PayPal is waiving fees for cashing your $1,200 stimulus payment check
- Americans who received paper stimulus checks can quickly deposit their money using PayPal’s free cash payment feature, without ever leaving home.
- PayPal typically 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 have to do is take a picture of your check using the PayPal app to access your money or transfer it to your bank account.
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PayPal is waiving their in-app check cashing fees for Americans who received a paper relief check from the US government’s stimulus fund.
PayPal generally 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 to May 31, the company is allowing customers to cash their relief checks for free.
Not only is the feature free, but it’s helping Americans access their checks faster and more securely without going to the bank during the global COVID-19 outbreak.
“In the current environment, we know that fast, easy and secure access to stimulus payments is a priority for many people across the country,” said John Kunze, senior vice president of brand experiences at PayPal. . “We are committed to providing our customers with the ability to access their urgently needed stimulus payment as quickly and as securely as possible, especially if they are sheltering in place.”
Customers can deposit their check through the mobile app. Simply follow the instructions on the app, including taking a photo of the front and back of the check, and within three to five minutes of reviewing the check for approval, you can access your money. PayPal notes that in some cases this can take up to an hour.
It’s important to note that those who deposit their checks using PayPal’s check cashing feature can transfer the money to 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 where PayPal is accepted.