Venmo has just introduced a check cashing feature in its popular mobile payment service, and in a magnanimous move, it’s also temporarily waiof the standard 1% fee for anyone taking a covid stimulus control. TechCrunch Reports that Venmo’s new Cash a Check service is rolling out for select iOS and Android users starting this morning, and those users can now use the Venmo app to cash in on printed paymentsrole and US government controls – including covid stimulus controls, free.
Eligible users must have an active Venmo account in good standing. Direct deposit or Venmo debit card must also be enabled, as well as location services and a verified email address. Full details on cashing a check through Venmo are provided here. This is useful if your bank charges 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 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 submit. Venmo says the check approval process, which is handled by First Century Bank and Ingo Money, takes only a few seconds, although it can take up to 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 payments for a similar position on PayPal app, Venmo’s parent company.)
If you haven’t set your first covid stimulus payment to go directly to your Venmo account, unfortunately there is no way to change that for the second payment. The federal government is not reopening the direct deposits portal, Venmo notes FAQ page. But if you expect to see a paper check in the mail, which the IRS began sending out on Wednesday, December 30, the new Cash a Check feature is one way to get around that.
Vaag doesn’t offer Venmo a hard end date for its free covid check redemption offer. In the fine print, the company says, “Offer ends when $ 400,000 USD limit is reached.” It’s not clear if that’s a bank intuition limit on these transactions or a government-imposed limit, but Venmo is crystal clear that this is a limited-time offer. If you’ve already got your hands on your $ 600 check and want to keep that $ 6 in processing fee, do it now.
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If you don’t have your incentive payment yet, go to the Get my payment portal on the IRS website and read a book, crochet a sweater, or bake a lasagna while you wait. The website is currently overloaded with requests and it may take a while to open the portal, but once you are in it will tell you when your check has been or will be sent.