Venmo is an app that allows you to send and receive money instantly through mobile payments. It is ranked the fourth most downloaded P2P application in the United States and seventh in the world. The PayPal subsidiary has good references in the market and is among users’ favorites.
Venmo is a safe, fast and reliable application. These are some of the features that most attract interested parties. If you are a new user, you probably learned that you need to verify your accounts before using them. If you want to learn how to verify your bank account on Venmo, we have prepared a guide for you.
How to verify your bank account on Venmo?
Venmo has two ways to verify an account: instantly, with a fee for the service, and through a system of micro transfers, completely free of charge. If you are a new user and want to verify your account, here are the following steps.
Instantly verify my bank account on Venmo
The instant way to verify your account consists of giving your username and password; Venmo uses Plaid to certify the data displayed in your account and the available balance. The latter is essential because your application may not be accepted if you don’t have enough money to cover certain payments.
If you have trouble providing your personal financial information, the best alternative is to call and ask your bank. You can also opt for the second option: verify with microtransactions.
Verify your account with micro transfers
When you add your manual account number in Venmo, the company will send micro transfers to your account to verify ownership. These micro transfers will be less than $1. When they release these microtransactions, they issue two small withdrawals and, simultaneously, two small deposits. Venmo suggests having at least $2 in the bank account to avoid overdrafts.
You will see these deposits and withdrawals in your account movements after three business days separately from your bank statement. Each time they do, log on to www.venmo.com/verifybank, where you can verify your account.
You may have entered incorrect information if you do not see these transactions within three days. In this scenario, we invite you to certify the information to verify the account as soon as possible.
I can’t verify the bank account on Venmo
To make payments to any user, you must first verify your account. Many people have problems and claim they cannot verify bank accounts on Venmo; the reality is that hundreds of users do not verify their bills but start making transactions before this process.
They get errors when they go through the process to verify the account. In any case, we recommend you be patient and make the transfer after completing the data certification.
Another error occurs when users enter incorrect account information. In this case, you have two options:
- The bank will not be able to find your account, and your transfer will fail. It is possible that, after a few days, we will return the month to the Venmo account, but we cannot guarantee that this will be the case
- The bank will not return the transfer, and the money will be considered lost. Venmo is not responsible for lost transfers due to incorrect data. In this case, the recommendation is to contact the bank
How do I know if a Venmo account is verified?
Several factors allow you to determine if a Venmo account is verified. But here is the easiest way to decide whether or not it is approved. If you want to know if your verification was effective, follow these instructions:
When you verify your account, the application extends your limit. You recognize that a statement is not confirmed when it does not allow you to spend more than $299.99. If a transaction exceeds $300, it is verified.
When the account is verified, you have a rolling limit of $4,999.99 per week for all transactions combined: Venmo MasterCard purchases, fund shipments and payments to authorized merchants. Although this is a general amount, particular amounts have their pieces, for example:
- The mobile payment limit totals $2,999.99 weekly
- Payments to authorized merchants with a maximum of $2,000 per purchase or 30 transactions of any size per day
- The Venmo MasterCard has a maximum of $3,000 per purchase, and the withdrawal on your card is capped at $400
If you are already verified, these will be your limits. You must adhere to the standards set by the company; no matter how much you wish, they cannot increase the limitations; Venmo’s policy is not to respond to these types of emails.
Why does Venmo say my bank account is unverified?
Some users have complained that account verification doesn’t work for them, but it always works. Occasionally you get some errors, but these can be fixed if the problem is in one of these cases:
- Incorrect bank credentials: Venmo can’t verify an account if the bank credentials don’t match. The financial information requested by the application is the account number and routing number. Ideally, these two pieces of information should fit. P2P will not let the user proceed if the user makes a transcription error.
- Shared accounts: The application does not verify shared bank accounts either. That is, Venmo does not approve an account where two people are account holders; a single account holder is required to move forward in the process.
- Insufficient funds: Many users have been unable to verify an account with Venmo because they do not have enough money. The user must have an estimated $2 to begin the process.
- The bank cannot find your information: Venmo contacts your bank to validate your account and asks for your personal and financial information. The application cancels the process if the bank cannot validate your data or it does not match the registration.