Where Can I Cash My Settlement Check?

Businessman prepare writing check in the office

Cashing a settlement check after winning a personal injury case may require special arrangements due to the size of the amount. If you have an account with a bank or credit union, you can cash or deposit it. Be aware that some banks may place a hold on large amounts until it clears. You can also cash the check at the bank that issued it (listed on the check). Bring a valid photo ID, and note that non-account holders may be charged a fee.

However, before you receive that check, you might be facing financial instability as the legal process can take a long time. With pre-settlement lawsuit funding from Mustang Funding, you can use the money to pay for medical or living expenses, mortgage, or car payments. Mustang Funding is a litigation finance company focused on high-quality, transparent capital solutions for law firms and their clients. Pre-settlement funding is non-recourse, so you do not have to repay it if you do not win your case.

What You Will Need to Cash  or Deposit Your Settlement Check

To cash or deposit your settlement check after winning a lawsuit, you will typically need the following:

  • Proper Identification: A government-issued photo ID, such as a driver’s license or passport, to verify your identity when cashing the check.
  • Endorsement: You must sign the back of the settlement check, endorsing it for deposit or cashing.
  • Bank Account (Optional): If you want to deposit the check rather than cash it outright, you need an active bank account. Some banks may place a hold on large settlement checks, so inquire about their policies.

Note that your settlement check is initially deposited into an escrow account before final disbursement. While most personal injury settlements are not taxable, certain portions, such as punitive damages or lost wages, may be taxed. Consult a professional if you’re unsure.

What To Do If You Don’t Have a Bank Account

If you don’t have a bank account, you can still cash your settlement check using alternative methods, though they charge fees. Here are your options:

  • Check-Cashing Services: Visit a check-cashing service or payday loan store. These services will cash your check, but they charge a percentage of the check amount as a fee.
  • Issuing Bank: Cash the check at the bank that issued it (the bank name will be printed on it). You will need to provide a government-issued photo ID. Some banks charge a fee for non-account holders.

How Does Pre-Settlement Funding Work?

As noted, it can take a long time to receive a settlement from a lawsuit. Meanwhile, you most likely need money for your basic needs, especially if an injury has prevented you from working. Insurance companies know this, so they may try to drag the settlement process out so that plaintiffs are forced to accept a lowball offer due to pressing financial needs. However, with pre-settlement funding, you can focus on healing while your case resolves.

Here’s how pre-settlement funding works:

You must have a pending lawsuit and legal representation to qualify for pre-settlement funding. The application process for a pre-settlement loan can take less than two minutes. The application is free, and there are no hidden fees or charges. One of our team members will promptly assist you after submitting your application.

After consulting with your attorney, we will base our final decision on whether we believe you will win compensation and how much you are likely to receive. If you have provided complete contact information for your attorney, we could have an answer for you in just 24 hours.

If approved, you should receive your pre-settlement funding in as little as 24 hours. Funds are dispersed via check or direct transfer.

Contact Us at Mustang Funding

Mustang Funding is a litigation finance company focused on high-quality, transparent capital solutions for law firms and their clients. Founded in 2018 and based in Wayzata, MN, our mission is to empower the pursuit of justice for individuals and law firms nationwide.  

Our innovative and flexible litigation funding solutions ensure that no one is denied their right to a fair legal battle due to financial constraints. Learn more from our ultimate guide to pre-settlement funding. If you have any questions, feel free to contact us. We’re happy to help.

About Mustang Funding

Mustang Funding, founded in 2018 and based in Wayzata, MN, is a litigation finance company dedicated to empowering individuals and law firms nationwide with transparent and innovative financial solutions. With over $170 million funded, 10,000+ checks issued, and more than 3,000 cases financed, Mustang provides plaintiff pre-settlement funding, law firm financing, and commercial funding to meet diverse client needs. Their commitment to transparency, integrity, and expertise sets them apart, offering tailored financial support to plaintiffs, businesses, and legal professionals. By bridging capital gaps and fostering access to justice, Mustang Funding continues to lead the legal asset investment industry with a strategic, inclusive, and forward-thinking approach.

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