Venmo’s bid to become your banking hub now covers your checks. The PayPal-owned brand is launching a Cash a Check feature in its Android and iOS apps that lets you deposit money without using your bank’s app or visiting a physical location (a risky proposition during a pandemic). Much as with similar solutions, you just have to take a photo of the check and send it in.
Most check approvals should take “seconds,” Venmo said, although it might take up to an hour at the most. You will pay fees to deposit most checks, although the firm is temporarily waiving those fees for pandemic stimulus checks.
The feature is currently available only for “eligible” Venmo app users in the US. The company didn’t say when it might bring the feature to more countries.
The timing is convenient. Many Americans will want fast access to stimulus funds as they arrive, and this gives people an opportunity to either try Venmo’s app or make better use of it. Whether or not they continue using Venmo for checks is another story. Many banks don’t charge any fees for cashing checks through their apps — Venmo’s app might not be your first pick unless you’re willing to sacrifice some money in the name of convenience.