business day. On the weekend, including Friday afternoon? You might not be able to access the money until Monday. If you deposit cash, though, that is usually immediately accessible.

***6. But here's a useful tip: don't bother with deposit slips and waiting in line to see the teller. Use automated deposit ATMs. I was afraid automated ATMs would eat my money and was quite distrustful of them at first, but they are really quite accurate, reliable, and fast (not to mention 24 hours).

Look for an ATM that accepts deposits. At an ATM bank, usually all the ATMs are deposit ATMs; the odd one out will be non-deposit. Swipe your debit card as usual, then select "Deposit." Select "Deposit checks" and then let the ATM suck up your checks; they can do up to 20 at a time.  The ATM will then count your money and show you an image of the scanned check.

Make sure the scan is accurate. You can adjust the deposit amount to the correct amount if the machine scans it wrong. Usually, there are no problems; however, once, I deposited a check for $100 that scanned as $200. I was in a hurry and didn't realize the mistake while I was at the ATM. I had to check with the payer to make sure the check wouldn't bounce, and I also had to make a trip to return the extra money that had been deposited back to her.

Get a receipt. You can print with check images or without check images. I usually get with check images, just in case a situation like inaccurate scanning arises.

This literally takes less than 5 minutes, whereas waiting in line and filling out deposit slips could take up to half an hour, an hour when it's busy.

And now you're ready to collect on your hard work in your bank account. 

Note to Boss #1

Please grab lunch or a drink with us sometime. This is not only good for team bonding, but also because we want to learn from you in a more informal setting. We desperately want to know how you got to where you are in your career, but that's kind of an awkward topic to bring up during the 15 minutes of face-time we have with you a day to discuss some project.

PLEASE: Teach us your ways over pad thai, coffee, or a bottle of Blue Moon.