Take a pic, cash your check. Find out how to cash checks with PayPal’s check cashing functionality.
These days, it can be pretty inconvenient to try and find a location that will be willing to cash a check for you in a hurry – especially if you have to take it to a physical bank to complete your transaction. Although other dedicated facilities are available for cashing checks throughout the country, not everyone is comfortable using them. However, most individuals know and generally use PayPal for several financial services.
PayPal has now launched a feature in their app called Cash a Check, and it allows the account holder to cash checks they receive and have them credited to their PayPal account balance on their mobile devices. Sometimes, it may even be possible to cash your check on PayPal and not be charged a fee, but terms and conditions will apply.
How to Cash a Check on PayPal
You may be wondering how it will be possible for you to cash a check on PayPal because you have the physical check in hand, and PayPal is strictly an online-based service. However, converting your check into cash is much easier than you realize.
Below are the steps that you will need to take so you can successfully learn how to cash a check on PayPal:
“1. Open the PayPal app on your mobile device and tap “Wallet.”
2. Tap on the “Cash a Check” option. When tapping here, the app will request permission to access your current location and the camera on your device.
3. If you don’t already have what’s referred to as a PayPal Balance account, you will now be asked to set one up before you can proceed further with attempting to cash your check.
4. You will then need to enter the amount displayed on the check you want to cash.
“5. You’ll be asked to take a photo of the front and back of your endorsed check and click on “next.”
6. You will then be asked how quickly you would like to be able to access your money. If you need to access the funds immediately, you will be charged a fee for this service. However, if you’re willing to wait for ten days before accessing your cash, you’ll be able to do so without paying any check cashing fee.
“7. If the app scans and approves your check, you will be asked to write “VOI” across the front of the check and then take another picture to prove it’s been voided. Please do not write “VOID” across your check until the app requests that you do so. Otherwise, the system will not approve your check, thinking it has already been processed.
8. Once everything has been officially finalized and approved, you’ll be directed to a confirmation page that verifies the amount of the check that will be credited to your account. This is also when you’ll receive confirmation regarding when the funds in your account are finally accessible.
9. You should keep your physical check for up to 15 days after uploading it for processing on the app in case any queries arise afterward. After that, you should ensure that it is properly destroyed to prevent check fraud.
If you’re the holder of a PayPal account and you’re based in the state of New York, you will unfortunately not be able to take advantage of the PayPal mobile check deposit or check cashing system.
“It is also crucial to remember that you will only be able to deposit checks into your PayPal account if they have been made out in your name – which must match the name used to register your PayPal account. PayPal will accept personal and business checks provided they have not been made out to” cash.”
When using the app’s PayPal mobile check deposit function, you will also be unable to process any form of traveler’s checks, money orders, or cashier’s checks through the platform.
Tips for Taking Pictures of your Checks
For PayPal cash, a checking app, to process your check as quickly as possible, you must keep a few tips in mind when taking the required pictures of the front and back of any checks you intend to deposit:
1. Ensure that you have signed your check before taking any pictures of it.
2. You will need to take pictures in an area with good-quality lighting.
3. Ensure that there are no objects in any pictures other than the front and back of the check you want to deposit.
4. No part of the back or front of the check may be cut off in the frame of the pictures because this will prevent it from being processed as it should.
5. All writing on the check must be visible, and both pictures must be as crisp and straightforward as possible before attempting to upload them.
Does PayPal Cash Checks Instantly?
“If you haven’t used the check cashing functionality on your PayPal app yet, you’ll most likely have asked, “Does PayPal cash checks instantly?“
It will usually take a few seconds for your PayPal mobile check deposit balance to reflect physically in your PayPal account and be accessible. However, there may be times when it can take a few minutes or up to an hour for your check to be fully approved by the PayPal check cashing system. Times may vary depending on how busy the app is or whether there are possible issues with your cellular network.
How Much Will PayPal Mobile Check Deposit Cost Me?
If you have been wondering how much the PayPal Cash a Check functionality is going to cost you, look no further:
- In cases where you’re willing and able to wait for days before accessing the funds you’ve deposited by PayPal mobile check deposit, you will not have to pay any fees to have your check cashed
If you decide to opt for the PayPal Money in Minutes option, where you’ll have much faster access to your cash, you’ll have to keep the following PayPal cash check fees in mind:
- Any government-issued and payroll checks that have a pre-printed signature on them will be charged 1% of the face value or a minimum of $5, whichever amount is higher
- Any other type of check processed through a PayPal mobile check deposit will incur a fee of 5% of the check’s face value or a minimum of $5. This category includes any hand-signed government and payroll checks
It’s essential to keep in mind that there may be times when PayPal will bill an additional fee. As such, it’s recommended that you read through your user agreement for further information in this regard.
Are there Limits to the PayPal Mobile Check Deposit Option?
As with most other check cashing services available these days, some limits apply to the face value of checks that can be processed with the PayPal cash a check system.
The maximum amount that can be deposited per check you intend to cash via PayPal mobile check deposit is $5,000, while the minimum is a mere $5. If you would like to cash several checks at a time, keep in mind that you will still be limited to a maximum cash out amount of $5,000 per day, $5,000 per week, and $15,000 per calendar month.
In some cases, additional transactions and your account’s predetermined maximum limit will also affect the amount you can cash by check through PayPal.
Is it Possible to Deposit my Stimulus Check through the PayPal Mobile Check Deposit Function?
One of the best aspects of the PayPal cash a check offering is that you can even deposit your stimulus checks into your account this way. This option allows you to access your funds quicker than if you had to deal with the hassle of depositing the check into your bank account.
Benefits of PayPal Check Cashing
- No physical paperwork is needed to process your request for cashing a check.
- Your funds are deposited virtually immediately into your account.
- There is no risk of misplacing your check before you’ve had a chance to deposit it into your bank account – snap a photo of both sides so your transaction can be processed.
- Fees for accessing your funds as quickly as possible are relatively reasonable.
- You can obtain access to your money almost immediately – unlike if you deposit a check into your bank account, which can take up to 10 days to clear in many cases.
- You can deposit virtually any government or stimulus check through the PayPal deposit a-check option.
- You can avoid the hassle of waiting to cash your check, saving you a lot of time and effort.
Will my Personal Information be Secure when Using PayPal to Cash a Check?
PayPal has done everything possible to ensure that your personal information remains secure whenever you use the app to deposit and check. This means you can rest assured that no unauthorized third parties can obtain your details at any time.
Potential Reasons why PayPal will not Cash a Particular Check
As with any check depositing service, PayPal has the authority to decline or refuse to cash a check for various reasons. Some of the more common reasons for having your check dropped by the PayPal cash check app can include the following:
1. Identity not Verified on PayPal
If you haven’t previously confirmed and verified your identity on PayPal, you’ll need to do this before attempting to cash a check.
2. Incorrect Details on a Check
In cases where PayPal doesn’t find an account associated with the information provided on the check you tried to cash, your request will be declined.
3. Illegible Photo Uploads
If any part of the photos depicting the front and back of the check you want to cash is not easily readable, PayPal will not process your request.
4. You Failed to Submit an Image of the Check after Voiding it
Once you’ve submitted photos of the back and front of your check, you’ll be asked to upload a third image of the check once you’ve written “VOIDED” on it. If you don’t follow this step, your request to cash a check will be declined.
5. Issues with your Bank Account
If PayPal experiences difficulty contacting your bank to verify the check you want to cash, they may decline the transaction. As such, you should ensure that all your details are regularly updated with your bank.
6. Daily or Monthly Limit has been Reached
Keep in mind that PayPal limits check cashing to $5,000 per day and $15,000 per month for any verified account. Any requests for check cashing that exceed these limits will be declined.
7. Unsupported Type of Check
The PayPal cash a check function does not allow traveler’s checks, money orders, or cashier’s checks to be processed through their platform. Before cashing your check, ensure that it does not fall into these three categories.
If you’re unsure of the reason that PayPal has declined your request to cash a check that you have, it’s recommended that you contact them directly to find out whether the situation can be resolved or not. In most cases, you should obtain information in this regard within a few days at most.
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PayPal Holdings, Inc. is an American multinational financial technology company operating an online payments system in most countries that support online money transfers and serves as an electronic alternative to traditional paper methods such as checks and money orders. Wikipedia
A PayPal account is required to use the Cash a Check feature. How to get started with your PayPal account.