Venmo has added a new feature to its mobile payments app that will make users’ pandemic lives easier, especially when it comes to their banking needs that would otherwise require them to step out of their homes. That useful new feature is the ability to cash a check using the app itself, eliminating the need for visiting a bank branch or a physical check-cashing location. All you have to do is take a picture of the check using the new Cash a Check feature in the Venmo mobile app, send it for review, and get the deposit in your account. However, do keep in mind that this feature is currently limited to a handful of users.
Venmo's Cash a Check feature is currently available for select customers
“The Venmo Cash a Check feature allows select customers to cash checks and have them sent to a Venmo account. Using the fast-access Cash a Check feature is simple – eligible customers in the US can take a picture of the check they want to cash and send it for review using the Venmo app on a mobile device, rather than visiting a physical check-cashing location,” says the PayPal-owned company. It also mentions that cashing a check will usually take a few seconds, but in some cases, it might take up to an hour for the review process.
Receiving a stimulus check?
— Venmo (@venmo) January 4, 2021Cash it with Venmo with no fees and no trip to the bank.
Venmo is waiving its fee for stimulus checks
Additionally, the company is also waiving off its fee for government stimulus paper checks, but only for a limited time. The company adds that once a check sent using the Cash a Check feature has been approved, money will be transferred to the Venmo account within a few minutes. To recall, Venmo charges a 1% fee (minimum of $5) for payroll and government checks with a pre-printed signature, while the fee goes up to 5% for other types of checks with a handwritten signature.
Once the check is approved, money transfer happens in a matter of minutes
As for waiving the fee for government-issued stimulus checks, Venmo says the offer will end when ‘$400,000 USD cap has been reached.’ Also, the offer is limited to a maximum check transfer amount of $5,000 USD/day for each account holder. You can check out more details about the offer here. And in order to see if you’re eligible for using the Venmo app’s new feature, open the app on your Android or iOS phone and go to the Cash a Check feature to find out if it is available.
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