Wondering whether you should link your bank account or debit card to Venmo?
If that’s the case then you have come to the right page. To get your answer, make sure you stick to the end of the article.
With the advent of Venmo, a mobile app that facilitates instant, digital payments between friends (and strangers), settling financial disputes like splitting the bill for dinner or purchasing concert tickets as a group has become much more convenient.
Should I link my bank account or debit card to Venmo?
Short Answer: In general, it’s preferable to stay away from utilizing debit cards and connecting bank accounts to Venmo. However, the most secure method of using Venmo is to put funds into your Venmo account, since this removes the need to provide any financial information with the service.
It is recommended that users avoid using debit cards and refrain from linking their bank accounts to Venmo. In general, this is the best course of action.
Putting money into your Venmo account, on the other hand, is the most secure way to use the service since it eliminates the need that you to supply any financial information in conjunction with the service.
Is it safe to link bank account to Venmo?
Venmo provides its customers the option to link their bank accounts. It is important that your transactions and account information remain secure, which is why Venmo employs an encryption method. Furthermore, you may strengthen protection by activating multifactor authentication. However, if you’re still wary about Venmo’s security, you may choose to link it instead to a credit card.
Is it safe to link a debit card to Venmo?
It’s possible to utilize either a credit or debit card linked to your Venmo account to make purchases. Using a credit card rather than a debit card is safer from a fraud perspective since credit cards enjoy more robust legal safeguards.
Your bank will probably cover you if your credit card is stolen or used fraudulently, leaving you with little to no repercussions.
The Federal Trade Commission states that your maximum liability for fraudulent credit card usage is $50. You might lose anything from $50 to your whole debit card balance if it is stolen, depending on how fast you notice and report it.
FAQs
1. What steps to take to keep your Venmo account secure?
A unique username and password are required for every Venmo account. Venmo customers may increase the safety of their accounts by using a personal identification number (PIN), facial recognition, or a fingerprint scan.
These additional safeguards lessen the possibility that a thief will be able to access your account and transfer money fraudulently in the event that they take your phone.
2. How much cash is safe to keep in Venmo at a time?
While you may retain your money in a Venmo balance, it’s usually better to withdraw it to your bank account. Only funds that have been deposited into your Venmo account by methods such as direct deposit, remote check capture, or the purchase of cryptocurrencies are protected by the FDIC.
Final words
In sum, when compared to other peer-to-peer applications, Venmo stands out for its low cost, ease of use, and flexibility it affords its users by allowing them to integrate several different payment sources.
Venmo may be a secure and handy payment method if you take the necessary precautions since transfers are free and quick (usually within the following day), users are easy to identify, and there aren’t any fees involved.
Having earned a Bachelor’s degree in Commerce from Ravenshaw University, with a background in Accounting and Finance, Akshita Pattanayak contributes to UniTopTen by writing clear and concise articles based on Finance-Tech. With more than a hundred fin-tech related articles, she hopes to educate people about how banking and payment apps function.