How to Cash Checks at Venmo Without a Bank Account
Venmo will soon introduce a new ‘Cash Out Check’ deposit feature for all iOS and Android devices. This will allow all Venmo users to cash a check using their mobile phone – without having to go to an ATM or stand in line at the bank. This feature works even for users who don’t have a bank account connected to their Venmo account.
As with other Venmo transactions, users can choose how quickly they want to receive their money – “in minutes” or “in 10 days”.
The latter option will cash the check for the full amount, and if you choose the faster way to receive it, this will result in a 1% transaction fee (no fees will be charged on government checks for eligible US adults, including the final $ 600 Aid Incentive Payment) Covid ). The Venmo Cash a Check FAQ states that it usually takes “10-15 minutes for your deposit to be verified and approved, and in rare cases up to 1.5 hours.”
Cashing checks with your smartphone is nothing new – many banks and credit unions already offer electronic checks on their mobile apps, but you need to maintain an active checking account with this institution, and this usually happens a few days before funds will be translated. accessible. Since you don’t need a bank account to use Venmo (or its Cash a Check option), those who don’t use a bank or whose banking apps don’t include mobile deposits can easily cash their checks.
How to cash a check with Venmo
- Open the Venmo app, then press the three-line menu button.
- Select “Balance Management”.
- Select Cash Check.
- Confirm your personal information
- Enter the amount of the check.
- Use the camera in the application to take a picture of the front and back sides of the receipt, then click “Next”.
- Choose if you want the funds to be available: “In 10 days” or “In a few minutes”.
- After confirming your deposit, write NOT VALID on the check and keep it for your records.
The amount of the check will be added to your Venmo balance. Your balance can be used to send money to other users, shop online, and for some in-store transactions. You can also transfer the balance to a connected bank account; it takes about 3 business days, or you can transfer it instantly by paying another 1% transfer fee (no more than $ 10).
[ Android Central ]