Cash a Check with Venmo
Venmo today announced that it is introducing a new Cash a Check feature in the Venmo app for select customers, enabling Venmo’s community to access a quick, easy and secure way to cash paper checks.
The new feature will allow select Venmo customers the power to cash printed, payroll and government checks directly from the Venmo app.
Eligible Venmo customers who may receive a government stimulus paper check in the coming weeks will be able to use this new feature to have their stimulus checks sent directly into their account with Venmo, typically within minutes.
All fees associated with the Venmo Cash a Check feature for stimulus funds will be waived for a limited time, to enable a fast, affordable and easy way to access much needed funding, without needing to go to a check-cashing location or wait in lines as people continue to follow social distancing protocols.*
“We’re always looking for new ways to make it easier for our community to access and manage their money, especially as people continue to experience financial hardships amidst the global pandemic,” said Darrell Esch, SVP and GM, Venmo. “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.
By introducing the Venmo Cash a Check feature, we are not only enabling our customers to access their money quickly and safely from the comfort of their own homes but are also waiving all fees for cashing government issued checks to ensure customers can use their stimulus funds to pay for the things they need most.”
Using Venmo’s Cash a Check feature from the safety of your home
The Venmo 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 the check is approved, the money will be transferred to a Venmo account within minutes, with the fees associated with instant disbursement waived for all government-issued stimulus checks processed within the Venmo app.
Fees will be waived for a limited time only. Checks which aren’t approved will not be processed and funds will not be received through Venmo. For best performance, customers should download the latest version of the Venmo app on ios or android and have the latest operating system on their mobile device.
For more information, go to www.venmo.com/stimulus.
About the Venmo Cash-a-Check feature:
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How do I use the Cash a Check service in the Venmo App?
In order to use the Cash a Check service you must have completed the required identity verification by applying for the Venmo Debit Card or Setting Up Direct Deposit. Once you’ve done that, here is how you can cash a check:
- Download the Venmo app, and make sure you’re on the latest app version.
- Go to the “☰” menu and tap “Manage Balance”.
- Select “Cash a Check.” You’ll be prompted to verify your account information, if you have not already done so.
Enter the check amount, take a picture of the front and back of your endorsed check with your mobile device and tap “Next”.
Select how quickly you want to have access to your money (fees may apply).
It usually takes a few seconds to review a check for approval, although it can take 10-15 minutes and in rare circumstances, up to 1.5 hours to verify enough check information to approve your check.
If your check is approved, you’ll be prompted to write “VOID” across the front of your check and submit another photo showing it has been voided. Do not write “VOID” on your check until you are prompted to do so, after you receive confirmation that your check was approved.
Once finalized, you’ll see a confirmation page verifying the amount of the money transferred that will be available in your Venmo account.
I’m using the Cash a Check service in the Venmo app and my check wasn’t approved. Why?
All checks submitted are subject to review for approval by Ingo Money, and most of the checks reviewed are approved. There are times when we are unable to approve a check due to inconsistencies in check images, limit-related issues, insufficient check verification data, or information about the check writer’s account. Unfortunately, we can’t always tell you exactly why a check is declined because privacy regulations prevent Ingo from sharing a check writer’s account information with you.
Below are some examples of reasons that check may be declined:
- The name on the check doesn’t match your name, as it appears on your Venmo account.
- The check wasn’t endorsed.
- The amount of the check is less than $5 or more than $5,000, which are the check cashing limits set by Ingo Money.
- The amount of the check will cause you to exceed the Cash a Check limits. You may use this service to cash checks ranging in value from a minimum of $5 to a maximum of $5,000. You can load multiple checks totaling up to $5,000 in value per day and up to $15,000 in value per month.
- The check images are illegible or do not pass authenticity screening.
- The check is a single-party check (drawn on another account you own), a temporary check, a credit card check or another unusual check type we don’t support.
- A properly voided image of the check was not received.
- Sufficient information could not be verified on the check writer’s account.
- The check was written on a closed or compromised account.
If your check is declined, you’ll be notified in the Venmo app. The funds will not be added to your Venmo account, and no fee will be assessed. You may attempt to deposit or cash your check with another service provider, or alternatively contact the check writer and request a new check or a different method of payment. If you have additional questions, please reach out to Ingo directly.