Select Venmo customers can cash government-issued paper stimulus checks remotely, typically within minutes, free-of-charge using the Venmo app Cash a Check feature
SAN JOSE, Calif., Jan. 4, 2021 /PRNewswire/ -- Venmohas today announced that it is introducing a new Cash a Checkfeaturein the Venmo appfor select customers, enablingVenmo's communityto access aquick, easyand secureway to cash paper checks. The new feature will allowselectVenmo customersthe ability to cashprinted, payroll andgovernmentchecksdirectlyfromthe Venmo app.
EligibleVenmo customers who mayreceivea government stimulus paper check in the coming weeks will be able touse this new feature tohavetheir stimulus checkssentdirectly into their account with Venmo, typically within minutes.All fees associated withthe Venmo CashaCheck feature for stimulusfundswill be waived for a limited time, to enableafast, affordableandeasyway toaccess much needed funding, withoutneeding to go to acheck-cashinglocationor wait in lines as people continue to follow social distancingprotocols.*
"We're always looking for new ways to make it easier for our community toaccess andmanage their money, especiallyas people continue to experiencefinancial hardships amidst the global pandemic,"said DarrellEsch, SVP and GM, Venmo. "We know that with health and safetytop 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.By introducing the VenmoCashaCheckfeature, we are not only enabling our customersto access their moneyquickly andsafely from the comfort of their ownhomes butarealso waiving all feesfor cashing government issued checksto ensurecustomers can use their stimulus fundsto pay for the things they need most."
UsingVenmo'sCashaCheck feature from the safety of your home
TheVenmoCashaCheck feature allowsselectcustomers to cash checks and have them sent to a Venmo account. Usingthe fast-accessCashaCheckfeatureis simple –eligiblecustomers in the US can take a picture of the check they want to cash and send it for review using theVenmoapp on a mobile device, rather than visiting a physical check-cashing location. Reviewing a check for approval usually takes a few seconds, although it can take 3-5 minutes and in rare circ*mstances, up to an hour to verify enough check information to make an approval decision.
If the check is approved, the moneywill betransferred to aVenmoaccountwithin minutes, with the fees associated with instant disbursem*nt waived for all government-issued stimulus checks processed within theVenmoapp. Fees will be waived for a limited time only. Checks which aren't approved will not be processed and funds will not be received throughVenmo. For best performance, customers shoulddownloadthe latest version of the Venmo app on iOSor Androidand havethe latest operating system on their mobile device.
For more information, go towww.venmo.com/stimulus.
About theVenmoCash-a-Check feature:
*Limited availability. Terms apply.For more details, visit www.venmo.com/stimulus and www.ingomoney.com/partners/paypal-terms-conditions.TheCash-a-Checkfeature is a service provided by First Century Bank, N.A. and Ingo Money, Inc., subject to the First Century Bank and Ingo Money Terms and Conditions and Privacy Policy. Fees and terms apply. All checks subject to review for approval. Unapproved checks will not be funded to your account.
About PayPal
PayPal has remained at the forefront of the digital payment revolution for more than 20 years. By leveraging technology to make financial services and commerce more convenient, affordable, andsecure, the PayPal platform is empowering more than 350 million consumer and merchants in more than 200 markets to join and thrive in the global economy. For more information, visit paypal.com.
Media Relations Contact
Tom Hunter
[emailprotected]
SOURCE PayPal Holdings, Inc.
