Venmo adds check cashing feature for some US customers
Photo Illustration by Igor Golovniov/SOPA Images/LightRocket via Getty Images PayPal-owned banking app Venmo is launching a check cashing feature for both its Android and iOS apps for eligible" users in the US, the company announced Monday. Cash a Check will allow users to snap a photo of a check and deposit it into a Venmo account.
The review process that makes the funds available should only take a few seconds, but in some cases may take up to an hour, the company says. Fees will apply to most check deposits, but Venmo is waiving the fees for deposits of stimulus checks for a limited time. Its usual fees, according to PayPal's terms of service, will include a 5 percent check cashing fee for hand-signed payroll and government checks for a minimum fee of $5 and 1 percent fees on payroll or government checks with...