Paypal waves its fee for depositing the stimulus check. Paypal has a 1% fee in place to cash checks. However, in order to make depositing stimulus checks easier for their American patrons, the 1% fee will be waved from April 24th through May 31.
This gives people the chance to gain access to their money without having to make a trip to the bank and is a safe solution for those who were worried. 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.
“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,” explains John Kunze, SVP of branded experiences for PayPal. He continues and says 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.” PayPal waves its fee in a gesture of solidarity to the shelter in place order.
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!
PayPal’s website explains that “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.”
People who use Paypal can access their money on PayPal’s website, 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 in your PayPal account immediately.