House Ways and Means Committee member Brad Wenstrup, R-Ohio, is weighing the coronavirus stimulus discount in Congress.
Venmo has implemented a new feature that allows users to cash printed, payroll and government checks directly into their accounts from their smartphone.
With the new “Cash a Check” feature, U.S. Venmo customers who receive a government stimulus paper check in the coming weeks can send it directly to their account via the app, according to the company.
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Users can take a check they want to cash in and send it for review using the Venmo app. According to the company, the process usually takes a few seconds, although it can take up to an hour to verify the check information before it is approved. Checks that have not been approved, however, will not be processed and money will not be received by Venmo.
Darrell Esch, the senior vice president of Venmo, said the move would help eliminate the need to physically go to a check-in counter and wait in line with other people at a time when the number of COVID-19 cases increase.
‘We know that, for the sake of health and safety, it is very important to have a secure way to access stimulus payments, for many of our customers, especially those who receive paper checks and traditionally have to visit a physical cash room, he said.
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The company has also waived for a limited time the fees associated with the government check function, to ensure customers can use their incentive funds to pay for the things they need most, said Esch.
The feature is eligible as Americans across the country await another round of government relief.
US Treasury Secretary Steven Mnuchin has announced that the government will start issuing paper checks for an additional $ 600 last Wednesday, meaning people will have to receive them within the next week if they have not already done so.
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“We are always looking for new ways to make it easier for our community to access and manage their money, especially as people continue to experience financial difficulties in the global pandemic,” Esch said.
If an individual has direct deposit information with the IRS, they should receive their money even faster.