If you have yourin the mail ( with the IRS and ), you may not have to go out to collect it. Venmo, the money transfer app, added a new feature on Monday called Cash a Check for select customers.
Am I eligible to use the Venmo app to collect stimulus checks?
The new check cashing feature not only applies to stimulus checks, but you can use it to transfer the money from adirectly in your account. To use the feature, you need a Venmo account, a verified email address, a Venmo debit card, or an active automatic deposit to the account. Location services are also used. The app partnered with First Century Bank and Ingo Money to provide the service. Ingo Money also offers check cashing functionality for PayPal, Venmo’s parent company.
Will Venmo take a percentage of my stimulus check?
Venmo said it temporarily waives fees associated with a cash check for those who have recently received onewhich means that using the service is free for now and you keep all of your incentive money.
Since Venmo is owned by PayPal, the app normally charges a 1% cash check (minimum $ 5) for government checks with a pre-printed signature, according to PayPal’s terms and conditions. If the check is signed by hand, you will be charged 5%, with a minimum of $ 5.
CNET reached out to Venmo for more information on its incentive check policy, and we’ll update when we hear back.
Here’s how to redeem your stimulus check through the Venmo app
- Download the Venmo app and create an account if you haven’t already.
- Open the side menu panel.
- Select Settings
- Scroll down and tap Cashing a check (the option is under the To buy section).
- Crane Get started
- Type the check amount.
- Follow the onscreen instructions to use the app to take a picture of the front and back of your check. Venmo offers tips for getting the best view of your check, and you can always snap the picture.
- Tap the check mark to continue.
From there, Venmo will conduct a short review process to ensure funds are available. The company said that on rare occasions could take up to an hour. If the check is approved, the check amount will be deposited into your Venmo account. If the check is not approved, it will not be processed and the money will not go to an account.
You can also track your transactions under Check Activity. To find it, tap the settings icon on the screen where you would enter the amount of your check.
For more information on stimulus controls, here, what would and everything we know about one .