I missed my Friday post for #NationalReadingMonth, so here’s 1 of 2 Monday editions instead.

How to Cash a Check Without a Bank Account

What is it? Exactly what it sounds like! This is a straightforward article explain what you can do if you receive a check but don’t have a checking account to deposit it into. Many Americans have probably never given this problem a thought, but it’s a daily reality for 9.6 million US households that are unbanked (FDIC, 2013).

Why is it cool? So, admittedly, the article itself isn’t that cool. It’s informative, it’s not judgmental, it’s concise and a manageable reading level for almost all high schoolers. But, what you could do with it IS cool…

How I might use it:

1. Before giving the reading ask:
   • Do your parents or anyone else you know avoid using banks? Why? Have they ever used banks? What was their experience?
   • If you don’t know anyone in this scenario, there are 9.6 million US households that don’t have a bank account at all. Why?
   • Brainstorm everyday actions that might be problematic without a bank account.
2. While they’re reading:
   • Keep track of the fees associated with each check cashing option. How do these compare with the fees of a checking account?
   • If they had to use one option, which seems like it would make the most sense for them?
   • What questions do they still have about check cashing?
3. After the reading:
   • If they were forced to use one of these check cashing options on a regular basis, how would it change the financial decisions they make? How would it impact the ways they did their shopping?
   • You can show this clip, too, if you want to show your students another take on banking alternatives: Spent: Looking for Change.

Where is it in the NGPF Collection? This is resource 5 in our “Checking Alternatives” lesson in the Checking Unit.

About the Author

Jessica Endlich

When I started working at Next Gen Personal Finance, it's as though my undergraduate degree in finance, followed by ten years as an educator in an NYC public high school, suddenly all made sense.