Venmo announced this week that you can now cash your checks via its app, then instantly receive those funds for usage inside your account. For Venmo fiends, this is great news.
Venmo makes it clear that this feature is currently available to select account users (as in US users), but most average Venmo users in the US should be able to use it just fine. For now, fees associated with this new feature are being waived, but only for a limited time. This is because anyone receiving a physical stimulus check wouldn’t want any of their money getting taken away due to fees.
As the company details, “Venmo’s Cash a Check feature allows select customers to cash checks and have them sent to a Venmo account. Using the fast-access Cash a Check feature is simple – eligible customers in the US can take a picture of the check they want to cash and send it for review using the Venmo app 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 circumstances, up to an hour to verify enough check information to make an approval decision. ”
If you’ve ever digitally cashed a check with your banking app, this will be the same exact process. Easy peasy.
Ensure you have the latest Venmo app from Google Play to ensure you have access to this new feature.
// Venmo