Venmo is finally jumping on the digital check cashing bandwagon: The mobile payment service this week introduced Cash a Check with Venmo, allowing select customers to, well, cash checks.
No need to mask up for a visit to the bank, sanitize after using an ATM, or follow social distancing rules while waiting in line. Simply follow the in-app directions (Menu > Manage Balance > Cash a Check) to scan your money order and send it for review.
The verification process should typically take a few seconds and up to five minutes on rare occassions. However, users should be aware that approval may take upwards of an hour if more check verifying information is required. Once confirmed, the money will be transferred to a Venmo account. Unauthorized checks will not be processed, and funds will not be received.
"We know now, more than ever, many of you are using Venmo to spend and manage your money," a company blog announcement said. "Whether you're sending payments to support friends, family and people in your community, or paying for essentials like groceries and bills, we're here to help."
As an added bonus (and only for a limited time), the one percent fee to cash government checks will be waived for those depositing their stimulus check—"to enable affordable access to this much-needed funding, so you can use it on the things you need most," according to the blog.
To check whether you're eligible for the new Cash a Check feature, download or update to the latest version of Venmo for iOS or Android, and ensure you're running the latest operating system. Check transfers must be at least $5, but no more than $5,000 per day for each Venmo user; the total maximum transfer per account in 30 days is $15,000.