Venmo, a popular payment app in the USA, allows users to transfer money and make online payments. To link your bank account with Venmo and enable direct payments, you must first verify your bank account.
However, some users encounter the issue of “Venmo not verifying bank account” or “verify bank account with test deposit Venmo not working.” This problem prevents them from successfully verifying their bank account on Venmo.
In this article, we will explore the possible reasons behind this issue and provide a comprehensive guide to help you fix it and successfully verify your bank account on Venmo.
Why is Venmo not verifying bank account?
#1 Incorrect bank credentials
The first and the most common reason for the ‘Venmo not verifying bank account’ issue is the incorrect bank credentials. Venmo asks its users for bank details like the routing number and the account number for verification.
And, of course, both of the details are required to be correct. And in case a user enters the wrong information, Venmo will simply show the error code and won’t proceed with the verification.
#2 User entered Check Number
Venmo provides two options for bank account verification: instant verification and manual verification. If you choose the manual method, you need to enter your bank account number and routing number.
Be cautious not to include the check number that follows the account number, as this is a common mistake. Retry the verification process without including the check number.
If you didn’t mistakenly include the check number and are still facing issues, you can consider the alternative method described below.
#3 Insufficient funds for manual verification
Insufficient funds can be a common reason for failed manual verification of a bank account on Venmo. It is essential to ensure that your bank account has enough funds available before attempting the verification process.
Venmo will send two small deposits and two withdrawals to your bank account for verification, and if there are insufficient funds, the verification will fail, resulting in an error code.
According to Venmo’s requirements, it is recommended to have at least $2 in the bank account to facilitate a successful verification process.
#4 Account invalid for transaction
The issue occurs when attempting to add a savings account to Venmo.
Savings accounts are often not valid for electronic/ACH transactions, which results in the error message “The account you entered was not valid for electronic/ACH transactions.”
Consequently, you won’t be able to verify a savings account with Venmo.
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#5 Bank account funds on hold
Another potential reason for issues with bank account verification is if the funds in your bank account are on hold. This can prevent Venmo from completing the manual verification process.
As previously explained, Venmo uses microtransactions to validate the bank account’s validity and functionality.
However, if the funds in your account are currently on hold, the verification process may be unsuccessful.
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Fix Venmo not verifying bank account
Now that you are aware of all the reasons, we will now be providing some ways to fix the issue. Check out the guide below and start with Fix 1, and if the issue persists, proceed with the next method.
Fix 1 – Enter correct credentials
To address the issue, the first step is to attempt manual verification. Ensure that you enter all the requested details accurately. Venmo will ask for your bank account number, routing number, and other relevant personal information.
Double-check that you enter the numbers correctly, and ensure that the personal details you provide are officially recognized. This will help avoid encountering the error again and increase the chances of successful verification.
Fix 2- Make Sure Venmo Servers Are Working
Ensure that Venmo’s servers are functioning properly. Check for any announcements or updates regarding server maintenance on Venmo’s official channels.
You may visit the downdetector page for Venmo. Here, check the number of reports and user commnet. If the reports are significant, it means servers are having issues. In this case, try after some time.
Fix 3 – Apply for Verification after 24 hours
If you have made multiple unsuccessful attempts to verify your bank account and are still facing issues, it’s important to stop trying for now. Even if you enter the correct details, you won’t be able to proceed.
Venmo has limitations on the number of verification attempts for security reasons. If you have already exceeded the allowed attempts, you must wait for a minimum of 24 hours before applying for verification again.
This waiting period ensures the security of your account and prevents excessive verification attempts.
Fix 4 – Try instant verification instead of manual verification
Consider opting for instant verification instead of manual verification when attempting to verify your bank account on Venmo.
Venmo employs Plaid, a service that verifies your bank account details and periodically checks your account balance to ensure sufficient funds for specific transactions.
If your bank qualifies for instant verification, you will be prompted to provide your online banking username and password or other identifying information once you select your bank.
Fix 5 – For manual verification Keep some funds in bank account
To ensure a smooth manual verification process, it is crucial to have funds available in your bank account.
Venmo utilizes microtransactions to validate the bank account, and if your account does not have sufficient funds, Venmo will have difficulty receiving money, leading to a halted verification procedure.
Venmo recommends maintaining a minimum balance of $2 in your bank account to facilitate the verification process as intended.
Fix 6 – Clear App Cache
Clearing the cache of the Venmo app can help resolve any temporary data or connection issues. Go to your device’s settings, find the Venmo app, and clear its cache. Then relaunch the app and attempt to verify your bank account again.
Fix 7 – Try Logging Out and Logging In:
Sometimes, logging out of your Venmo account and then logging back in can refresh the app’s settings and resolve verification issues.
Open the Venmo app, navigate to the account settings, and choose the option to log out. Afterward, log back in with your credentials and attempt to verify your bank account once more.
Fix 8 – Contact Venmo Support
If you have tried everything and still cannot get your bank account verified, you must contact Venmo Support. You can visit the link here. The link will redirect you to the official Venmo support page.
There you will have to share your personal details along with the issue you are facing. Explain the issue elaborately.
Fix 9 – Try using Venmo web instead of Venmo app
To verify your bank account on Venmo, consider using the Venmo web platform instead of the Venmo mobile app.
On your computer, you can access the Venmo website by visiting www.venmo.com/verifybank to initiate the bank account verification process.
Fix 10 – Use another bank
If you have exhausted the solutions mentioned above and are still unable to resolve the issue of “Venmo not verifying bank account,” there is one final option to consider.
It is possible that your current bank account has been flagged or frozen for some reason, preventing successful verification.
In such cases, the best solution is to apply for verification using a different bank account. By using an alternative bank account, you can overcome the obstacles you are facing and proceed with the verification process.
What does “Venmo there’s an issue with the bank you tried to add” mean?
The error message “Venmo, there’s an issue with the bank you tried to add; please try a different bank account or card” occurs when users attempt to add their bank accounts or cards to Venmo but encounter a problem. The error code indicates that the bank account or card being added is invalid and does not meet the eligibility criteria set by Venmo.
There can be various reasons why a bank account is flagged as invalid. It could be due to the account being on hold for transactions, insufficient funds, or incorrect details entered by the user.
If you are unable to add the bank account or card despite multiple attempts, it is recommended to try adding a different bank account or credit card. If the issue persists, contacting Venmo Support for assistance is advisable.
In conclusion, we have addressed the various reasons behind the “Venmo not verifying bank account” issue and provided solutions to resolve them.
We have covered common methods to fix the problem, ensuring that even users who are less familiar with apps and technology can implement the suggested solutions.
It’s important to take action promptly and start applying the recommended fixes to overcome the issue.
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Ankit Kumar is an Engineer by profession and a blogger by passion. Over the last several years, he has written tons of articles, solving queries on Quora. He also has years of experience in investing in Cryptocurrencies, Funds, and Stocks.