Merchant profile
Venmo
Venmo is a peer-to-peer payments app, and the company behind it is PayPal rather than a bank — its user agreement states plainly that the agreement is a contract between the user and PayPal, Inc., and that PayPal, the provider of the Venmo service, is not a bank, does not take deposits and is not FDIC insured. That matters for reading a statement, because a Venmo balance is not where the money necessarily comes from: where the balance cannot cover a payment, the agreement says the entire amount is drawn from an eligible payment method of the user's choice, and each use of a linked bank account authorises Venmo to initiate a transfer from it.
- Category
- Banks & money apps
- Website
- venmo.com
- Registered location
- USA
- Billing style
- Typically one-off charges
- Data status
- verified
Seeing a Venmo charge you don't recognise? Check your email for the exact amount, ask others on your account, and contact the merchant before disputing. If you still don't recognise the payment, contact your bank immediately.
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