Venmo Introduces Check-Cashing Feature with Stimulus Check Fee Waivers
Venmo has rolled out a new “Cash a Check” feature, allowing users to deposit printed, payroll, and U.S. government checks—including stimulus payments—directly through the mobile app. The service, now available to select users, offers a fast and secure way to access funds without visiting a physical location.
How the Venmo Check-Cashing Feature Works
To use Cash a Check, users must meet the following requirements:
- Have Direct Deposit or a Venmo Debit Card enabled
- Enable location services
- Verify their email address
Once eligible, users can:
- Endorse their check
- Snap a photo in the Venmo app
- Submit for instant review (approval typically takes seconds, but may extend to an hour in rare cases)
- Receive funds immediately upon approval
Fee Structure and Stimulus Check Waivers
- Stimulus checks: Fees waived temporarily (limited-time offer)
- Government/payroll checks (pre-printed signature): 1% fee ($5 minimum)
- Hand-signed payroll/government checks: 5% fee ($5 minimum)
Note: Fees apply after the promotional period ends. Terms are outlined in PayPal’s official policy.
Why Venmo is Expanding into Check Cashing
Darrell Esch, Venmo’s SVP and GM, emphasized the company’s commitment to financial accessibility:
“With health and safety top of mind, we’re providing a secure way for customers to access stimulus funds without visiting physical locations. Waiving fees ensures they can use these payments for essential needs.”
The Bigger Fintech Trend
Venmo’s move aligns with a broader industry push to streamline access to government stimulus funds. Compe*****s like Chime and Current have also prioritized faster payouts, capitalizing on consumer demand for digital financial solutions.
Business Impact
Beyond check-cashing fees, Venmo stands to benefit from increased transaction volume as users spend stimulus funds via:
- Peer-to-peer transfers
- Venmo Debit Card purchases
- Online merchant payments
Availability and Recommendations
The feature is now live for iOS and Android users. Venmo advises updating to the latest app version and operating system for optimal performance.
Looking for more Venmo updates? Check out their new credit card with 3% cash back.
This service is powered by partners First Century Bank, N.A. and Ingo Money, Inc., which also supports PayPal’s check-cashing functionality.
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