In 2021, Venmo generated around $850 million in revenue, and it’s currently used by more than 60 million people. These stats can make you blindly trust a mobile payment app with your bank account details.
That’s until a transaction doesn’t go smoothly for you.
So, Why hasn’t Venmo taken money from your bank account?
There are a few reasons Venmo hasn’t taken money from your bank account after issuing a payment. It could be a simple delay due to Venmo’s reviewing process. Other reasons include unverified or invalid bank accounts and invalid recipient accounts.
In this article, we’ll explain the solutions you can try to the various reasons behind this issue.
- Why Hasn’t Venmo Taken My Money From My Bank Account?
- 1. You Initiated a Standard Transfer
- 2. You Initiated the Transfer on a Weekend
- 3. You’re Checking the Details of Another Bank Account
- 4. You Didn’t Verify Your Bank Account
- 5. Your Bank Account Is Invalid
- 6. Your Payment Is Pending in the App
- 7. Your Instant Transfer Has Been Declined
- 8. Your Bank Statement May Show a Different Transfer Date
- 9. Venmo Has Taken Action Against Your User Account
- Wrap Up
Why Hasn’t Venmo Taken My Money From My Bank Account?
The standard transfer process provided by Venmo is free of charge. However, to ensure security, the transfer depends on three parties, namely Venmo’s banking partner, your bank, and the Automated Clearing House (ACH).
Venmo’s complicated reviewing process is the reason behind its typical delays. The app’s users face transfer issues more often than you think.
Therefore, Venmo’s help center provides detailed articles addressing frequent concerns. Here’s our list of the possible causes behind the issue and their suggested solutions.
1. You Initiated a Standard Transfer
Standard transfers take 1–3 business days. Venmo expedites instant transfers by processing them through a different network. This costs 1.75% of the transferred amount, with a minimum fee of $0.25 and a maximum of $25.
Instant transfers are typically completed within 30 minutes. However, if you’ve already initiated a standard transfer, you’ll have to wait for 3 business days before suspecting a problem.
2. You Initiated the Transfer on a Weekend
If you request a standard transfer on the weekend, it’ll be initiated on the next business day. Remember that requesting the transfer after 7 pm ET can cause more delays.
Similarly, if you initiate a transfer right before a bank holiday, it’ll be delayed by one day. You can learn about federal holidays that apply to most banks listed here.
Since the standard transfer has been initiated, your only option is to wait for the additional days till its completion. However, next time, you can choose instant transfers, which will be immediately initiated on weekends and bank holidays.
3. You’re Checking the Details of Another Bank Account
This might happen if you’re sleep-deprived, but it’s also a common misunderstanding for users who have multiple bank accounts or Venmo accounts. In this case, all you need to do is check which Venmo account is linked to which bank account.
4. You Didn’t Verify Your Bank Account
Venmo strongly recommends verifying your bank account before transferring any funds to ensure you entered the correct bank details. If you entered the wrong credentials, the transfer would definitely fail.
In this case, your bank may return the money to your Venmo account after a few days. Otherwise, your funds may be lost, and Venmo holds no responsibility for this loss.
Venmo doesn’t guarantee that your bank will return transferred money. Therefore, you’ll need to contact your bank and explain the issue.
5. Your Bank Account Is Invalid
Check if your bank account has been marked as “invalid” on the Venmo app. This means that Venmo recently failed to withdraw or deposit funds from that account. If another Venmo user shares the same bank account, it’ll also be marked “invalid” for them.
This can happen for several reasons:
- Your bank account verification failed
- Your bank notified Venmo that they couldn’t find your account
- Your bank account isn’t valid for electronic or ACH transactions (common for savings accounts)
- Your transaction limit has been exceeded
For the first three cases, you’ll need to contact your bank to confirm the status of your account. If your account isn’t restricted, you may only need to re-enter the correct bank account details. Otherwise, you can use a different card or bank account.
6. Your Payment Is Pending in the App
Your payment can be marked as “pending” or “incomplete” if it has been issued to an email address or phone number that isn’t linked to an active Venmo account.
Ask the recipient (e.g., your friend) to verify their email address or phone number to solve this issue. They can otherwise add your email address to their Venmo account.
If you wish to cancel the payment, you can choose “Take Back” from the app. The amount will be deposited in your account within 3–5 days.
7. Your Instant Transfer Has Been Declined
Instant transfers can be declined for various reasons, including Venmo’s automated security procedures.
Before issuing an instant transfer, make sure the card you’re using is holding your name and that your Venmo account holds your legal first and last name on file.
If the issue persists, then the instant transfer feature isn’t available at the moment. Venmo’s support team can’t intervene in this situation. So, your only option is to issue a standard transfer.
8. Your Bank Statement May Show a Different Transfer Date
Sometimes, the transaction can show on a different date on your bank statement due to some lag. All you need to do is check the surrounding dates on the statement.
9. Venmo Has Taken Action Against Your User Account
Venmo could’ve tracked suspicious or illegal activity from your account, like unknowingly receiving funds from a stolen card.
Consequently, it can take several serious actions against your account, including termination or freezing funds.
In case of a misunderstanding, you can reach out to Venmo’s support team. Still, you may be required to provide additional information for identity verification.
This was our recommended go-to-list for every time you face similar transfer issues. Venmo doesn’t take money from a bank account for different reasons. Some are ironic, but others are more serious.
Initially, check the status of your transfer on the app. Then, check if you’re using the right bank account, and wait for several days before you review your bank statement again. If the issue persists, check the status and details of the bank account you provided for Venmo.
In many cases, Venmo won’t be able to reverse its automated process. Your best bet is to be careful of your details before requesting a transfer.