For those who prefer to use Venmo to manage their money, the service has now provided details on how to have your coronavirus relief stimulus check transferred to the money app. In a recent post in the Help section of the Venmo website, the company explains that anyone wanting to have their stimulus check sent to their Venmo account "will need to have Direct Deposit set up on Venmo."
Venmo goes on to explained that "at this time, only users who have applied for and been approved for a Venmo Debit Card have the ability to use the Direct Deposit feature." To apply for the debit card, users can go to the Venmo Card section in the Venmo app. The company also included a link to the Venmo Direct Deposit help page so that users can get more information on how to set it up. If you already have a Venmo card and have set up direct deposit, you will need to visit the "Get My Payment" web portal on the IRS website. Here you will enter the Direct Deposit account number and routing number assigned to your Venmo card/account.
Users can find their Direct Deposit account and routing numbers in the Venmo app, under the Settings section. For anyone who did not file a tax return in 2018 or 2019, they can enter their information in the IRS Non-Filers tool. The company also notes that if a stimulus check is already being routed to a specific account number supplied on a 2018 or 2019 tax return, there is no way to change it to your Venmo account. Finally, Venmo also clarifies that its services do not extend into determining stimulus check eligibility, nor the status of the payment before being transferred.
About 12 million eligible citizens have yet to get their COVID-19 stimulus check, so anyone who feels they may still be getting one might have time to update the IRS with their Venmo info before the payment is processed. Even if you already received your CARES act stimulus check, there is the possibility that you could have any other stimulus relief money sent to your Venmo. There has been talk of a second wave of stimulus money, which could possibly happen in July.
The House of Representatives has proposed the HEROES act, a new stimulus bill that would include second payments to individuals of $1,200 and $2,400 for couples. Parents would also get money for their children, capped at $6,000 for a family of five. At this time, the Senate has not voted on the bill.