PayPal Holdings, Inc. (NASDAQ: PYPL) recently announced its check-cashing fees associated with the PayPal cash-a-check feature are being waived for government stimulus paper check recipients, enabling more customers to access their funds usually within minutes, from the safety of their own home, free of charge.
PayPal reported that customers who used the PayPal or Venmo Direct Deposit feature to receive a stimulus payment in the first round of stimulus payments earlier in 2020 will automatically receive their payment directly through PayPal or Venmo again if they’re eligible for a second payment. John Kunze, Senior Vice President of Branded Experiences of PayPal, further explained:
“In the first wave of the government’s stimulus payments in April and May, we saw an incredible number of customers look to PayPal as a way to receive their stimulus payment quickly and securely, either through Direct Deposit or using the PayPal cash-a-check feature. With the next round of payments to individuals coming soon, customers receiving a government-issued paper stimulus check over the coming weeks will be able to cash their check without visiting a physical check-cashing location, simply by taking a picture of the check within the app to receive the funds quickly and easily.”
PayPal further revealed that in an addition to the fee waiver, the usual fees associated with instant funds access will now be waived for all government-issued stimulus checks processed within the PayPal app using the cash-a-check feature, so customers can access their funds typically within minutes of cashing their check, without compromising their health and safety.