Venmo is a free digital wallet that allows you to send and receive money without any fees essentially. If you’re using a debit card or a bank account it’s fee-free now if you’re using a merchant account like you’re using a credit card that’s Visa, Master Card, Discover, or America Express those will all work but because it is a credit card, you will pay some merchant fees when you use that otherwise, it’s a free transfer account. So imagine you know you’re going out to dinner with your friends and you all need to pay the one guys who are going to pick up the bill at the end. Venmo is a great way to just say, “Hey, here’s my five bucks for dinner last night right?” It can be used with your phone, It’s got an app that you can use on there and It’s also owned by PayPal. So it is backed by PayPal safety and security and their excellent customer service. Now the reasons you would want to use Venmo are very, very simple.
What is Venmo?
One it’s an easy transfer method for you to pay another person or business. People to people s more common than person to person to business. This is why it’s an easy way you know to pay your buddy back or to pay your babysitter or just you know get money for reimbursement whenever it needs to go. Venmo will also track your transaction history and this is really handy because if you said you pay someone with cash, you can’t always track that maybe you didn’t write it down or keep a ledger of where you’re putting all your cash. However, you can pay with no fees. Essentially the same cash with Venmo and then have a paper trail on it. Paper trails are so, so important. People pay a lot of bills and cannot keep track of records. They have got to keep track of where their money went and when and it just makes things really easy to look up if there is ever a dispute.
Venmo also has this very cool feature as I said, it’s a digital wallet. So if anyone were to ever pay you using Veno that money is going to sit in your Venmo wallet until you either use it to buy something or you transfer if it to your bank account. So a lot of times, you’ll get someone who’s going to pay you. Let’s say, they’re paying you back a hundred bucks for a part that you thought you brought from them or something that you got them. They pay you back the 100 bucks that’s going to sit in your Venmo account.
Now let’s say that you then want to go have a product service for example if I go to a salon and the salon owner takes Venmo and I’m paying 50 bucks for a skin treatment or something like that. I can then take that 100 bucks that’s sitting in my Venmo wallet, pay 50 bucks to pay the bill to the shop owner or the salon owner, and still have 50 bucks left in my Venmo wallet which then I can just keep in there. If I want with no fees, no storage fees, no monthly service fee is nothing on that.
So and or I can transfer it to my bank account. Now some people like Venmo as a replacement bank account for this reason. Because it is free to use and that they don’t have any bank account fees or monthly minimum requirements. You know you go to open a bank account at any bank and they’re going to say “okay, you know to get a free hundred buck with this bank account but you also need to have a minimum daily balance of 300 bucks or you need to have monthly use of your car at least five times a month or you need to keep an automatic transfer going in and out of this account on the 25th of every month. That’s why there’s a lot of restrictions s
Surprisingly that comes with bank accounts and a Venmo account can be a sort of a replacement for that.
How to Remove a Bank Account from the Venmo App
First off why would you want to remove your well that’s pretty easy maybe you switched bank accounts and you no longer want Venmo to pull from your bank accounts because it’s closed or you may just prefer to use a different bank with your Venmo whatever the case is it’s a pretty easy process not a lot of steps involved and it’s all handled through the Venmo app.
Go to the home screen you’re gonna see various transactions other Venmo users have done recently but if you want to remove your bank account from Venmo what you want to do is click on the top right three lines symbol. After clicking there the drop-down menu will be shown and if you wanna go and remove your bank account from your Venmo account click on setting from the drop menu.
Now you’ll see another drop menu and what you wanna do is to click on payment methods then you’ll see another screen pop up and it’s gonna show all the different payment methods that you have associated with your Venmo account the look down and choose the bank that you want to remove for example I have my chase account I am going to click on it and then you are gonna see the screen with the red remove button at the bottom, make sure that you verifying the account number there.
If you’d still from Venmo click on the red remove button then there you’re going to see another pop-up to confirm the action and then click on Remove Bank and next another screen will pop up that will the bank that you choose have been removed from the Venmo account. So that was the easiest way that I know to remove your bank account.
How to Delete Venmo Account
To delete a venom account, you’ll need a desktop computer or a device with access to a browser, because the company doesn’t allow you to delete your account from the app. Launch your preferred browser and go to venom.com. Once you sign in select setting from the menu from the left, scroll to the bottom of the page, and select ‘close my venom account’. You will be prompted to transfer your Venmo balance to your bank account and to download your most recent statement. Transferring your Venmo balance to your bank account might take a few business days, so you might have to come back later to close your account.
That is all about Venmo and how to remove your bank account or delete your venom account, I hope it helps. You can delete your Venmo account by clicking cancel my Venmo account at the bottom of your profile section, when logged in from a computer currently you cannot cancel your account from the mobile app some people could cancel their account from mobile about a year ago but now you can only do it from the computer.