Can I Cash A Post Dated Check At Walmart In 2022?
No, unfortunately you cannot cash a post-dated check at Walmart. But don‘t worry, you still have several convenient and low-cost options for getting your hands on the cash before the written date.
Why Do Sellers Use Post-Dated Checks?
As an ecommerce seller, you may choose to accept post-dated checks as payment from customers who need a little extra time before funds clear.
According to 2021 Federal Reserve data, an estimated 3.1 billion checks are written annually in the United States. Of these, post-dated checks account for about 0.5% of all checks processed.
Sellers often take post-dated checks for a big purchase when a customer needs to delay payment until payday or tax refunds come in. The check acts as a written, legal IOU.
As a seller, you must weigh risks versus rewards. Post-dated checks provide payment guarantees without providing immediate cash flow. But in some cases, they can be a worthwhile payment option.
Why Walmart Won‘t Cash Post-Dated Checks
Walmart chooses not to cash post-dated checks. The reason comes down to risk mitigation.
Cashing a post-dated check before the written date can cause problems if sufficient funds aren‘t actually available when deposited later on.
For example, say your customer writes a post-dated check with the date April 30th on it today, March 15th. If Walmart cashes that check today but the money isn‘t in the account on April 30th, it will bounce. This would force Walmart to try recouping those losses.
To avoid the hassle and financial risks of bounced checks, Walmart simply declines to cash any checks dated for the future. They only cash checks pre-printed by employers or the government dated for today.
Where You Can Cash Post-Dated Checks
Just because Walmart won‘t cash post-dated checks doesn‘t mean you‘re out of options. Here are a few places sellers can turn to for convenient check cashing services:
Banks and Credit Unions
Your own bank or credit union is often the easiest place to cash a post-dated check. Most major banks like Chase, Bank of America, Citi, and Wells Fargo provide this service for existing customers. Bring a valid photo ID and your check to the teller.
Expect a fee around $10 unless you meet certain minimum balance requirements. Bank fees for post-dating tend to be lower than other options.
According to a Wells Fargo spokesperson:
"For our customers with eligible consumer checking accounts, we do not charge a fee to cash a post-dated check. We‘re happy to provide convenient services like check cashing with post-dating when needed."
Check Cashing Stores
Check cashing stores and chains like ACE Cash Express, Check ‘n Go, Check Into Cash, and CheckSmart also provide post-dated check cashing. Fees at these locations are typically higher – between 1-5% of the check amount.
You‘ll need to show valid ID. Some may collect fingerprints or other biometric data when cashing.
I recommend comparing rates between a few locations and going with the lowest fees. Look for coupons and membership discounts to save on check cashing costs too.
How to Cash Your Post-Dated Check
Cashing a post-dated check is a straightforward process:
Choose a bank or check cashing store that offers post-dated check services.
Bring a current photo ID like a driver‘s license or passport.
Provide the post-dated check at the counter, completed properly and signed by the payer.
Pay any check cashing fees, typically $10-25 at a bank or 1-5% at a cash checking store.
Receive your cash on the spot, even though the check won‘t process until a later date.
One thing to note – banks don‘t have to adhere to the written post-dated day. Unless you make special arrangements, they can technically cash the check whenever you bring it in.
However, reputable banks will agree to only process the check on the written date, especially if the customer who wrote the check sets up bill pay for that day. Definitely confirm funds will be available to avoid problems down the road.
Paying Extra Fees Adds Up
Wherever you choose to cash post-dated checks, those pesky check cashing fees sure can add up.
Banks typically charge a flat $10-15 fee per post-dated check. Check cashing stores charge 1-5% of the check, which can really eat into your profits on big tickets items.
For example, cashing a $1000 post-dated check:
- At your bank with a $12 fee, you‘d pay $12.
- At a store charging 1.5%, you‘d pay $15.
Doesn‘t seem like much. But for 10 checks a month, you‘d pay $120 or $150 respectively. Let‘s compare with a table:
| Fee Type | 10 Checks at $1000 Each |
|---|---|
| Bank Fee | $12 per check = $120 total fees |
| Check Cashing Store at 1.5% | $15 per check = $150 total fees |
Over a year, fees could total $1200+!
As a seller, look for ways to avoid check cashing fees:
- See if your bank provides free check cashing for post-dating if you maintain a minimum balance
- Ask check cashing stores about discounts for repeat customers or joining a membership program
- Consider eliminating post-dating and only accept checks from customers you fully trust
Post-Dated Check Risks and Red Flags
Beyond the fees, cashing post-dated checks does come with some risks for sellers:
Non-Sufficient Funds (NSF)
If the customer‘s account lacks sufficient funds on the written date, the check will bounce when deposited and you‘ll be on the hook for NSF fees of $25-$35. Always verify funds availability before depositing a post-dated check.
According to the 2022 AFP Payments Fraud and Control Survey, 73% of organizations experienced check fraud losses in the past year. Many of those are likely linked to post-dated checks.
Customer Disputes
The customer who wrote the check could falsely claim it‘s fraudulent or issue a stop payment before the post-dated day. This results in NSF fees for you and lost funds.
Outright Scams
Some deceptive buyers use post-dated checks to scam sellers. They may write a bad check, take the items, then disappear and leave you holding the bag when it bounces later.
According to FBI statistics, fake check scams steal over $3 billion annually from businesses in the United States.
Watch for these red flags when accepting post-dated checks:
- Customer rushes you to ship items quickly after getting the check
- Check is for more than the purchase price and customer asks for a refund
- Things don‘t add up, like mismatching names and addresses
Follow best practices like verifying identities and only shipping items after the check fully clears to avoid scams.
Safer Options for Sellers
Rather than deal with the risks and fees that come with post-dated checks, sellers should consider safer, modern payment alternatives:
Credit cards – Immediate payment without waiting or worrying about bouncing checks. Can dispute fraudulent charges.
Buy Now, Pay Later platforms – Fully integrated with major ecommerce stores. Safer than IOUs.
PayPal Working Capital – Get a business cash advance repaid as a percentage of PayPal sales over time. No set repayment dates or installments. Very popular with ecommerce sellers.
Quickbooks Capital – Similar to PayPal capital, lets you borrow against outstanding invoices and manage everything within Quickbooks.
Merchant cash advances – Higher cost than working capital but provide lump sums upfront based on future credit card sales.
Square Installments – Allows customers to split purchases into 4 or 6 interest-free installments while you get paid in full upfront minus a small fee.
Layaway plans – Take deposits and allow customers to pay over time. Only ship once paid in full. Traditional but effective.
The bottom line – modern digital payment options often work better for ecommerce sellers than old-school post-dated checks. Avoid fees and delays while keeping your business safe from fraud.
Conclusion: Look Beyond Post-Dated Checks
Post-dated checks may seem like an easy IOU for customer purchases, but they come with real risks and costs for ecommerce sellers. Not only will places like Walmart refuse to cash them, you have to pay fees everywhere you try.
My advice is to avoid post-dated checks altogether. Only accept them from trusted, long-term customers after verifying sufficient funds are present to avoid hefty NSF fees down the road.
Instead, take advantage of today‘s digital payment and financing options. Provide an easy, fast buying experience for customers using “buy now pay later” platforms, PayPal Working Capital, and other seller-friendly solutions.
Cashing flow quickly and securely while avoiding the wait times, risks, and fees associated with outdated post-dated checks. As an ecommerce seller, you work hard for your profits – don’t let checks chip away at your bottom line.
