Venmo is a popular peer-to-peer (P2P) payment app owned by PayPal that allows users to easily send and receive money from friends and family. With Venmo connected to users' bank accounts or debit cards, transferring funds is seamless and transactions happen in real time. But what banks actually work with Venmo. Venmo Partnering with FDIC-insured banks The Bancorp Bank, that connects directly to your Venmo balance without any line of credit.
>> Check Out: How to Venmo Transfer Money To Yourself
Key Takeaways
>> Check Out: What Banks Use Venmo
Major National Banks That Work With Venmo
Most of the biggest retail banks in the United States officially support linking accounts to Venmo. Major national banks where customers can connect their accounts to Venmo include:
So the biggest national retail banks - Synchrony Bank, Chase, Bank of America, Wells Fargo, Citibank, and U.S. Bank - all officially support integration with Venmo for customers. This makes it easy for their account holders to connect accounts for P2P payments.
Online and Regional Banks That Work With Venmo
In addition to the major national banks, many other regional banks and online banks also allow customers to connect Venmo to accounts. Some of the more widely available regional and online banks with Venmo integration include:
While not an exhaustive list, many prominent regional and online banks across the U.S. offer Venmo integration for customers today. The availability makes it easy for their account holders to connect accounts to Venmo for P2P payments and money transfers.
Smaller Banks and Venmo Availability
Many smaller regional banks and credit unions also support linking accounts to Venmo. Even if the bank has limited name recognition, there's still a good chance it will work with Venmo.
When in doubt, you can always contact your smaller bank to ask if they support linking accounts to third-party services like Venmo. Many smaller institutions specifically list Venmo integration on their websites or in account disclosures too.
Here are some examples of smaller banks and credit unions known to work with Venmo:
Again, most legitimate financial institutions that offer standard checking/savings accounts and debit cards should ultimately connect with Venmo. But verify with your specific bank if unsure.
What bank use venmo on plaid
The situation with Venmo, Plaid, and banks is a bit more nuanced than having one specific bank connected to them. Here's a breakdown:
Venmo's bank partner: Venmo primarily uses The Bancorp Bank as its partner bank for holding user funds and ensuring compliance with financial regulations. This means your Venmo balance technically resides with Bancorp Bank.
Plaid's role: Plaid is a third-party service that acts as a secure bridge between financial institutions (like banks) and various financial apps (like Venmo). It allows you to connect your bank account to other apps without sharing your sensitive login credentials directly.
Connecting Venmo and Plaid: While Venmo operates with Bancorp Bank, you cannot directly link your Venmo account to other apps through Plaid. This is because Plaid focuses on linking individual bank accounts, not digital wallet accounts like Venmo.
Alternative options
If you wish to connect your bank account to another app through Plaid, you'll need to use the bank account linked to your Venmo directly. This means the bank account you used to add funds to Venmo (via ACH transfer or debit card) needs to be eligible for Plaid linking.
Adding a Bank to Venmo
Ready to link your bank account or card to Venmo? Here are the simple steps to add a bank:
The process takes just a few minutes in most cases. Once your bank is linked, you can seamlessly transfer funds into or out of Venmo. It provides another way to manage your money!
How to Transfer money From Venmo
There are two ways to transfer money from Venmo: to another person or to your bank account.
Transferring money to another person
Transferring money to your bank account
Here are some additional things to keep in mind:
You can only transfer money from your Venmo balance. If you don't have enough money in your balance, you can add money from your bank account or debit card.
Standard transfers to your bank account are free, but they may take 1-3 business days to arrive. Instant transfers are available for a fee of 1.75% of the transfer amount, with a minimum fee of $0.25 and a maximum fee of $25.
You can only transfer money to bank accounts that you have verified on Venmo.
Benefits of Connecting Your Bank to Venmo
Why bother linking your bank account or cards to Venmo? Here are some key benefits:
For maximum convenience, connectivity, and security, integrating your bank account(s) with Venmo can be hugely helpful for managing money in the digital world.
Is Venmo Safe to Use With Banks?
Yes, Venmo offers the same level of safety and security as your bank when it comes to protecting account information and money.
Venmo uses strong encryption, FDIC pass-through insurance, and fraud monitoring like any major bank. As long as you keep your account password and details secure, Venmo provides a safe way to transfer money from your bank.
Conclusion
Venmo has rapidly become one of the most popular digital wallets and peer-to-peer payment apps. With its social community features, Venmo provides a unique way not just to send payments but also share experiences.
Importantly, Venmo has made strong efforts to partner with thousands of U.S. banks and financial institutions. As a result, most major national, regional, and online banks officially support linking their customer accounts to Venmo for convenient P2P payments. Availability from smaller local banks and credit unions may vary. But overall, Venmo now integrates smoothly with most of America's largest banks.
