Venmo Now Lets You Cash Checks
Venmo has launched a new check cashing feature for it user. The option is available in Android and iOS apps in the US. Venmo ‘Cash a Check’ will allow users to snap a photo of a check and deposit it directly into a Venmo account.
Venmo’s new check capturing feature will allow you to quickly and seamlessly cash checks straight from the Venmo app, without needing to visit a bank or physical check-cashing location, the company says in the blog post announcing the new addition. The review process that makes the funds available should only take a few seconds, but in some cases may take up to an hour. If the check is approved, the money will be transferred to a Venmo account within minutes.
Venmo customers must have either a Venmo debit card or direct deposit active on their account, as well as a verified email address in order to cash checks through the app. The feature will also require location services to be active. Venmo has partnered with First Century Bank and Ingo Money to provide check cashing.
But should you use this new feature? Probably not. Venmo is waiving the fees for deposits of stimulus checks for a limited time. But after that, it will charge a 5% cashing fee for hand-signed payroll and government checks for a minimum fee of $5 and 1% on payroll or government checks with pre-printed signatures.
If you want to use Venmo to cash your checks, you can see if you are eligible by downloading the latest version of the app on iOS or Android. Make sure you’re running the latest operating system on your mobile device.
Conclusion
New features are great and all, but you should not be paying to cash check. Look into other banking apps or regular banks that provide free checking accounts and will cash your checks for free. Or even better, let the banks pay you with these nationwide bonuses.
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