Do you need to cash a settlement check in Tulsa? Value Check Cashing Near Me can help!
What is a settlement check?
A settlement check is the amount of money that you agree to receive from damages incurred after the additional expenses have been paid out from the proceeds of the settlement
Settlement checks are issued for a variety of reasons, but are usually compensation from bodily injuries, property damage, pain and suffering, and loss wages. The checks are usually issued from an attorney’s bank account.
Things to consider before agreeing on a settlement check?
- Have I consulted with legal counsel? Many times, companies will offer a cash settlement to individuals immediately after the incident. While this can be good for taking care of immediate needs, it’s a short-sited solution that most individuals regret. Obtaining a free consultation with an attorney can help avoid this mistake.
- Are there any long-term health challenges related to this incident? Medical professionals will be the first to tell you that some detrimental effects of bodily trauma don’t reveal themselves until weeks or even months after an incident. Have you considered this in your settlement agreement?
- If you have been unable to earn money as a result of the incident, has compensation for loss wages been considered in the settlement offer? I can’t tell you how many times we hear individuals express regret from agreeing to a settlement that didn’t address their missed days from work because of their incident. Even if it was just a few days, that loss of income can be recouped.
- Have you taken into account the mental and psychological affects the incident has had on you. Again, this is something that may not reveal itself immediately after the incident, but we have heard from several individuals who weren’t able immediately return to their life as it previously was due to trauma from an incident.
An experienced attorney should be able to help you consider these and many other scenarios before agreeing on a settlement amount.
How long does it take to get a settlement check?
The length of time it can take to receive a settlement check varies greatly. Some individuals report receiving their check weeks after their incident. Other have reported it taking years before they receive payment. Here are a few factors that affect the length of time it could take to receive your settlement check.
- Is liability contested? If the other party in the incident is quick to accept liability, then reaching a settlement can move forward more quickly. If liability is contested, then settlement talks can last months or even years.
- Do you have proof to substantiate the requested amount of your settlement check? If you requesting a settlement for an ongoing medical condition sustained from the incident, do you have proof of your condition? Do you have proof of wages lost? Providing these documents quickly can accelerate your settlement payout.
- Are you willing to compromise disputed items? If the liable party contest a portion of your requested settlement amount, are you willing to compromise or stick your initial request? While compromising can speed up a resolution to your settlement request, you could increase the amount of your settlement if you stick to your initial request.
Why do people cash their settlement checks?
You might be asking, “Why would you cash a settlement check? Why not just deposit it in your bank account?”. At Value Check Cashing Near Me, we get the opportunity to help a lot of customers cash their settlement checks. And yes, many people who decide to cash a settlement check do have a bank account. One of the main reasons our customers decide to cash their check is the amount of time it takes for the bank to clear the funds.
Settlement checks are usually larger than paychecks and are not typically issued on a regular basis. To protect themselves from losing money, many banks will want to place the funds on hold for five to ten business days to ensure the funds settle in the account before making them available to the customer.
Settlement checks can take weeks or even months to be issued from a settled lawsuit. By the time the funds are issued, many customers report having various bills that are already overdue. Waiting an additional 10 days for the check to clear is simply not an option for them. This makes cashing a settlement check the best option for them.
What do you need to cash a settlement check?
Value Check Cashing Near Me has experience cashing settlement checks, and would love to have the opportunity to make your check cashing experience a great one. Customers looking to cash a settlement check should bring in the following items to ensure a smooth process.
- Your settlement check unsigned.
- The check stub or letter that accompanied the check.
- Your valid, government-issued photo ID (click the link to learn what to do if you don’t have one.)
- Any additional documentation you have from your attorney’s office regarding your settlement.
If you need to cash a settlement check, try your best to get to the check cashing store before 5pm to give the teller the best possible chance to verify your check. If you can’t make it to the store before 5pm, visit our website and click the Check Pre-Verification button so we can verify your check before you arrive.
If you need to cash a settlement check in Tulsa, give us a call or send us a text message today!