Try Not to Leave Funds in Your Venmo Account and here’s why
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When it comes to transferring funds and sending money to family and friends, it is highly likely that you may be using an application for that. When it comes to using a trustworthy application for such actions, one of the most trusted and remarkable applications is Venmo.
Venmo is an online payments services application that is backed by PayPal. It is the same application that PayPal has chosen for the provision of cryptocurrency services to its users.
The application has been around for a long time but initially, it did not have much of a use. It was mainly because people from all over the world did not have much exposure to digital payments services in the past.
As the world recognized the importance of digital payments in the year 2020, Venmo started gaining on customer demand. The application also started building upon its user base and as of now, the platform has more than 50 million active users.
According to the teams collecting data around the application’s performance, it has been revealed that the platform oversaw $160 billion worth of transactions for the year 2020.
The application also allows the users to pay their dinner bills or pay rent. Despite all the convenience the platform offers, still it is advisable for users not to leave too much balance in their Venmo applications.
The first reason for not keeping any balance in the Venmo application is that it does not bring in any interest for you. No matter how long you keep your balance in the account, it still does not make any difference because it does not generate any interest. Therefore, it is better not to add a high amount to your Venmo application and keep it there for too long. Instead, you can save high balances in accounts that offer interests.
The second reason for not trusting Venmo too much is that it is not insured at all. If you have money in your bank account it goes down for some reason, then the government insures an amount up to $250,000. However, Venmo offers no such guarantee so your funds would always be at a risk. If your funds are lost, Venmo would make no such attempts to bring back your funds or offer you any compensation. Therefore, it is better to always keep a very low balance in your Venmo application to keep yourself safe from any high risks.
The last reason is the delays in transfers when sending money to someone or paying a bill. Venmo is always in the process of monitoring and investigating your transactions and transfers. Therefore, there are high chances of you not being able to pay for a bill at the right time, as Venmo would be checking the transactions out.
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