If you have received this email, Venmo is asking you to complete this process. Venmo is required by federal law to collect certain information from all of its users. I got an email telling me my access to a Venmo balance might go away. If you don’t have access to a Venmo balance, but have $10 in your Venmo account, payments you make of any amount will be taken from your preferred payment method until you verify your identity. In this case, the entire $12 would be charged to your preferred payment method. Let’s say you have $10 in your Venmo balance and want to pay a friend $12. Otherwise, it will be funded by your preferred payment method. So, when you make a payment, if you have access to a balance and it covers the entire payment, it will be pulled from your balance. We never split payments between money in your account and preferred payment methods. If you don’t have access to a balance, you can still receive payments on Venmo and transfer the money to a bank account, but you cannot use the money in your account to make payments on Venmo until you verify your identity. Venmo should not otherwise be used to complete purchases, unless explicitly authorized by Venmo. Some Venmo users also have a Venmo Debit Card, which can be used anywhere in the U.S. Some merchants also allow purchases using Venmo QR codes at their in-store checkout. You can also use Venmo at checkout on authorized merchants’ apps or mobile websites. If you have access to a balance, you can use your balance to make payments to friends. The money in your Venmo account will be shown at the top of your personal transaction feed.Go to the "Me" tab by tapping your picture or initials.
You can see how much money is in your account in the Venmo app as well: On the web, you can see how much money is in your account by going to your profile page. Money in your Venmo account is made up of any payments that you’ve received from friends that you have neither spent, sent, nor transferred to your bank account.
Balance transfer verification#
You can select Identity Verification from your Settings menu or tap here to complete this process. Learn more about verifying your identity on Venmo. If you don't see a "Venmo Balance," you'll need to verify your identity in order to access the feature. If you see a "Venmo Balance" at the top of the screen, that means you have access to the feature. If you’re unsure about whether you can use your balance in your Venmo account, follow these steps within your app:
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