Paypal normally charges a 1% fee to cash checks whether they are payroll checks or something from the government. However, to help Americans that received a paper stimulus check, the fee will be waived from April 24 through May 31. This gives Americans a chance to gain access to their money without making a trip to the bank. More importantly, it offers a safe solution if you’re worried about going out.
John Kunze, SVP of branded experiences for PayPal said, “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.” He went on to say that PayPal is, “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.”
If you want to use PayPal’s check cashing feature you can deposit your check using the PayPal mobile app. To cash your check with PayPal you’ll want to do the following:
- Pull up the PayPal app
- Tap “More” on the bottom of the home screen
- Select “Cash a Check”
- You will need to allow access to your location and camera
- If you don’t have a PayPal Cash Plus account, you will need to set one up
- Enter the amount of the check
- Take a photo of both the front and back of your endorsed check
- Hit “Next”
- Select an option for when you’ll receive the money and “Confirm”
- After your check is approved, they will prompt you to “VOID” the check. Make sure to wait until the check has been approved before writing VOID over the top!
While there is normally a 1% fee the PayPal website states, “For a limited time, PayPal will be waiving the fee to cash Economic Impact Payments, tax refunds, and printed payroll checks, up to $5,000. The following types of checks are excluded from this offer: Personal or 3rd party checks and government checks from 3rd party tax filing providers.”
You will be able to access your money on PayPal, through your PayPal debit card, or you can transfer your money into any bank account that is connected to your PayPal account. Moving the money to your bank account might require an additional day to access, but you’ll have it immediately in your PayPal account.