Can you Overdraft with Venmo (2021)

Do you want to know can you Overdraft with Venmo or not? Can you pay someone even you don’t have a balance in your Venmo wallet? And will funds just be pulled straight from your bank account?

If these are your questions, you are at the right place. In this post, we have explained all you need to know about Over drafting with Venmo.


Can you overdraft with Venmo

No, you cannot overdraft with Venmo. However, Venmo comes with a reload feature that, when enabled, automatically adds money to your Venmo account in $10 increments to cover the purchase amount from your linked bank account.

Venmo logo

Let’s understand it with examples.

Example 1: If your Venmo wallet has $0, and you swiped your Venmo Card to make a $100 payment, then if reloads are turned on, Venmo will add $100 from your bank account, bringing your Venmo balance to $100. After deducting the $100 completed purchase amount, you’ll have $0 leftover in your Venmo balance (your balance after the reload minus the purchase).

When the reload is settled, meaning Venmo and your bank processed the reload completely, you’ll see a $100 transaction on your bank statement.


Example 2: Let’s say your Venmo balance is $50, and you want to purchase something with your Venmo Debit Card for $55. Because Venmo reloads your balance in increments of $10 (the default reload amount), if reloads are turned on, Venmo will add $10 from your bank account to your Venmo balance when the purchase is completed.

At that point, before your purchase is deducted, your Venmo balance will be $60 *-( $50 original balance + $10 reload). After removing the $50 completed purchase amount, you’ll have $5 leftover in your Venmo balance (your balance after the reload minus the purchase).

When the reload is settled, meaning Venmo and your bank processed the reload completely, you’ll see a $10 transaction on your bank statement.

Note: If your bank does not have enough funds to cover up the purchase, it might result in Overdraft if your bank has over drafting feature. 

So, make sure your bank account has enough funds to cover up your payment to avoid overdrawing and its fee.

Below is a perfect discussion on the theory:

Overdrawing my Venmo card from venmo


SEE ALSO: How to get free money on Venmo (Official Rewards)


Will cash withdrawals at ATM trigger reloads?

No. Any cash withdrawal (ATM, cash back, or Over the Counter) is funded solely with your Venmo balance, even if you have reloads enabled, up to a $400 daily withdrawal limit.


How to Turn on/off Reloads on Venmo

You can turn on or off Venmo Reloads by heading over to the Settings → Venmo Debit Card in the Venmo app.

Follow the steps by step by the process below:

  • Open Venmo App

To begin with, open the Venmo app and log in to your account if you haven’t already.

  • Tap on three lines menu

From the home screen, tap on the three line menu present in the upper right corner.

  • Tap on Setting

From the menu that opens, tap on ‘Settings’

  • Tap Venmo Debit Card

Now, tap on the option Venmo Debit Card

  • Turn on/off Reload options

Here, you can choose to turn on/off the reloads for your Venmo debit card.


SEE ALSO: How to increase Venmo weekly limit


Final Words:

Venmo is renowned peer-to-peer money transferring app owned by PayPal. Apart from sending and receiving money, you can get a Venmo debit card which is like a standard debit card using which you can withdraw cash at ATM or pay for your bills at both offline and online stores.

Well, Venmo doesn’t come with an Overdraft feature like some other similar apps such as Chime. However, Venmo comes with a feature called Reloads, which, when turned on, Venmo will automatically pull the fund from your linked bank account to cover up your transaction with Venmo card, as detailed above in the post.

So, that’s all for now. I hope this article helped you understand everything about overdrawing with Venmo. For more guides like this, you can visit our Venmo Page or follow some related links below.


Further Reading:

How long does it take Venmo to take money out of your bank account

Can I Venmo myself? How to Venmo yourself?

Does Venmo add friends automatically? How to hide them?

(10 Reasons) Venmo Card Not Working at ATM [Fixed]