How to Verify Bank Account on Venmo
When you sign up for a new Venmo account, it is possible to transfer funds you receive directly to your bank, but only if you verify it.
Thus, it is important for all Venmo users to know how to complete this process.
This way, they will be able to receive money and move it towards their bank accounts by following on-screen instructions.
But how do you add your bank account to Venmo and verify it?
If you are having trouble with this process, then don’t worry - this article will talk about:
- How to verify bank account on Venmo;
- What to know before you add your bank account to Venmo;
- What to do if you can’t link your bank account to your Venmo profile?
How to Verify Bank Account on Venmo
Venmo is a company owned by PayPal. Thus, some security measures available in PayPal are present on Venmo as well.
This is why Venmo needs to verify ownership of your profile.
When you sign up for a new Venmo account, they will ask for your Venmo SSN, username, address, contact details, personal information, and more.
Although many users do not complete the Venmo KYC Process, it is utterly necessary if you want to use each service of this app to its fullest.
So, let’s learn how to verify your bank account on Venmo right away.
1. Venmo Instant Verification
The first method to verify your bank account on Venmo is the fastest one and consists of Instant Bank Verification.
In this scenario, you need to provide Venmo with your online bank’s password and credentials.
This will allow Venmo to verify your bank account and know that you are solely responsible for it.
Step 1: Open Venmo and Go to Settings
Open the Venmo app and go to settings on the top right corner of the home screen.
Here, scroll a little bit, and you will find many options on the screen.
Step 2: Select Payment Method and Tap on Add Bank
Select the option that says “Payment Methods” and proceed. Here, select “Add bank.”
Step 3: Select Instant Verification and Log In to Your Online Banking Account
Tap on Instant Verification, and a list of banks will show. You can use the search bar to look for your bank.
Here, you will be prompted to type in your online banking details and password.
You will be redirected to your online banking page.
Worry not - this is secure to do, and Venmo will start verifying your account in a matter of seconds.
After you complete the process, you will be able to do banking transactions, pay with the funds on your bank, send deposits from Venmo to your bank, make withdrawals, and more.
It will also be possible to make Venmo Mastercard purchases and payments using the funds in your bank, so it’s a win-win situation.
2. Venmo Manual Verification
Not all bank service providers are available for Instant Verification.
So, the second alternative for verifying your account consists of completing a manual verification process.
Step 1: Go to Payment Methods and Tap on Add Bank
Then again, open the Venmo app, go to Settings, Payment Methods, and select Add Bank.
Step 2: Select Manual Verification and Add Account Number Details
Here, tap on Manual Verification. To verify your bank account, Venmo will ask you to input your account number, check number, routing number, contact details, and all the info related to your bank.
Be careful with what you type - you don’t want the transaction to fail!
Simply follow on-screen instructions and you will be good to go.
Step 3: Wait for Microtransfers and Verify Your Bank
After inputting your details, Venmo will issue two small withdrawals.
These two small deposits will take place between 1 and 3 business days and will be less than $1.
Make sure to have at least $2 in your bank account.
This happens because Venmo is not responsible for lost transfers in incorrect bank credentials, which is why they need to manually verify your info with these two deposits.
Either way, after you see these transactions on your bank statement, go to Venmo Verify Bank and get your account verified quickly.
If you don’t see any transfer after 3 business days, then your account number and information details might be wrong.
How Do I Know if My Bank Account is Verified on Venmo?
Venmo users who have not verified their account will have account limits of just $299 on all transactions combined.
Your rolling limit will increase up to $6,999 once you get your bank account verified.
The only way to increase the rolling limit related to your username is by fully verifying both your bank and your identity.
If you go to your profile and you see that your money limit has increased, then your bank account has been successfully verified on Venmo.
How to Fix Venmo Bank Account Verification Not Working
It is possible that you encountered an error trying to get your bank account verified on Venmo.
If this happens to you, check out the most common three reasons:
- Incorrect bank credentials: are you sure that account, routing, and check numbers are correct? If you input wrongly submitted info, verification will fail;
- Not enough money in bank account: if you performed manual verification and you didn’t have enough money in your bank, you will not be able you link it to Venmo whatsoever;
- There was a bug during the process: perhaps we are just talking about a small bug that causes some errors, such as the Venmo Lost Connection with Bank message, to happen. So, restart the process from the beginning and see if this solves the problem.
You are ready to make payments and transactions with your linked bank account on Venmo!
Get more Venmo guides right here at GrowFollowing.
FAQ
Do I Need to Have Money in the Bank to Verify it On Venmo?
Yes - if you are performing manual verification instead of instant, then you need to have more than $2 so each Venmo transfer can be shown on your statements.
Steve specializes in cryptocurrency and finance. As a born researcher, he won’t leave any stone unturned when it comes to topics he covers.