Listen to this article now |
Are you a frequent user of the mobile app “Venmo?” Have you ever heard of it? Well, it’s a cool banking app that is mostly used to transfer your funds to people’s bank accounts automatically. It makes it easier when you’re going halfsies on dinner. And definitely prevents the awkward feeling of asking the waitress to split the bill when she already gave you the full bill.
Once it became known that not a lot of people carry cash with them at all times, the idea of Venmo and other banking apps took off. But Venmo just added a feature that is game-changing for those who want their money fast. They call this feature “Cash a Check.”
This cool new feature is just like the Chase bank feature, where you take a picture of a check and it ends up in your balance. From there, you can transfer your balance to your bank account. There is usually a small service fee if you are doing a direct and immediate transfer, however Venmo says that if you’re cashing a stimulus check…they’ll waive the fee.
Venmo is doing their best to make it easy for people to obtain finances during this difficult time. With money thin and the knowledge of social distancing and quarantine guidelines, Venmo knows that it isn’t easy to just go out to the bank and deal with cashing the check in a long bank line. Alongside that, they figure that if you add your big checks to your Venmo account, since the money is all right there, you could just use Venmo to make purchases or use their debit card.
What are your thoughts on Venmo’s new feature? Let us know down in the comments.
This article originally published on GREY Journal.
