Venmo has added a new feature that will allow select users in the US to cash checks including their latest stimulus check directly from the money transfer app.
The company's “Cash a Check” feature can be used to cash printed, payroll and US government checks from the safety of your home. While using the feature would normally require users to pay check cashing fees, Venmo is waiving all fees on stimulus checks for a limited time.
In order to be eligible to use Cash a Check, Venmo users will need to have either Direct Deposit or a Venmo Debit Card as well as a verified email address and location services enabled on their smartphone.
- We've assembled a list of the best mobile payment apps around
- These are the best personal finance apps on the market
- Also check out our roundup of the best tax software
In a statement to TechCrunch, SVP and GM of Venmo Darrel Esch explained that the new feature will allow users in the US to access their stimulus money quickly and safely, saying:
“We know that with health and safety top of mind for many, having a safe way to access stimulus payments is essential for many of our customers, especially those who are receiving paper checks and traditionally would have to visit a physical check-cashing location. By introducing the Venmo Cash a Check feature, we are not only enabling our customers to access their money quickly and safely from the comfort of their own homes but are also waiving all fees for cashing government-issued checks to ensure customers can use their stimulus funds to pay for the things they need most.”
Cash a Check
Eligible Venmo customers in the US will be able to use Cash a Check to take a picture of an endorsed check and send it to the company to review in much the same way that they would do so with the mobile banking apps they likely already use.
Checks will then be reviewed by Venmo and this process can take as little as a few seconds. However, in some cases, the review may take several minutes or even up to an hour. If a check is approved by the company, its funds will be immediately transferred to a user's Venmo account.
Venmo plans to temporarily wave fees on stimulus checks over the next couple of weeks. Eventually though, one percent fees will apply to any government or payroll check with a pre-printed signature cashed using the app. Hand-signed payroll and government checks though will have a five percent check cashing fee.
According to a blog post from Venmo, its new Cash a Check feature is rolling out now to users on iOS and Android in the US. However, the company recommends updating to the latest version of its mobile app to ensure the best performance possible when cashing checks using its service.
- We've also highlighted the best payment gateways