Ingo Money also offers a no-fee check cashing service. Cash disbursements funded through MoneyGram must be picked up within 90 days of the date of your check cashing transaction. MoneyGram will make funds available, for cash pick-up in minutes, subject to the agent operating hours for the pick-up location you choose and compliance with regulatory requirements. Your Gift Card claim code will be available in your Transaction History in the app immediately following your approved transaction and can be redeemed immediately at /redeem. Most credit card issuers apply credit card bill payments and adjust your available balance by the next business day though some do not post payments for two business days. Most banks, prepaid card issuers and PayPal will make your funds available in your account in minutes so you can immediately make purchases, pay bills or access cash at an ATM. If you want to send money to more than one place, you can split your check to send money to multiple accounts. You can also send money to your linked PayPal account, make a payment to a linked credit card, pick up cash at MoneyGram or buy an Gift Card. If your check is approved, we will send your money immediately to the bank account or prepaid account you choose using your linked debit or prepaid card account number. When you submit a check in the Ingo Money App, it usually takes a few seconds to review a check for approval, although it can take 3-5 minutes and in rare circumstances, up to an hour while we work to verify sufficient information to approve your check. With Ingo Money, if your check is approved you can get your money in minutes for a fee. We continue to invest to make our service better and more efficient so you can get your money quickly and conveniently, almost any place, at the lowest possible cost. Technology systems and servicing costs: Building and maintaining technology infrastructure, improving our app, processing checks, accessing third party information databases and serving our customers is the other primary area of cost.The networks and various other third party processors we use to send your money depends on the account you choose, and all of them have associated fees and processing costs. Transaction processing costs: In order for us to send your money in minutes to thousands of accounts issued by banks all across the country, we have to use network processors like Visa, MasterCard, American Express, Discover, Star, Pulse, Maestro and many others.When checks do not clear we may never get the money, but we have already given you your money, and it is always guaranteed. Other times there are problems with a check that prevent it from being paid. Bounced and non-payment check costs: Sometimes, a check does not clear because there is not enough money in the check maker’s bank account.That process typically takes a few days, which means that we incur interest expense. Check clearing and settlement costs: When we approve your check and send your money to your selected accounts in minutes, behind the scenes, the check is sent to the Federal Reserve to clear and settle it with the check writer’s bank.To provide this service to you, expenses are incurred in four primary areas: To cash a check and get your money in minutes, the standard fee is 2% for payroll and government checks with a pre-printed signature and 5% for all other accepted checks, with a $5 minimum fee per check. If your check is approved, you can get your money in minutes, as good as cash and safe to spend, and put the money any place you want it. We use lots of sources of information to screen checks fast and most of the time, we approve them. Ingo Money takes the delay and the risk out of checks. We believe that when your bank makes money from your check deposits available to spend, that money should never be taken back from you, even if a check ends up bouncing.We believe it should not take days for a bank to post a check deposit to your account.What we do is a lot harder than it seems, but the reasons we do it are very simple. Now hundreds of thousands of customers use our app to cash checks and get their money in minutes, and we serve more people every day. We thought, “Hey, we can do that.” So we put all of our 15 years of experience servicing banks and other financial services firms to work to serve consumers and small business owners directly, and in 2013, we launched the Ingo Money App with First Century Bank. Paper check processing is slow, which makes it risky, but the money in checks-trillions of dollars every year-is really important to people. We’re a bunch of people who believe that you should be able to access your money right on your phone and put it any place you need it in an instant.
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