Venmo Two Accounts One Bank

Venmo Two Accounts One Bank – Q: My daughter and her friends have started transferring money to each other (like paying someone when they go to the movies) through an app on their phones called Venmo. Several times she asked me to give her money through this app. I don’t know anything about it or is it legit or safe?

A: Yes, it’s legit – it’s owned by PayPal. It was established in 2009. And it is generally as safe as the user. You should use the same steps you use for any type of app or online account that involves money out of your pocket, such as Amazon or eBay.

Venmo Two Accounts One Bank

The great part about Venmo: You can transfer money to someone in near real-time with just the recipient’s phone number or email address. You do not need to give the person any of your bank account or credit card information. If you’re dealing with a stranger, you can argue that Venmo is safer than writing a check, which gives the person your account number and routing number. It can be dangerous to give someone this information, along with your name and address. With Venmo, a recipient doesn’t even need to know where you bank.

Venmo Now Accepted At More Than Two Million U.s. Merchants

While Venmo encourages people to have the app on your smartphone, you don’t have to. If you are not comfortable with that, I would recommend just accessing your account on your laptop or desktop computer.

There are many options for person-to-person payments these days, including some services from banks. If readers use person-to-person payments, I’m interested in hearing about your experience. What service do you use, and how does it work for you, and are there any costs?

If you purchase a product or register an account through one of the links on our site, we may receive compensation. For months, PNC Bank customers have complained about connection errors between their accounts and third-party services, including Venmo.

For months, PNC Bank customers have complained online about problems with third-party payment apps like Venmo.

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Jim Hargreaves, who owns a packaging design business in Mount Lebanon, said he first encountered a problem last month. A client he works with regularly received an error message when trying to pay a bill through the Harvest app, which Hargreaves had been using for months. Both Hargreaves and the client use Pittsburgh-based PNC Bank.

A few days later, Hargreaves discovered that his own PNC bank account could not connect to Venmo. When he contacted PNC customer service, he received a message saying the problem could be due to “security enhancements”.

“If you are experiencing this problem, you may want to explore other ways to transfer money, such as Zelle, or work directly with third-party applications to explore other options,” the customer service message said, according to an image -screen provided by Hargreaves.

Zelle is a money transfer app similar to Venmo that is owned in part by PNC Bank. In an emailed statement, a PNC spokeswoman wrote that the bank is not trying to force customers to use the cell instead of other services.

Connecting Your Bank Account To An App Is Now A $3 Billion Business

Hargreaves was puzzled by the sudden difficulty; he said he spent months practicing the crop and understanding its responsibilities.

It would also cost him more money as an entrepreneur, Hargreaves said. He said he charges a higher service charge when his customers pay by credit or debit card instead of bank-to-bank transactions. The difference can be hundreds of dollars per transaction.

“Today’s business takes place in the digital domain, and it is important that the tools we use can talk to each other,” said Hargreaves. “If they stop talking to each other, problems can arise. “

Hargreaves is not alone in having a problem with directly reconnecting a PNC bank account to third-party apps. Alyssa Bush of Lincoln, Neb., said bank transfers from her Venmo account suddenly stopped working in mid-October.

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“I called PNC and they said they couldn’t help me,” Bush said. “I called Venmo and they said it was all on PNC.”

The PNC statement also said that the company supports Venmo transactions through bank accounts. However, customers who lost access must manually link their accounts to Venmo if they want to continue using them.

“Our changes were made to improve security in PNC Online Banking and were not specific to individual users.”

Neither Hargreaves nor Bush received information on how to contact PNC customer service again. Bush was eventually able to reconnect her PNC account to Venmo, but she said it was advice from Venmo customer service, not PNCs, that helped her reconnect.

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Tons of customers have tweeted PNC customer service Twitter about third-party connection issues. There are entire threads on Reddit dedicated to solving the problem.

Chad Thornburg of Perry, Michigan had his PNC bank account closed last month due to third-party connection issues. It uses the Plaid platform to connect to online services including Mint and Privacy. Plaid is an intermediary that allows people to connect their bank accounts to other services.

Thornburg said he called PNC customer service three times; he said they eventually responded and said they were working on a solution to reconnect PNC’s accounts to Plaid, though no details or timeline were shared.

“I work in IT, so I know that when problems are usually caused by technical reasons, the problem is usually resolved quickly,” Thornburg said. that this is a conscious decision, not an error or technical problem.”

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John Pitts, Plaid’s policy director, said the company became aware of problems with PNC at the end of the summer. He said that Plaid is able to work with PNC’s security improvements, but that PNC has not renewed the bond between the two.

“Our technology works with PNC’s security enhancements, it works with bank security enhancements across the country,” Pitts said. “Our priority is to make sure users have choices in the apps that they use to improve their financial lives.”

Both PNC Bank and Plaid are members of the FinancialDataExchange, a financial information exchange organization that sets standards for the financial technology industry. Pitts said one of the organization’s founding principles is that security should enable user control and access, not hinder it. He said the situation with PNC and third-party apps doesn’t look like a good experience for consumers.

“It’s like a touch,” Pitts said. “Consumers seem to be limited in their choice and have to make a lot of extra effort to get the services they want.”

Why Venmo Is So Popular With Millennials

Kathleen J. Davis covers news on almost anything. She is also the lead reporter and producer of the weekly series Pittsburgh Tech Report. Originally from the great state of Michigan, Kathleen is always available to chat about suburban Detroit and Coney Island dining. She lives in Bloomfield.

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Please apply now to continue providing fact-based journalism – a monthly gift of just $5 or $10 makes a big difference. The feature is an alternative to Venmo’s standard wire transfer service, which typically takes one to three business days to process transactions. But, with Instant Transfer, money from your Venmo account can hit your bank account within minutes.

Amazon Now Allows Customers To Make Payments Through Venmo

As of January 2018, Venmo has offered instant transfers to eligible Visa and Mastercard debit cards for a small fee. At launch, the fee was a flat $0.25, but Venmo raised it to 1% of the amount transferred last October. Now the minimum fee is $0.25 and the maximum fee is $10. Of course, users can still choose the standard transfer option if they don’t want to pay for the convenience of instant payments.

While switching to a debit card is useful for quick access to funds stored in Vemno, not everyone has a debit card and doesn’t always want their funds on the go to that card. Bank transfers can also help small business customers or gig economy workers move their Venmo Cash to their main account to pay bills, rent and other automatically paid transactions.

The news of an expanded instant transfer service comes at a time when Venmo is seeing increased competition from rivals, including money app Square and the bank’s Venmo challenger, Zelle. Thanks to its customer base and integration with US banking apps, Zelle reported $44 billion spent on 171 million transactions in Q2 2019, making it the largest peer-to-peer payment application in the US by broad margin. Venmo’s payment volume in Q2, meanwhile, was $24 billion.

However, with more than 40 million active accounts, Venmo has more users than some of the largest US banks. And it is still growing.

How Many Bank Accounts Can You Have On Venmo?

Offers direct transfer based on advanced fee

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