Venmo, a mobile payment service created by PayPal, announced on Monday the launch of its new check-cashing feature. According to Venmo, Cash a Check enables the service’s community to access a “quick, easy, and secure” way to cash paper checks. The feature will also allow select customers the ability to cash printed, payroll, and government checks directly from the Venmo app. Venmo also noted that it has waived fees for the latest government stimulus paper checks.
“Eligible Venmo customers who may receive a government stimulus paper check in the coming weeks will be able to use this new feature to have their stimulus checks sent directly into their account with Venmo, typically within minutes. All fees associated with the Venmo Cash a Check feature for stimulus funds will be waived for a limited time, to enable a fast, affordable and easy way to access much needed funding, without needing to go to a check-cashing location or wait in lines as people continue to follow social distancing protocols.”
While sharing more details about the feature, Darrell Esch, Senior Vice President and General Manager at Venmo, stated:
“We know that with health and safety top of mind for many, having a safe way to access stimulus payments is essential for many of our customers, especially those who are receiving paper checks and traditionally would have to visit a physical check-cashing location. By introducing the Venmo Cash a Check feature, we are not only enabling our customers to access their money quickly and safely from the comfort of their own homes but are also waiving all fees for cashing government issued checks to ensure customers can use their stimulus funds to pay for the things they need most.”
If the check is approved, the money will be transferred to a Venmo account within minutes, with the fees associated with instant disbursement waived for all government-issued stimulus checks processed within the Venmo app. Fees will be waived for a limited time only.