Venmo, the payment service owned by PayPal that people like using way more than PayPal, has just announced the ability to cash checks through the Venmo app. The feature, aptly named "Cash a Check," arrives just in time for the latest round of stimulus checks, though there are fees associated for non-government checks.
The feature is being positioned as an alternative to going out in this COVID-ridden world, though most banks with apps already offer mobile check cashing functionality. That said, if you don't have a bank account or would simply rather the balance be deposited into your Venmo account, Cash a Check is good news for you. It works just as you'd imagine; simply take a photo of the check. The checks are usually approved in a few seconds, but it can take up to an hour on rare occasions.
It's stated that government stimulus checks (if you don't have direct deposit set up for yours) will not be subject to the same fees that regular checks are, but Venmo doesn't disclose the exact fees. The fine print says that Ingo Money, Inc., which runs the Ingo Money app, provides the service. For reference, Ingo charges $5 for payroll and government checks $250 or less, and 2% for those more than $250. All other checks and money orders are $5 for values of $100 or less, and 5% for values of $100 and up. We'd expect Venmo's fees to be similar (stimulus check fees being waived aside).
Cash a Check is rolling out now, but not to everyone. If you'd like to see if you're eligible, you can do so via the widget below.