PayPal Waives Fees for Cashing Second Stimulus Checks The online-payment giant resurrects its policy from earlier this year.

By Kenny Herzog

NurPhoto | Getty Images

Back in April, PayPal made headlines for waiving its 1% check-cashing fee for users processing their one-time CARES Act paper stimulus checks from the federal government. At the time, a company SVP stated, "We are 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."

Granted, by mid-May, fewer than 10% of indivual payments were distributed via paper check, but it was the thought that counted. And now that Congress has finally authorized a second round of similar relief — albeit half the sum that was apportioned per person in the spring — PayPal has revived its fee-forgoing overture. The company announced yesterday via press release that its customers "can cash their second round of government-issued paper stimulus checks remotely, typically within minutes, free-of-charge using the PayPal app cash-a-check feature."

Additionally, anyone who routed their direct-deposite payments through PayPal or Venmo last time will automatically receive this next allotment (provided they qualify, however much it winds up being) directly through that same service.

Related: What's Next for PayPal After Integrating Cryptocurrencies?

This redoubling of magninimity is of a piece with PayPal's efforts to maintain its stronghold on digital payment-processing, which include integrating cryptocurrency and designs on charging businesses to embrace its platform as a means of transacting with customers.

Brick-and-mortar banks — consider yourselves on notice.

Kenny Herzog

Entrepreneur Staff

Digital Content Director

Kenny Herzog is currently Digital Content Director at Entrepreneur Media. Previously, he has served as Editor in Chief or Managing Editor for several online and print publications, and contributed his byline to outlets including Rolling Stone, New York Magazine/Vulture, Esquire, The Ringer, Men's Health, TimeOut New York, A.V. Club, Men's Journal, Mic, Mel, Nylon and many more.

Editor's Pick

Related Topics

Side Hustle

Anyone Can Start a Passive Income Side Hustle For Easy Money — But Only If You Know These 5 Essential Tips First.

The rise of digital automation technology has made starting a passive income side hustle easier and more accessible than ever before.

Side Hustle

He Launched His Creative Side Hustle Out of a Garage. Now It's Worth $225 Million.

Tom Humble, CXO and founder of E.C.D. Automotive Design, followed his passion for custom auto design into big business.

Business Ideas

55 Small Business Ideas to Start in 2023

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2023.

Growing a Business

How an Executive Coach Can Help You Set Better Goals — And Transform Your Business

Ways to enhance your competitive advantage — and psychological wellbeing — with the assistance of a seasoned, results-focused professional.

Living

How to Start a 'Million Dollar' Morning Routine

Restructure your morning with a few simple steps that may help to amplify your energy.