Best Place To Cash Stimulus Check

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Best Place To Cash Stimulus Check

If you qualify for a stimulus check, you may receive up to $1,200 and an additional $500 for each qualifying dependent. Your first move will be to pay for essential living expenses. This is especially true if you are one of the more than 30 million people who have filed for unemployment due to the COVID-19 pandemic. If you have funds left over after taking care of essential expenses, how should you spend your stimulus check? Here are the top 5 ways:

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If COVID-19 isn’t a clear example of why you need an emergency fund, a few other events can serve as a vital reminder. You need an emergency fund for when the unexpected happens. You could lose your job or be fired. The stock market may crash. You may have unexpected medical bills, a needed home repair, or your car breaks down. An emergency fund of any amount works well, although ideally you can work to save six to nine months of living expenses. Keep the funds in a separate high-yield bank account so they don’t get mixed up with your other money and you can earn interest. When you have extra money, keep adding it to your emergency fund. Your financial life will feel much better if you invest in this essential exercise now.

Federal student loan payments are on hold and interest rates are frozen at 0% until September 30, 2020. However, now is a great time to make an extra student loan payment. huh? If you’re unemployed, laid off, or struggling financially, then don’t make an extra student loan payment. There are better uses for your cash. However, if you have the financial resources and are not pursuing student loan forgiveness, pay off your federal student loans during this time. Because there’s no interest, every dollar you pay will go straight out

Balance (after paying off any accrued interest first), which will save you money and help you pay off your student loans faster. For private student loans, some lenders offer forbearance options to pause your payments. If you want to pay off your student loans faster, consider increasing your monthly payment or making an additional lump sum payment on your student loans.

If you have extra resources, pay off the high-interest debt. This could be, for example, credit card debt or another high-interest loan. When you pay off the loan with the highest interest first — regardless of the amount owed — you’re attacking your most expensive debt. You can also contact your credit card issuer or lender to discuss alternative payment options based on your unique financial circumstances. Make sure you understand the full financial implications if you agree to a different payment schedule.

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Many colleges and universities may have switched to online learning this spring. You may be wondering, “Will college open this fall?” Whenever college opens, you will have to pay for the cost of higher education. Open and fund a 529 plan to pay for the cost of higher education. 529 plans, or qualified tuition plans, are tax-advantaged plans offered by states, state agencies, and educational institutions. Think of it this way: The more you can save in a 529 plan, the less you’ll need to borrow in student loans.

So many people need it now. If you are able to help someone – even in a small way – an act of kindness is needed more than ever. Change someone’s life. Create impact. Invest in humanity. This is a financial return that cannot be measured. Venmo is waiving fees on incentive deposits for a limited time, so you can get your money faster. Here’s how to do it.

Shelby Brown (she/her) is an editor for his services team. It covers tips and tricks for apps, operating systems and devices, as well as mobile gaming and Apple Arcade news. Shelby also oversees Tech Tips coverage. Before joining , she covered app news for Download.com and freelanced for Louisville.com.

Venmo has added a new feature that allows you to cash checks from home, including incentive payment. Sarah Tew/

Where Is My Stimulus Money?

The second stimulus check is starting to appear on the bank accounts and mailboxes of qualified US adults. The IRS and US Treasury are still working to deliver the second round of stimulus payments — via direct deposit, paper checks and EIP (Calculate Your Incentive Total) cards — before the January 15 deadline specified in the new incentive package.

If your second stimulus check arrives in the mail (here’s how to track it with the IRS and USPS ), you may not have to leave the house to collect it. Venmo, the money transfer app, on Monday added a new feature called Cash a Check for certain customers.

The new check cashing feature doesn’t just apply to incentive checks, but you can use it to add money from a second incentive check directly to your account. To use the feature, you’ll need a Venmo account, an address of verified email, a Venmo debit card, or an active direct deposit to your account. Location services are also used. The app has partnered with First Century Bank and Ingo Money to provide the service. Ingo Money also provides check cashing for PayPal, the parent company of Venmo.

No, Venmo said it’s temporarily waiving the fees associated with Cash a Check for those who recently received a government stimulus check , meaning that for now it’s free to use the service and you’ll keep all of your stimulus money.

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Because Venmo is owned by PayPal, the app normally charges a 1% check cashing fee (a $5 minimum) for government checks that have a preprinted signature, according to PayPal’s terms and conditions. If the check is signed by hand, there is a 5% fee with a $5 minimum.

Usually, Venmo’s check cashing program lets you select how quickly you’ll need access to your money—within minutes or 10 days. In Minutes usually has a fee, but Venmo is waiving the 1% fee for paying within minutes for government-issued stimulus checks to allow quick access to stimulus funds.

You can also find Check Cashing through Settings by scrolling down to Check Cashing in the Purchase section. The steps are the same.

From there, Venmo will perform a short review process to ensure the funds are available. The company said that on rare occasions this could take up to an hour. If the check is approved, the check amount will be deposited into your Venmo account. If the check is not cleared, it will not be processed and the funds will not go into an account.

Best Ways To Spend Your Stimulus Check

You can also track your transactions in the Activity Checker. To find it, tap the settings icon on your screen, where you’ll enter the check amount.

For more information on stimulus checks, here’s when the second check might come, what would stop your $600 payment from being delivered, and everything we know about a third stimulus check. The duck; Credit scores have reached an all-time high

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The IRS quickly issues a CARES Act recovery rebate of $1,200 per adult and $500 per child. While many receive their checks by direct deposit, millions will receive a paper check in the mail.

Next U.s. Stimulus Could Arrive Soon: How You Should Spend It

The IRS sends paper incentive checks when the agency cannot file electronically. A 2017 FDIC survey estimated that 25% of US households are “unbanked” or “underbanked.”

If this describes you or someone you know, what can you do? Where can you cash your stimulus check if you don’t already have a checking account?

You have several local options to cash your stimulus check without opening a bank account or prepaid debit card.

Your most convenient option may be your local Walmart. Most Walmart supercenters and some neighborhood markets have check cashing services.

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Check amounts over $1,000 have a maximum fee of $8. Plan on paying the $8 cashing fee because most incentive checks are worth at least $1,200. If you happen to have a stimulus check under $1,000, the cashing fee is only $4.

Individual checks of up to $7,500 can be cashed at Walmart through July 31, 2020. A married couple with up to ten children can cash their stimulus payment at Walmart and stay under the $7,500 limit.

Bring your check and valid ID to the money service center or customer service desk. The Walmart Associate can deposit the balance on a Walmart MoneyCard. There is no issuance or reload fee and you can use this card for Walmart purchases.

Your MoneyCard is subject to a monthly fee of $5.94 after June 30, 2020. Depositing at least $1,000 in new funds each month waives this fee.

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Supermarket family with Money Services office. Kroger family supermarkets are in many cities across the United States.

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