Ingo Money allows you to cash checks in minutes, anytime and anywhere. That means no more waiting for your bank to post a check deposit to your account. However, Ingo Money comes with fees attached, so are there any alternatives worth considering? Find out more about apps like Ingo in this article.
How does Ingo Money work?
Before we delve into alternative apps, let’s first look at the basics of Ingo Money. With this app, you can cash personal checks, business checks and paychecks. The funds appear within minutes, and you can transfer them to your bank, PayPal account or to a prepaid card. Alternatively, use your funds to pay your credit card bills, buy an Amazon gift card or even split a check with friends.
Ingo Money fees
With this app, you’ll have to pay fees of 2% for payroll and government checks with a pre-printed signature and 5% for all other accepted checks. A minimum charge of $5 applies per check. You can avoid fees if you can wait ten days to get your funds (providing your check is approved and doesn’t return unpaid in that time).
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ACE Mobile Loads app
This app is from the creators of Ingo Money and works similarly. With ACE Mobile Loads, you can load most types of checks (between $5 and $2,500 in value) onto your ACE Elite™ Card and access your money in minutes.
A limit of up to $5,000 in check funds can be loaded per day and up to $10,000 in funds per month. The fees for instant processing are the same as the Ingo Money app.
Go2Bank is a full featured mobile banking app with a host of features. You can access an overdraft line of up to $200 by setting direct deposit of your paycheck or government benefit payments, and there are no overdraft fees is you bring your balance back to positive within 24 hours of your first overdraft. Plus, Go2Bank offers two day early access on your paycheck, up to 7% cash back on gift cards from popular retailers and restaurant chains, and no-fee access to thousands of ATMS.
Plus, when you sign up with Go2Bank and a make a qualifying direct deposit, you’ll receive a $50 signup bonus with no strings attached!
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Lodefast Check Cashing app
The Lodefast Check Cashing app enables you to cash checks from your phone and transfer your money to your bank account or any prepaid debit card. Available from the Lodestar Financial Group, Lodefast is only licensed for use in Florida and California, although it will soon be available in Texas.
This app is handy for businesses looking to cash checks quickly, but it is available to those looking to cash personal checks too (in those states mentioned above!).
Once your check is approved, you can access your money in as little as 5 minutes, but it can take up to one hour. The fees for processing checks range from 3% to 5%, but if you’re happy to wait ten days, it’s free.
Other apps you might like
Some other apps can help you access your money quickly too – not by cashing checks instantly, but by giving you a cash advance on your paycheck. Check out these for starters:
Dave app – Dave can help you avoid overdrafts by alerting you when your bank account is running low on funds. The app can also offer you a cash advance of up to $75 from your next paycheck. Learn more about the Dave app.
Earnin app – if your employer is signed up with Earnin, this app could help you out with your cashflow problems. Earnin allows you early access to your paychecks directly from your smartphone. There are no fees as such, but the app encourages you to leave a tip. Check out four things you should know about the Earnin app here.
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