Why Not Pay to Cash? The receiving bank might accept a bad check and add funds to your account, but eventually, the check will bounce. Continue Reading. You have several options available, ranging from old-fashioned to high-tech.
If you lose a check made payable to cash, anyone who finds it can cash it. Note: Banks, digital wallets, and other financial services often set limits on how much money you can transfer in a single transaction, a day, or a month.
You can then deposit the check to another account, or just cash it. But it's probably easier to just withdraw cash from an ATM you won't use a check, and you don't have to wait for a teller.
However, be aware that there might be easier — possibly faster — ways to move the money electronically. Because the check is not payable to a particular person or organization, anybody who has possession of the check can cash or deposit the check.
Closing an Account? On PayPal, for example, you can transfer money in and out of your bank account and transfer money to other PayPal accounts.
That may be convenient, but it's also risky.