Venmo feature lets users deposit Covid stimulus check without fees 

HomeScience

Venmo feature lets users deposit Covid stimulus check without fees 

Venmo, the increasingly popular mobile payment app, has just announced a new check-cashing service.Offered to select US users on Monday, the Cash a

Biden ignores question on stimulus check promise
Fact check: Image of Jill Biden handing out food to asylum-seekers in 2019 is missing context
Biden's 100 days in office: Is America back open? COVID outbreak check, status of schools, mask guidelines


Venmo, the increasingly popular mobile payment app, has just announced a new check-cashing service.

Offered to select US users on Monday, the Cash a Check option can be used to cash printed, payroll and U.S. government checks without visiting a bank, including the latest stimulus checks.

There is a fee attached to the service, though Venmo is temporarily waiving the charge for stimulus checks, ‘to enable affordable access to this much needed funding, so you can use it on the things you need most.’

Scroll down for video

Venmo has announced a new check-cashing option. A one-percent fee for pre-printed government checks will be waived temporarily for new stimulus checks

Venmo has announced a new check-cashing option. A one-percent fee for pre-printed government checks will be waived temporarily for new stimulus checks

‘We know now, more than ever, many of you are using Venmo to spend and manage your money,’ the company said. ‘Whether you’re sending payments to support friends, family, and people in your community, or paying for essentials like groceries and bills, we’re here to help.’

The service allows users to access funds without waiting in line at a bank or check-cashing place and potentially exposing them or others to COVID-19.

Eligible customers must have a verified email address, location services activated and either Direct Deposit or a Venmo Debit Card enabled on their Venmo account.

To ‘cash’ a check, a user uploads a photo of it for review, a process the company says typically takes three to five minutes.

Customers take a photo of their check and upload it to the app for approval. While Venmo says the process should only take three to five minutes, it can take up to an hour in some circumstances

Customers take a photo of their check and upload it to the app for approval. While Venmo says the process should only take three to five minutes, it can take up to an hour in some circumstances

In rare instances, though, it can take up to an hour to verify enough information to approve the transaction.

If approved, the funds are transferred within minutes into a Venmo account affiliated with First Century Bank and Ingo Money.

Ingo Money already offers a similar cash-checking feature for PayPal, Venmo’s parent company.

A one-percent fee will apply to any pre-signed government or payroll check cashed in the app, according to TechCrunch, with a minimum fee of $5.00.

The fee is being waived for stimulus checks right now but is expected to kick in within a few weeks.

Hand-signed payroll and other checks have a five percent check-cashing fee attached, with the same $5 minimum.

‘We’re always looking for new ways to make it easier for our community to access and manage their money, especially as people continue to experience financial hardships amidst the global pandemic,’ said Venmo general manager Darrell Esch. 

‘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.” 

In October Venmo launched its own physical credit card, a no-fee Visa issued by Synchrony Bank.

Issued by Synchrony Bank and powered by Visa, Venmo's no-fee credit card comes with an RFID-enabled chip, so customers can tap to pay for a contact-free transaction

Issued by Synchrony Bank and powered by Visa, Venmo’s no-fee credit card comes with an RFID-enabled chip, so customers can tap to pay for a contact-free transaction

It comes with a unique QR code on the front and an RFID-enabled chip, so customers can tap to pay for a contact-free transaction.

A personalized cash-back program automatically rewards users in their most popular spending categories.

Similar to other credit cards, the Venmo Visa offers cash rewards on items users spend the most on – up to three percent in their top spending category, up to two percent on the second highest, and up to one percent back on all other purchases.

In June 2018, Venmo launched a debit card that allows users to make purchases in-store and online, withdraw funds from ATMs and earn cash back at select merchants.  

In October 2020, Venmo announced it would allow soon users to purchase and use use cryptocurrencies like Bitcoin and Ethereum in select global markets. 

COMMENTS

WORDPRESS: 0
DISQUS: 0