Venmo introduces Cash a Check feature; waives off fees for government stimulus payments

By Pavithra R

Venmo, a mobile payment service owned by PayPal, has announced the launch of a new feature in the Venmo app for select customers called Cash a Check with Venmo, providing seamless access to user’s money.

Venmo’s new check capturing feature will allow users to quickly and seamlessly cash checks straight from the Venmo app, without needing to visit a bank or physical check-cashing location or worrying about waiting in lines as people continue to follow social distancing protocols. 

The firm has also announced that for people who may have recently received a government stimulus paper check, all fees associated with the Venmo Cash a Check feature for these funds will be waived for a limited time, to enable affordable access to this much-needed funding. The otherwise standard fee is 1% for payroll and government checks with a pre-printed signature and 5% for all other accepted checks, with a $5 minimum fee per check.

To use the Cash a Check service user must have completed the required identity verification (by applying for the Venmo Debit Card or Setting Up Direct Deposit) and have verified their email address. To access cash a check:

• Download the Venmo app, and make sure to use the latest app version.
• Go to the “☰” menu and tap “Manage Balance”.
• Select “Cash a Check.” Users will be prompted to verify account information if it is not already done.

The new feature allows select customers to cash checks and have them sent to a Venmo account. To use Cash a Check feature, eligible customers in the US can take a picture of the check they want to cash and send it for review using the Venmo app on a mobile device. Reviewing a check for approval usually takes a few seconds, although it can take 3-5 minutes and in rare circumstances, up to an hour to verify enough check information to make an approval decision. If the check is approved, the money will be transferred to a Venmo account in minutes, with the fees associated with instant disbursement waived for all government-issued stimulus checks processed within the Venmo app.

Users may cash checks ranging in value from a minimum of $5 to a maximum of $5,000. Users can cash multiple checks totalling up to $5,000 in value per day and up to $15,000 in value per month. All checks are subject to review for approval. User information is stored in Ingo Money Inc. systems designed to prevent unauthorized access by others, and personal information is only shared as set forth in the Ingo Money Privacy Statement. 

Founded in 2009, Venmo is designed to be a place where friends and family can send, split and share purchases and experiences. The latest version of the Venmo app is available with both iOS and Android.