Cash your stimulus check in minutes straight to your Venmo account. Here's how
Venmo is waiving fees on stimulus payment deposits for a limited time so you can get to your money faster. Here's how to do it.
- She received the Renau Writing Scholarship in 2016 from the University of Louisville's communication department.
Venmo added a new feature that lets your cash checks from home -- including your stimulus payment.
The second stimulus check is starting to appear in bank accounts and mailboxes of qualified US adults. The IRS and US Treasury are still working on delivering the second round of stimulus payments --through direct deposit, paper checks and EIP cards (Calculate your stimulus total) -- ahead of Jan. 15, a deadline specified in the new stimulus package.
If your second stimulus check is arriving in the mail (here's how to track it with the IRS and USPS), you might not have to leave the house to cash it. Venmo, the money transfer app, added a new feature called Cash a Check for select customers on Monday.
How do I know if I qualify to use the Venmo app for cashing stimulus checks?
The new check-cashing feature doesn't apply only to stimulus checks, but you can use it add the money from a second stimulus check directly into your account. To use the feature, you'll need a Venmo account, a verified email address, a Venmo debit card or an active direct deposit on the account. Location services are also used. The app partnered with First Century Bank and Ingo Money to provide the service. Ingo Money also provides the check-cashing feature for PayPal, Venmo's parent company.
See also: Best credit cards
Does Venmo get a cut of my stimulus check?
No, Venmo said it's temporarily waiving fees associated with Cash a Check for those who have recently received a government stimulus check, which means that for now, using the service is free and you will keep all of your stimulus money.
Venmo's new check-cashing feature is meant to make the stimulus check process easier.
Since Venmo is owned by PayPal, the app normally charges a 1% check cashing (a $5 minimum) for government checks that have a preprinted signature, according to PayPal's terms and conditions. If the check is hand-signed, there's a 5% fee, with a minimum of $5.
Typically, Venmo's check-cashing program lets you can select how quickly you'll need access to your money-- the In Minutes or In 10 Days options. In Minutes usually has a fee, but Venmo is waiving the 1% fee for disbursement in minutes for government-issued stimulus checks to enable quick access to stimulus funds.
After Venmo has waived $400,000 in fees, its check-cashing feature will return to normal operations.
How to cash your stimulus check through the Venmo app
- Download the Venmo app and create an account if you haven't already.
- Open the side menu panel.
- Choose Manage Balance
- Tap Cash a Check and follow the onscreen prompts to verify your account information.
- Tap Get Started
- Read and accept the privacy policy and terms of service.
- Type in the check amount.
- Follow the onscreen prompts to use the app to take a photo of the front and back of your check. Venmo will offer tips to get the best image of your check, and you can always take the shot.
- Tap the checkmark to continue.
You can also find Cash a Check through Settings by scrolling down to Cash a Check under the Buying section. The steps are the same.
From there, Venmo will conduct a brief review process to make sure funds are available. The company said that on rare occasions, that could take up to an hour. If the check is approved, the check amount will be deposited into your Venmo account. If the check isn't approved, it won't be processed and the funds won't go to an account.
You can also keep track of your transactions under Check Activity. To find it, tap the settings icon on the screen where you would enter your check's amount.
For more information about stimulus checks, here's when your second check might come, what would hold up delivery of your $600 payment and everything we know about a third stimulus check.