After dealing with a difficult litigation case, receiving your personal injury check can be exciting. However, if you are unsure how to cash your personal injury check, you may be wondering how you are going to access the funds you fought so hard for.
There are several potential ways you can go about accessing your personal injury check. If you need access to your funds in advance and are waiting for your personal injury check to come in, do not hesitate to contact our team of loan specialists at High Rise Financial for pre-settlement funding for your personal injury claim.
In This Article
Who Can Receive a Personal Injury Check?
When another party’s negligence or misconduct is the cause of your damages following an accident, incident, or another event, that party can be ordered to compensate you for all of the ways your life has been affected by your injuries or the incident itself. This is commonly referred to as “being made whole.”
Anyone who was involved in any sort of civil matter or had the opportunity to pursue a personal injury claim may have the right to compensation for their losses. Some of the more common types of personal injury cases include:
- Slip and fall accidents
- Car accidents
- Truck accidents
- Premises liabilities
- Medical malpractice
- Motorcycle accidents
- Bicycle accidents
- Construction accidents
- Work injuries
- Trampoline accidents
- Dog bites
- Swimming pool accidents
These are only a few of the different kinds of incidence and events that warrant a personal injury settlement payout. After you have suffered injuries, working with a personal injury attorney may be the best way to ensure you are compensated fairly for your damages.
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Cashing Your Personal Injury Check
After you receive your personal injury check, there are some important details you will need to keep in mind. Cashing a check of a substantial dollar amount may result in the bank requiring you to provide them with two forms of identification.
The bank may also be required to reach out to the bank that issued the personal injury check to ensure the legitimacy of the check.
Cash Your Settlement Check with Your Bank
One of the most popular ways to cash a personal injury check is through the bank that you have an account with. However, since this may not be the issuing bank, you may not have access to the total dollar amount until the check clears.
Depending on the amount of the check and the bank policies, the bank has the authority to place a hold on your check for seven days or more. Typically, banks have the authority to hold money:
- For a maximum of five days for a bank that did not issue the check
- For a maximum of two days for a bank that did issue the check
Cash Your Personal Injury Check with the Issuing Bank
Another popular way of cashing a personal injury check is by doing so with the bank that issued the check. The issuing bank may also require two forms of identification before they allow the check to be cashed. They may also charge you a flat fee if you do not bank with their institution.
Cash Your Personal Injury Check without a Bank Account
There are many reasons why you may want to cash your check without a bank account. Many people prefer to keep their money out of banks, while others simply do not use bank accounts regularly.
There are several places you may be able to cash your personal injury check, such as grocery stores, check cashing service providers, convenience smarts, and other locations.
However, these check cashing places may only be able to cash checks up to a certain dollar amount. If you are receiving a significant dollar amount in your personal injury check, these retailers may not have the cash to provide you.
How Long Will It Take to Get My Personal Injury Check?
It is difficult to say how long it will take for your personal injury check to come in once your attorney has started working on your case. It can take months or longer for the personal injury claims process to play out. Once a verdict has been reached or an insurance settlement has been agreed upon, it could still take some time before the liable party compensates you for your damages, particularly if there is an appeal of a jury verdict.
When you need access to your benefits and compensation now, you do not have to wait. When you contact High Rise Financial, you can find out how much we can authorize in pre-settlement funding. You no longer have to wait for your personal injury check to come in to start rebuilding your life.
Steps to Receiving Your Settlement Check
Before you can receive your personal injury settlement check, there are several steps that the check needs to go through, including:
- Signing a release form so the defendant is released from any further legal obligation to your injuries
- Waiting for the insurance company or liable party to process the release form and generate your personal injury check before it can be mailed out
- Your attorney receiving the check where it will be deposited into a trust or escrow account, which can take up to seven total business days to clear
- Your attorney pays out your liens, past owed balances, your attorney’s fees, and your pre-settlement funds
- Your attorney sends you a check or meets with you to provide you with the remaining amount of your personal injury settlement through a check or by direct deposit, depending on the circumstances of your case
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Contact High Rise Financial for Financial Support Today
If your personal injury case has been resolved and you are simply waiting for your check to come in, High Rise Financial is here to give you an advance on your settlement. When your check comes in and you need to cash it, you can do so through your own bank or the bank that issued the check, and pay back your lawsuit loan.
Find out how much we could authorize in pre-settlement funds today when you contact our office through the quick contact form or by phone.