Venmo announces Americans can cash $600 stimulus checks with new 'Cash a Check' feature and is temporarily waiving fees

VENMO has rolled out a new check-cashing feature that Americans can use to deposit the $600 stimulus checks the government began sending out last week.

The company announced on Monday that the new "Cash a Check" feature will usually charge a fee, but for a limited time, users wanting to deposit stimulus checks can do so for free.

The new feature was being rolled out to select users starting on Monday, and can be used to deposit printed, payroll, or government checks.

The feature will work much like the deposit features in banking apps do.

Users will need to take a picture of their checks and send it to Venmo for approval before it is deposited into the user's Venmo account, the company said in a blog post.

To be eligible to use the feature, users will need to have either Direct Deposit or a Venmo Debit Card enabled on their account, location services turned on, and a verified email address

After months of back-and-forth, Democrats and Republicans in Congress came to an agreement on a second Covid relief package, which included a round of $600 stimulus checks for most Americans, in December.

The bill was held up towards the end of the year, as President Donald Trump insisted that lawmakers cut "wasteful" spending and instead give Americans $2,000 checks.

After Congress could, once again, not agree on an increased dollar amount for the stimulus checks, Trump caved and signed the bill into law.

Stimulus checks began going out last week, and some Americans who have direct deposit have already gotten their money.

People who have not received a deposit or check yet can expect in by January 15, as there was language in the $900billion aid package that gave a mid-month deadline to avoid delayed payments.

The tight deadline written into the coronavirus relief bill hopes to assure easier payments than the initial rollout of the first stimulus checks in April.

However, for Americans who have not yet received the second check by the deadline, it will need to be claimed when filing federal tax returns in 2021.

While doing so, anyone who did not receive cash from the first $1,200 checks can do so in the same return.

Source: Read Full Article