- Americans who received paper
stimulus checks can quickly deposit their money usingPayPal 's cash-a-check feature for free, without ever leaving the house. - PayPal usually charges customers a 1% fee to cash payroll and government checks. But now, customers can cash their stimulus checks for free until May 31.
- All you need to do is take a picture of your check using PayPal's app to access your cash or transfer it into your bank account.
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PayPal is waiving its in-app check-cashing fee for Americans who received a paper relief check from the US government's stimulus fund.
PayPal typically charges customers a 1% fee to cash payroll and government checks with a pre-printed signature, or a minimum of $5. But from April 24 through May 31 the company is letting customers cash their relief checks for free.
Not only is the feature free, but it helps American's access their checks in a timely — and safer — manner without taking a trip to the bank during the global outbreak of COVID-19.
"In the current environment, we know that fast, easy, and secure access to stimulus payments is top of mind for a lot of people around the country," John Kunze, SVP of branded experiences at PayPal, said. "We are committed to providing our customers the ability to receive access to their urgently needed stimulus payment as quickly and as securely as possible, especially if they are sheltering in place."
Customers can deposit their check using the mobile app. Simply follow the prompts on the app, including taking a picture of the check's front and back, and within three to five minutes of the check being reviewed for approval, you can access your money. PayPal notes that in some cases, it can take up to an hour.
It's important to note that those who deposit their checks using PayPal's cash-a-check feature can transfer the money into any bank account they connect to their PayPal account. If they choose to keep the money in their PayPal account they can access it immediately, but only places where PayPal is accepted.
Read the original article on Business Insider