Stimulus checks now cashable on Venmo
WASHINGTON - Venmo has rolled out a new feature allowing users to cash printed, payroll and government checks directly from their smartphone into their accounts.
With the new "Cash a Check" feature, eligible U.S. Venmo customers who receive a government stimulus paper check in the coming weeks will be able to send it directly to their account through the app, according to the company.
Users will be able to take a picture of a check they want to cash and send it for review using the Venmo app. According to the company, the process typically takes a few seconds although it can up to an hour to verify the check information prior to its approval. However, checks that aren't approved will not be processed and funds will not be received through Venmo.
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Darrell Esch, the senior vice president of Venmo, said the move will help to eliminate the need to physically go to a check-cashing location and wait in line with other people at a time when the number of COVID-19 cases surges.
"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," he said.
READ MORE: Here’s when your second stimulus check will arrive
For a limited time, the company is also waiving any fees associated with the feature for government-issued checks to "ensure customers can use their stimulus funds to pay for the things they need most," Esch said.
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The feature comes as eligible Americans around the country wait for another round of government relief.
READ MORE: $600 COVID-19 stimulus checks to hit bank accounts as soon as Tuesday night, Mnuchin says
U.S. Treasury Secretary Steven Mnuchin announced that the government started sending out paper checks for an additional $600 payment last Wednesday, meaning people should begin receiving those within the coming week if they haven't already.
"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 Esch.
If an individual has direct deposit information on file with the IRS, they should receive their money even quicker.