If you desire to know how to Verify bank account on Venmo, either instantly or manually. Then’ you have to read this article that has given you the best and simplest way to verify your bank accounts on Venmo. Let’s get into it straight away.
Why Should I Verify My Bank Account On Venmo?
I believe you know what it means to verify an account so, without going further with the explanation, let us see some of the importance of verifying an account on Venmo before we move on to see how to verify an account on Venmo.
To be able to use the Direct Deposit Feature
Direct deposit is one of the greatest or most important transactions you can carry out with your Venmo account. It involves the payment of money directly into your Venmo account from others like your employee, government, etc.
Not all Venmo users are eligible to set up direct deposits in their Venmo account especially if you have not verified your Venmo account.
Of course, to set up direct deposit, you would be needing your Venmo routing number. And you would only be allowed to access your routing number on Venmo if you have verified your bank account on Venmo.
To Send Money Directly From Your Bank Account
Another reason why you should verify your bank account on Venmo is so that you can send money from your bank accounts easily without any hiccups. If you want to be sending money directly from your bank account to your Venmo account, then you should get verified right away. Without verification, displacement of funds may occur and there will be no way to trace them.
It raises your Transfer Limits
It is important to Verify your Venmo account if you want to increase or raise your transfer limit. Here is the limit. When you open your Venmo account, you have a weekly rolling limit of $299.99. This is the limit you have for all transactions on Venmo for that week.
However, when you get verified, the limit will increase to 4,999 dollars. This limit is for your transactions such as authorized merchant payment, Venmo MasterCard purchases, and sending funds. This will make more sense as we proceed to see the requirements needed to verify your bank accounts on Venmo.
Requirements To Verify Bank Accounts On Venmo
To verify your bank account on Venmo, you will be required to provide some information. I will outline some of them below. Note that you might not use all of them as that which you need depends on the method of how to verify bank accounts on Venmo that was used. See them below.
- Your bank’s username
- Your bank’s routing and account number.
How To Verify Bank Account On Venmo
There are two ways to verify your bank account on Venmo. And the two ways are easy and fast. I will discuss how to verify bank accounts on Venmo using the two methods below. But first, the entire process begins when you add a bank account to Venmo. Here are the steps to add a bank account to Venmo.
- Go to the “Me” tab on your Venmo account and click on your profile picture or Initials.
- Tap on Settings at the top right corner
- Click on “Payment Methods”
- Click on “Add a bank or card” and select “Bank”
- Select a verification method and continue below.
How To Verify Bank Account On Venmo Using The Instant Transfer Method
The first way to verify your bank account on Venmo is through Instant Verification. As the name implies, this process is instant. All you are required to submit is your online banking username and password.
When these are provided, Venmo would use plaid to verify your bank account. Also, it permits Venmo to periodically check your online bank account to see if you can carry out some forms of transactions.
How To Verify Bank Account On Venmo Using The Micro-transfer (Manual) method
Still, on how to verify your bank account on Venmo, you can use the micro-transfer method. This method is also called the manual verification method. It involves verifying your bank account on Venmo using your bank’s routing number and account number.
You can opt for this if you do not want Venmo to be having access to your bank account. Or if you have any challenges using the Instant Verification method. In this method, you must have at least $2 in your bank account.
Venmo would send two micro transfers of not more than $2 combined to your bank account to verify ownership. After that, Venmo will make two small withdrawals. The debit and deposits will show in your account statement within 1 to 3 business days. Once you see these, visit www.venmo.com/verifybank to complete the process with the following steps.
- Tap on the purple button on the home screen of your Venmo account for View Linked Banks.
- Select the bank account that is not verified.
- Enter the routing and account number of the bank
other actions will be taken by Venmo as explained above.
How Long Does It Take To Verify Bank Accounts On Venmo?
Now that you have seen how to verify your Venmo account using the two methods, let us see how long it would take for the verification to be successful. Suffice to state here that the time it takes to verify your bank account on Venmo totally depends on the method of verification that was used.
If you use the Venmo instant verification method, you will get verified instantly just as the name implies. In a few minutes, your verification would have been completed as long as you provided the requirements correctly.
On the other hand, if you verify your bank account on Venmo using the micro-transfer method, your account would not be verified instantly. The Micro-transfer method of verification of bank accounts on Venmo takes about 7 days to complete.
Why Can’t I Verify Bank Accounts On Venmo
Incorrect Bank Account Information
If you could not find the deposits and withdrawals done by Venmo to complete the verification, then you must have entered the wrong bank account information such as the wrong username, password, routing number, or account number. So check them out to make sure that you have entered the correct information.
Invalid Bank Account
If your account is not valid for ACH or electronic transactions, you would not be able to verify such a bank account on Venmo. This often is the case when you add a Savings account.
You Have Verified The Maximum Number Of Bank Accounts
There is a specific number of bank accounts that you can add and verify on Venmo. Once you have reached the limit, you can no longer verify any other bank account on Venmo.
What Should I Do When My Bank Account Is Marked Invalid On Venmo?
The following are some simple actions to take if your bank account is marked invalid in Venmo.
- Reach out to your bank to confirm the routing and account number
- Ascertain from your bank if there are no restrictions on electronic and ACH transfers on your account.
- Delete your bank account and add it again.
- Contact Venmo support for help.
- Use another bank account with Venmo.
Verification of bank accounts is the only way to enjoy all the features of Venmo. See how to verify bank accounts on Venmo explained above and get yours verified.