Venmo introduces cheque cashing feature
Venmo has rolled out a feature that lets some customers cash paper cheques – including government stimulus cheques – within its app.
With the US government set to send out pandemic stimulus cheques in the next few weeks, Venmo is promising to waive fees for a limited time to give Americans an easy way to access their money without the need to go to a physical location.
Darrell Esch, SVP and GM, Venmo, says: “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.”
Eventually, Venmo will charge a one per cent fee on any government or payroll check cashed in the app with a pre-printed signature, with a minimum fee of $5.00. For other cheques, including hand-signed payroll and government checks, there will be a five per cent cashing fee, with a $5.00 minimum.