For those who may think, “why would I be writing a check to myself?”, you’re not alone. After all, you own the money already, right? In this post, I’ll walk you through why you would write a check to yourself and how to go about doing it.
One of the top scenarios where you might find yourself writing personal checks to yourself is when you want to transfer funds from one bank account to another that you’re opening at another financial institution.
The good news about writing a check to yourself is that it’s the same as writing a check to someone else. You will also sign the back of the check too. Then you can deposit it in your new account or cash it.
There’s absolutely nothing illegal about doing this. It’s your money, and just like any other financial tool, you can use it to transfer funds or access your cash. However, there is an exception that most people are aware of.
The final question you might have is, where are the places you can cash your check if made out to yourself? The most obvious answer is your own bank or credit union.
Whether you need some cash or you’re looking to close a bank account, writing a check to yourself might be the last thing you end up considering. Here are a few options to consider.
ACH transfers are an easy way to transfer funds from one account to another account at another bank without incurring fees or taking the time to write a check to yourself.
Obviously, the best way to do this is to withdraw money at a local ATM using your debit card. If you’re at the grocery store, you can even get cash using your debit card so that you have a bit of pocket money you need for something.