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Venmo Launches Check Cashing

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Jan 4, 2021, 12:31 PM   by Rich Brome   @rbrome

Venmo has launched a new feature of its money-moving app that lets users deposit checks directly into their Venmo accounts, bypassing their usual bank. The service incurs a 1% fee, although Venmo is temporarily waiving that fee for government stimulus checks. Like the mobile deposit feature in most bank apps, users simply take a photo of the check to be deposited with their phone's camera using the Venmo app. Venmo promises that transaction approval "usually takes a few seconds", although it can take longer in "rare circumstances". After the approval step, funds are available "in minutes". The feature is currently available to "select customers" by accessing "Manage Balance" from the main app menu and then "Cash a Check".

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