Venmo - Yes or No? - Update 07/26/24
Venmo - Yes or No? - Update 07/26/24
The Venmo peer-to-peer system has come under scrutiny by consumers, who have lodged many complaints to the Better Business Bureau, various online forums, and the Federal Trade Commission (FTC).
What’s Going on with Venmo?
⚠️ The Better Business Bureau (BBB) has issued the following warning about using Venmo, having received thousands of complaints and low rating notifications from consumers:
BBB: Business Profile for Venmo
Payment Processing Services
CURRENT ALERTS FOR THIS BUSINESS
Alert:
Do not use the Venmo app or website to transact with people you don't know, especially if the transaction involves the purchase or sale of a good or service (e.g., items from Craigslist, Instagram, and Facebook). These transactions are potentially high risk and Venmo does not offer a protection program for any purchase or sale that you conduct by sending money through the Venmo app or website. You could lose your money without getting what you paid for, or potentially lose funds for an item you're attempting to sell.
Sampling of Top Venmo Complaints (Fairshake.com): Visit
Fraudulent chargeback.
Holding money hostage with no options.
Hacked accounts.
Money not returned.
Direct deposit not handled correctly.
Money not released to payee.
Who Uses Venmo & Who Owns It?
Venmo was created for people to transfer money to other people ("peers") they know. The Venmo peer-to-peer system has come under scrutiny by consumers, who have lodged many complaints to the Better Business Bureau, various online forums, and the Federal Trade Commission (FTC).
Venmo is owned by PayPal. Both companies would be considered "woke" based on their Environmental, Social, and Governance (ESG) policies and strategies.
☝️ TIP: To learn about a company's ESG policies: Search for "[company name] ESG policies" in Google or your favorite search engine. Or look for reports on a company's website in the “Investor Relations” or “Sustainability” sections.
☝️ TIP: The most security-minded among us avoid using online payment systems whenever possible, paying by cash, paper check, money order, bank wire, or bank electronic check instead. You should do your own research. We do not have the expertise to advise you.
🔎 Learn More about Venmo
Venmo freezing my account: Search
Venmo holding my money: Search
Venmo complaints: Search
Better Business Bureau (see also above BBB warnings about using Venmo): Visit
FTC Case: Download (PDF)
Contact Venmo: Visit
Venmo Alternatives: Search
Financial advice and education at 'Financial Rebellion’ With Catherine Austin Fitts (Childrens Health Defense): Visit
🆕 Related: Better Business Bureau® and Zelle® have partnered to spotlight some of the red flags that can help you spot digital payment scams: Read