SAN JOSE, California.Dec. 22, 2020 /PRNewswire/ — With the recent passage of the second COVID-19 Relief Act that included stimulus payments for individuals, PayPal Holdings, Inc. (NASDAQ: PYPL) announced today that check cashing fees will apply The PayPal Cash-a-Check feature will be waived for government stimulus paper check recipients, allowing more customers to access their funds from the safety of their own homes, usually within minutes, for free.
Additionally, those customers who used the PayPal or Venmo direct deposit facility to receive a Stimulus payment in the first round of Stimulus Payments in early 2020 will automatically receive their payment again directly through PayPal or Venmo when they apply for a second one payment are entitled. The IRS has advised that the original direct deposit details will be reused to initiate this round of stimulus payments.
“In the first wave of government stimulus payments in April and May, we saw an incredible number of customers look to PayPal as a way to get their stimulus payment quickly and securely, either via direct deposit or with the PayPal Cash-a-Check feature said John Kunze, senior vice president of branded experiences, PayPal. “With the next round of payments to individuals approaching, customers who receive a paper government-issued stimulus check in the coming weeks will be able to cash their check, without going to a physical check cashing location, just by taking a picture of the check inside the app to get the money quickly and easily.”
Additionally, the usual fees for instant access to funds are now waived for all government-issued stimulus checks processed in the PayPal app with the Cash-a-Check feature, allowing customers to typically post within minutes access their funds to cash their check without compromising their health and safety.*
Use PayPal’s Cash-a-Check feature in the safety of your home
The PayPal Cash-a-Check feature allows customers to cash checks and have them sent to a PayPal Cash Plus account. If they haven’t already done so, customers can apply for a PayPal Cash Plus account in the app or online.
Using the quick access feature to cash a check is easy — US customers can take a photo of the check they want to cash and send it for verification using the PayPal app on a mobile device instead of visiting a physical check-deposit location . Reviewing a check for approval typically takes a few seconds, although it can take 3-5 minutes and on rare occasions up to an hour to review enough check information to make an approval decision.
If the check is approved, customers can have the funds deposited into a PayPal Cash Plus account in minutes, with the fees associated with instant payout for all government-issued stimulus checks processed in the PayPal app. omitted. Step-by-step guide to using PayPal Cash-a-CheckYou will find here.Fees are only waived for a limited time. Unauthorized checks will not be processed and funds will not be received through PayPal. For optimal performance, customers should have the latest version of the PayPal app installed and running the latest operating system on their mobile device.
Via the PayPal Cash-a-Check feature:
Limited to direct deposit of a federal or state check where permitted by applicable law. For current information from the IRS, seewww.irs.gov/stimulus. Faster access to funds is based on comparing traditional banking policies and depositing paper checks from employers and government agencies versus adding funds electronically via direct deposit. Direct deposit and earlier availability of funds are subject to the Payer’s support as to the nature and timing of the Payer’s funding.
PayPal has been at the forefront of the digital payments revolution for more than 20 years. By using technology to make financial services and commerce more convenient, affordable and secure, the PayPal platform enables more than 350 million consumers and merchants in more than 200 markets to join the global economy and thrive. For more information visit paypal.com.
SOURCE PayPal Holdings, Inc.