Venmo is a digital wallet owned by Paypal. It’s a cashless mobile payment app for online transactions. Financial payments are sent and received quickly as fast as within less than a minute, depending on the internet network. Venmo users also can make purchases online and pay using the digital wallet.
Small business owners can receive payment to their Venmo digital wallets. Employees can also receive their weekly and monthly paycheck on Venmo. Parents can set up weekly and monthly direct deposits to their college students’ children on the payment app. For every transaction on credit cards, Venmo takes 3% charges fees, but no charges for bank accounts, venom balance transactions, and debit card transactions.
Venmo also supports using cryptocurrency coins such as Bitcoin, Litecoin, and Ethereum. But notes that crypto coins bought with Venmo cannot be moved to other accounts or exchanged. Venmo keeps safe your crypto coins, and to use, they will be reconverted to dollars.
Just like Paypal, there have been reported cases of users waking up and seeing their accounts frozen and some frozen accounts permanently deactivated days later.
As revealed by Venmo, Venmo does not state the specific information on how it decides the restriction of selected accounts that are frozen or specific reasons for restricting users’ accounts. Venmo will only reply to the frozen account owner that its terms and policies have been violated. However, below are likely reasons why a Venmo account is frozen.
- Transactions made below the account balance: When you make a transaction higher than your venom account balance, it flags the accounting red, and the account will be restricted.
- Violation of user’s agreement and Venmo’s terms: during the opening of a Venmo account, users must agree to Venmo’s terms and users’ agreement. Without agreeing to these, you cannot open a Venom account. So, if Venmo detects any of those terms are violated during transactions or in using its services, the account will be frozen.
- Violation of credit card policies: if the wrong credit card pin is used, unacceptable credit cards from unsupported banks and banks from unsupported countries, a venom account will be restricted pending resolution.
- Suspicious activity using your Venmo account: if you log in many times with the wrong username and password, from unrecognized devices, or have been detected to use Venmo from unsupported countries, accounts will be frozen.
- Exceeds restriction transaction amount: new users are limited to a transaction limit in the first three months, just like Paypal. If transaction limits are exceeded, the account will be temporarily closed until more personal information on the account owner is confirmed.
When the account is frozen, money in there is held by Venmo until the account is released. To receive your money from a frozen account, the following steps can be followed:
- For some frozen accounts, users are sent emails to verify their identity by providing the required legal, authorized documents such as international passport, driver’s license, and voter’s card with the photograph of the Venmo account user displaced. Other requested documents could be business legal registration documents and proof of purchase receipts. When these requirements are met, and Venmo is satisfied, the account will be unfrozen, and you can get your money back.
- Other instances to unfreeze a frozen Venmo account will be to reset the password and have a new stronger password. Once done, if that’s all that Venmo requires, then the account will be opened.
- Victims can also contact Venmo directly and communicate with their customer care. Final response resolution usually takes 2 to 3 working days. Their customer care can be reached by phone call, mobile app direct chat, email, and the website online complaint form.
- If more personal information is required aside from documents that are needed to be submitted to Venmo, they will send an email requesting this personal information.
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