Beginning to appear in bank accounts and mailboxes of qualified US adults is the second stimulus check. New stimulus legislation stipulates that the IRS and US Treasury must deliver the second round of stimulus payments by January 15, via direct deposit, paper checks, and EIP cards (Calculate your total stimulus payment).
If your second stimulus check is being mailed to you (here’s how to track it with the IRS and USPS), you may not have to leave your home to cash it. On Monday, Venmo introduced a new feature called Cash a Check for a select group of users.
How can I determine if I am eligible to use the Venmo app to cash my stimulus check?
The new check-cashing feature does not only apply to stimulus checks, but you can use it to directly deposit the funds from a second stimulus check into your account. You must have a Venmo account, a verified email address, a Venmo debit card, or an active direct deposit on the account to use this feature. In addition, location services are used. The app provided the service in partnership with First Century Bank and Ingo Money. Ingo Money also provides check-cashing services to PayPal, the parent company of Venmo.
Does Venmo receive a portion of my stimulus payment?
No, Venmo said it is temporarily waiving Cash a Check fees for those who have recently received a government stimulus check. This means that for the time being, the service is free and you will keep all of your stimulus funds.
The new check-cashing feature of Venmo is intended to facilitate the processing of stimulus checks.
According to PayPal’s terms and conditions, since Venmo is owned by PayPal, the app charges a 1 percent check cashing fee (a minimum of $5) for government checks with a preprinted signature. There is a 5 percent fee, with a minimum charge of $5, for handwritten checks.
Typically, Venmo’s check-cashing program allows you to choose between the In Minutes and In 10 Days options, depending on how quickly you require access to your funds. In Minutes typically incurs a fee, but Venmo is waiving the 1 percent fee for disbursement in minutes for government-issued stimulus checks in order to facilitate immediate access to stimulus funds.
The check-cashing feature will resume normal operations once Venmo has waived $400,000 in fees.
The following: Second stimulus checks: All the information you need
- How to cash your stimulus check via the Venmo application
- If you have not already, download the Venmo app and register for an account.
- Open the menu panel on the side.
- Choose Balance Management
- Follow the on-screen instructions to verify your account information after tapping Cash a Check.
- Tap Get Underway
- Read and agree to the terms of service and privacy policies.
- Enter the check’s amount.
- Follow the on-screen instructions to photograph the front and back of your check using the app. Venmo will provide advice on how to take the best photo of your check, and you can always take the photo yourself.
- Tap the checkbox to proceed.
- You can also locate Cash a Check in Settings by scrolling down to the Cash a Check section under Buying. The steps are identical.
Following this, Venmo will conduct a brief review to ensure funds are available. The company stated that this could take up to an hour on rare occasions. If the check is accepted, the funds will be transferred to your Venmo account. If the check is rejected, it will not be processed and the funds will not be deposited into an account.
You can also track your transactions using the Check Activity section. Tap the settings icon on the screen where you would enter the check’s amount to locate it.
Here is additional information about stimulus checks, including when your second check may arrive, what could delay delivery of your $600 payment, and what we know about a third stimulus check.