Venmo has launched a new “Cash a Check” feature that will enable both Android and iOS users to deposit paper checks without having to visit a physical cash-checking location or use their bank’s app.
The rollout of the feature coincides with the distribution of a second round of government stimulus checks. Venmo said it will be waiving all fees for cashing government issued checks “to ensure customers can use their stimulus funds to pay for the things they need most.”
After taking a photo of the check, Venmo said users will typically see it approved in “seconds” and in their Venmo account in a matter of minutes. At most, the company said it will take an hour.
“We know that with health and safety top 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,” Darrell Esch, SVP and GM, Venmo, said in a statement.
While fees won’t apply to government issued checks for a limited time, they will apply to most other checks.
The feature is currently available to “eligible” Venmo app users in the United States. Venmo users can see if they’re eligible to use the new feature by downloading the latest version of the app and making sure the operating system on their device is up to date.