$1 million vaccine lottery Mass Effect: Legendary Edition Gas shortage 2021? PS5 restock update Android 12 Stimulus check updates

You can cash your stimulus check 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.

Listen
- 02:47
29-2021-cash-money-stimulus-bill-600-dollars-check-americans-congress-signed-law-direct-deposit-mail

Venmo added a new feature that lets your cash checks from home -- including your stimulus payment.

Sarah Tew/CNET

The second stimulus checks are beginning to be deposited into bank accounts and delivered in the mail. There's a fast-approaching deadline of Jan. 15 in the new stimulus package for the IRS and US Treasury to finish making this second round of stimulus payments, through direct deposit, paper checks and EIP cards. (Calculate your stimulus total.) 

If you're getting your second stimulus check 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. 

Am I eligible 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 for January 2021

Is Venmo taking a percentage of my stimulus check?

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. 

23-2021-cash-money-stimulus-bill-600-dollars-check-americans-congress-signed-law-direct-deposit-mail

Venmo's new check-cashing feature is meant to make the stimulus check process easier. 

Sarah Tew/CNET

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. 

CNET reached out to Venmo for more information about its policy regarding stimulus checks, and we'll update when we hear back. 

Now playing: Watch this: Second stimulus checks: Everything you need to know
3:22

Here's how to cash your stimulus check through the Venmo app

  1. Download the Venmo app and create an account if you haven't already.
  2. Open the side menu panel. 
  3. Choose Settings
  4. Scroll down and tap Cash a Check (the option will be under the Buying section).
  5. Tap Get Started
  6. Read and accept the privacy policy and terms of service.
  7. Type in the check amount.
  8. 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. 
  9. Tap the checkmark to continue.


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.