PayPal is an online payment platform that allows users to easily send, receive, and use money. Users of the PayPal app can cash a check to their PayPal account within minutes. If you are new to this feature, here is how to cash a check on PayPal and what are the conditions you need to meet when chasing a check.
In order to cash a check on PayPal, you need to have a PayPal app, phone, or iPad with a camera and a check issued in your name. In order to cash the check, you need to take a picture of it and send it to PayPal for approval.
The cash balance will appear on your PayPal account between five to six business days. But let’s find out more about how this process works and what kind of checks you can cash out.
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Learn More About Cash a Check Service on PayPal?
Cash a Check service on PayPal allows users to fund their accounts using a mobile app and remote check capture feature. In order to use this service, you must have a PayPal Balance account set up. This feature is offered by First Century Bank with the support of Ingo Money, Inc, and the rules and regulations of Ingo Money, Inc are applied.
Rules You Need to Follow
PayPal will only accept checks written in your name, so the name of the account must match the name written on the check – third-party checks will be denied. You can deposit government, payroll, personal, and business checks as long as they are not made out to cash. All checks must have the writer’s name pre-printed on the check alongside a signature. You can deposit up to $1,000 in checks in one day and $3,000 per month. Some checks are not acceptable, such as traveler’s and cashier’s checks or money orders.
How to Set Up Your Account?
In order to use this service, you need to set up your account on PayPal to be a Balance account. You can only open a Balance account if you have a personal account, and only through it, you’ll be able to access it. Once you set up a Balance account, it will automatically be linked to your account. Also, you will have to download and install the PayPal mobile app. You will have to wait to get approval from the PayPal and will have to submit the following information:
- First and last name,
- Physical address,
- Date of birth,
- Taxpayer identification number.
How to Take a Picture of Your Check?
In order to deposit a check, you need to take a picture of it. The lighting needs to be good, as well as the quality of the picture. No other objects should be in the picture frame, and everything written on the check needs to be visible. Also, all the information and signature need to be on the check before taking a picture. You will have to take a picture of both sides of the check.
Step by Step Guide on How to Cash a Check on PayPal?
Once you have done all the preparations we listed above, you will be able to cash a check on your PayPal account. The process is easy and simple, and it doesn’t last long. Here are the steps you need to take to deposit a check to your PayPal account.
| Step 1 | Open the PayPal app |
| Step 2 | Tap on the wallet button |
| Step 1 | Tap cash a check |
| Step 3 | Enter the check amount |
| Step 4 | Take a picture of the check |
| Step 5 | Select how quickly you want money to be on your balance |
| Step 6 | You will have to wait for approval |
| Step 7 | Once you are approved, write “VOID” on your check and take another picture |
| Step 8 | Send a picture of a voided check and wait for a money to set into your account |
Fees and Processing Time
As you can see, one of the steps is to select how quickly you wish the processing time to last. And naturally, the fee will depend on how quickly you want this check to be deposited on your balance. You can opt for instant transfer and pay 1% for payroll and government checks with a pre-printed signature and a minimum fee of $5. All other acceptable checks and hand signed government and payroll checks would be charged 5% and a minimal fee of $5.
But if you opt for 10-day delayed funding, you will not be charged any fee. The time for approval of the depositing check is between 3-5 minutes and, on rare occasions, one hour.
More About Cash a Check on PayPal
Once you deposit a check, PayPal recommends that you keep the check for the next 15 days in case there are any problems with it. You can scan a check and fill it out. If you wonder if a check written into your business name can be deposited, the answer is no, and you can not use this feature if you have a business account. Only personal accounts can use this option. Also, if you don’t have a required balanced account, you can make one through the mobile app. If you follow the same steps for depositing the check we mentioned above, if you don’t have a balanced account, PayPal will ask you to open one. This process will be done in a couple of minutes. As you can see, depositing money from the check is pretty easy, but if you get regular payments through checks, you can also set up a direct deposit option on PayPal. Learn more about this option on their website.