Venmo has unveiled a new feature that allows users to print, payroll and cash government checks directly into their account from their smartphones.
With the new “Cash a Check” feature, U.S. Venmo customers who receive government stimulus paper checks next week will be able to send them directly to their account through the app, the company says.
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Users will be able to take a photo of the check in cash and send it for review using the Venmo app. According to the company, the process usually takes a few seconds, although it can take up to an hour to verify the check information before it is approved. However, verifications that are not approved will not be processed and will not be funded by Venmo.
Darrell Esch, senior vice president of Venmo, said the move would help eliminate the need to physically go to a check-in place and wait in line with others when the number of COVID-19 cases increases.
“We know that with the top of health and safety for many people, it is important to have a safe way of incentive payments for many of our customers, especially those who receive paper checks and traditionally visit physical check-cashing locations,” he said.
Come here when your second exciting check arrives
For a limited time, the company is also waiving any fees associated with the facility for checks issued by the government, to ensure that “consumers can use their stimulus funds to pay for their essentials.”
The specialty is that eligible Americans across the country are waiting for the second round of government relief.
U.S. Treasury Secretary Steven Munuchi announced that the government began sending paper checks last Wednesday for an additional payment of payment 600, meaning people should start receiving it within the next week if they haven’t already.
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“We’re always looking for new ways to make our community easier to access and manage their money, especially in the midst of a global epidemic,” he said.
If a person has direct deposit information on file with the IRS, he should receive their money even faster.