Venmo Launches Check Cashing
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".
May 27, 2020
This summer, Samsung will launch Samsung Money by SoFi, a new financial product integrated with Samsung Pay. Like Apple Card, Samsung Money can be used as a payment method with the wallet app (Samsung Pay), the account is managed within the wallet app, and the product also includes a physical payment card.
Nov 29, 2018
T-Mobile has rolled out a digital banking service called T-Mobile Money. T-Mobile says T-Mobile Money is available to T-Mobile customers as well as non-customers.
Apr 18, 2019
T-Mobile is now offering its own branded checking accounts as a new offering called T-Mobile Money. The accounts bear no monthly, overdraft or transfer fees, and no ATM fees.
Nov 18, 2020
Google today launched a major revamp of its Google Pay app with a new interface and several major new features. Instead of a stack of cards and list of transactions, the new interface centers around the people and businesses you exchange money with, with a conversation-style interface for each person, group, and business.