Venmo has just launched a check cashing feature on its popular mobile payment service and, in a magnanimous move, is also temporarilyaving the standard rate of 1% for those who discount a covetous stimulus check. TechCrunch reports that Venmo’s new Cash a Check service is being launched for selected iOS and Android users starting this morning, and these users can now use the Venmo app to receive printed paymentsUS government roll and checks – including ambitious, no-fee stimulus checks.
Qualified users must have an active Venmo account in good standing. Direct deposit or Venmo debit card will also need to be activated, as well as location services and a verified email address. All details on how to cash a check through Venmo are provided here. This is useful if your bank charges a fee for cashing checks or if you don’t have a bank account. (Venmo Direct Deposit requires a link to an account with a financial institution, but the Venmo Debit Card does not.)
Venmo’s check cashing feature works in the same way as using mobile deposit via a banking app. Sign the back of your check, take a photo of the front and back and send. Venmo says the check approval process, which is handled by First Century Bank and Ingo Money, takes just a few seconds, although it can take more than 3-5 minutes in some cases. In rare cases, it can take up to an hour. (Ingo Money is the same financial institution that handles check deposits for a similar resource in PayPal App, The parent company of Venmo.)
If you have not set up your first coveted stimulus payment to go directly to your Venmo account, unfortunately there is no way to change this to your second payment. The federal government is not opening the direct deposit portal again, Venmo notes in his FAQ page. But if you expect a printed check to arrive in the mail, which the IRS started sending on Wednesday, December 30, the new Cash a Check feature is a way around that.
Vaguely, Venmo does not provide a definitive end date for its covetous check cashing offer without fees. Inside fine print, the company says: “The offer ends when the $ 400,000 USD limit is reached.” It is not clear whether this is a bank intuition limit for these transactions or a limit imposed by the government, but Venmo is absolutely clear that this is a limited time offer. If you already have your $ 600 check in hand and want to keep $ 6 in processing fees, do it now.
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If you don’t have your stimulus payment yet, go to the Get my payment portal on the IRS website and read a book, make a crochet sweater or make a lasagna while you wait. At the moment, the site is overloaded with requests and it may take a while to open the portal, but as soon as you log in, it will tell you when your check has been or will be sent.