What you need to know
- Venmo launched a new check-cashing feature within its app.
- The feature works by taking a photo of both sides of the check.
- Fees are waived for users cashing their stimulus checks.
Many today are relying on the assistance of the U.S. government to get by, and just as the long-awaited stimulus payment finally makes its way to citizens, Venmo is launching a feature that should make it easier to get your funds. The new feature, aptly named Cash a Check, allows users to do just that.
To use the feature, you have to visit the "manage balance" link in the app menu, which will bring up the option to cash a check. To get started, you'll have to first confirm your personal information, after which you'll be able to enter the amount on the check. You'll then be required to take a photo of the front and back of the check, in order to submit your transaction.
It should take up to a few seconds to be reviewed and processed, after which the balance will be added to your Venmo balance. According to Venmo, "it can take 3-5 minutes and in rare circumstances, up to an hour to verify enough check information to make an approval decision. "
There doesn't seem to be a more ideal time to roll out this feature, especially for those trying to avoid going to a bank or ATM during the ongoing pandemic. And while many banks already have a mobile check cashing feature on their apps, Venmo makes it easy for those who are without a bank account.
The Paypal-owned app already has both a debit and credit card that users can sign up for, and allows users to make purchases through certain online merchants. Users can even sign up for direct-deposit, essentially turning Venmo into a one-stop-shop for many of your banking needs, kind of like what Google is trying to accomplish with its new Plex banking service in Google Pay.
Venmo has stated that to further assist customers who take advantage of this feature, it's waiving the 1% fee for cashing government checks when users cash in their stimulus payment. To take advantage of this and more of Venmo's features, users simply need to download the app which is available on both iOS devices and any Android device, including the best cheap Android phones.
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