The second stimulus checks are beginning to be deposited into bank accounts and delivered in the mail. There’s a fast-approaching deadline of Jan. 15 in the new stimulus package for the IRS and US Treasury to finish making this second round of stimulus payments, through direct deposit, paper checks and EIP cards. (Calculate your stimulus total.)
If you’re getting your second stimulus check in the mail (here’s how to track it with the IRS and USPS), you might not have to leave the house to cash it. Venmo, the money transfer app, added a new feature called Cash a Check for select customers on Monday.
Am I eligible to use the Venmo app for cashing stimulus checks?
The new check-cashing feature doesn’t apply only to stimulus checks, but you can use it add the money from a second stimulus check directly into your account. To use the feature, you’ll need a Venmo account, a verified email address, a Venmo debit card or an active direct deposit on the account. Location services are also used. The app partnered with First Century Bank and Ingo Money to provide the service. Ingo Money also provides the check-cashing feature for PayPal, Venmo’s parent company.
Is Venmo taking a percentage of my stimulus check?
Venmo said it’s temporarily waiving fees associated with Cash a Check for those who have recently received a government stimulus check, which means that for now, using the service is free and you will keep all of your stimulus money.
Since Venmo is owned by PayPal, the app normally charges a 1% check cashing (a $5 minimum) for government checks that have a preprinted signature, according to PayPal’s terms and conditions. If the check is hand-signed, there’s a 5% fee, with a minimum of $5.
CNET reached out to Venmo for more information about its policy regarding stimulus checks, and we’ll update when we hear back…Read more>>