Summary List Placement
Venmo is an app for digitally transferring money to and from people you know.
Venmo also offers banking features, including a debit card, credit card, direct deposits, and mobile check deposit.
You can earn up to 3% cash back with your debit or credit card, depending on promotions from certain retailers.
Venmo doesn’t charge monthly service fees, but it does impose fees for direct deposits and mobile check deposits.
See Business Insider’s picks for the best checking accounts »
Table of Contents: Masthead StickyIs using Venmo a good choice for you?
You might like Venmo if you …
You might not like Venmo if you …
Want to send and receive money digitally
Don’t have a bank account, but want a place to deposit your checks
Are looking for a cash-back debit or credit card
Want to receive your paycheck up to two days early
Are worried about not having FDIC insurance on the money people transfer to you
Want to earn interest on your money
Don’t live near a free MoneyPass ATM
Are turned off by the fees for depositing checks
The bottom line: Venmo is a good tool for quickly transferring money between family and friends. The debit card, credit card, and direct deposits can be useful, but you don’t have to use all the features to qualify to send and receive money.
Financial Product Card
Venmo is a worthwhile tool for sending money back and forth as a family member, friend, or customer. Using Venmo is a good alternative to carrying around cash or ordering paper checks, and there’s no fee for transferring money from your Venmo balance to your linked bank account. (Unless you want the money to hit your account immediately — then you’ll pay a 1% fee.)
Venmo also has some checking features. You can set up direct deposits from the government or your employer to go straight to Venmo, and the company even lets you receive direct deposits up to two days early. You can also deposit paper checks digitally into your Venmo balance.
If you use a Venmo debit or credit card, you’ll earn up to 3% cash back on purchases with certain retailers. However, you’ll pay fees for direct deposits and mobile check deposits, so you may have to earn a significant amount in cash back to cancel out these fees.
Venmo could be a good option if you don’t have a regular checking account, but you don’t want to carry around large amounts of cash.
What is Venmo?
Venmo is an app for sending money electronically to friends, family, or businesses. You can use the app simply for sending and receiving money, or you may also choose to use Venmo’s banking features.
You can request a Venmo debit card or credit card and earn cash back with both. You’ll earn 1% to 3% cash back on purchases at retailers like Walgreens and Costco, but the exact …read more
Source:: Business Insider