How to Cash a Check Online

ATM machine
EFTs
Electronic funds transfers are often called online checks, because instead of writing a check and taking the check to the bank for deposit, the funds are transferred electronically. EFT check cashing takes a few days, depending on your bank. Many employees receive their pay via direct deposit check, which is another name for an electronic funds transfer from an employer bank account to the bank account of an employee.
ATM Checks
Many banking institutions are adding new features to their ATM machines. The feature allows bank customers to insert both cash and checks into an ATM machine for immediate deposit into their accounts. So far, this feature is available only to members of the bank offering the service.
PayPal
PayPal, as well as similar services, work like online check cashing and electronic fund transfer services. PayPal allows you to set up your bank account and withdraw directly from the account in order to pay for products and services. PayPal also allows you to receive money from selling products and services. The money is electronically transferred between the PayPal accounts of both the buyer and the seller. Then the receiving party can electronically transfer the funds to his bank accounts, or use a PayPal-issued debit card, which also works in place of checks, serving as an online check-cashing method.
Considerations
Another way of cashing checks online, or through Internet phone lines, is available at local chain stores such as Wal-mart and Kmart. When paying with a check at one of these stores, the check is scanned and automatically withdraws funds from an individual's bank account. The check works like a debit or bankcard, and additional money can even be included and cash received in return for the amount of the check. For example, if purchased products cost a total of $63.51, and you wish to withdraw $20 from your bank account, you can write the check for a total or $83.51. The check is then run through the register, $63.51 is taken to pay for the products from the store, and the additional $20 is handed back to the customer in the form of cash. The full total of $83.51 is taken from the customer's bank account and transferred to the store.
Misconceptions
Online check cashing does not allow bank members to write a paper check in their home and insert the check into a disc or tray on their computer to receive immediate cash withdrawals. Online check cashing cannot be conducted from the home, unless you are using an online bank account or are on the phone with a teller who is transferring funds from one bank account to another. Cashing a check online or online check cashing is another phrase to describe electronic funds transfers or submission of checks to an electronic apparatus for cashing.