Nowadays, there are a lot of users who are depending upon digital payment apps for making day-to-day transactions. These payment apps not only come with the convenience of making transactions but also come with additional finance management features. And, one such feature among several others is “Venmo Direct Deposit” which has been specifically developed for employees who wish to instantly get paid.
This feature has been specifically developed for those users who are being paid through a bank account but not on a specific date. Hence, if you wish to get paid on time and you do not have the patience to wait for a single day to get paid, then you have probably landed on the right page. Here, in this read, we are going to familiarize you with how Venmo Direct Deposit works and how you can enable it.
However, there are some users who do not have an idea about if Venmo supports direct deposit or not. So, if you are also struggling with that confusion, we shall definitely resolve your queries regarding the same in the upcoming sections of this read. So, stay tuned.
What does Direct Deposit on Venmo mean?
Since the launch of digital payment apps, a lot of financial activities have become easier for us and now we are far away from traditional payment systems. So, keeping up with this trend, your favorite payment app Venmo has developed the Venmo Direct Deposit feature using which one can get regularized payments from his employer or anyone else. Since the app is coming under the ownership of PayPal which itself is a highly renowned platform that helps you to make sure that you are a trustworthy platform. Talking about the “Direct Deposit” feature, we can say that, it is of great help when you are too lazy to get the paycheck withdrawn to your account. And, the best thing about this is that you will get paid 2 days early with this feature enabled. Now, the question is if Venmo allows you to use this feature or not.
Can I use Venmo for Direct Deposit?
Fortunately, Venmo allows its users to use the Venmo Direct Deposit feature so that they can take the benefit of this feature and get paid up to 2 –days earlier. To use this feature, you just need to enable this feature on your Venmo account, share some details regarding your bank and your employer, and you are all set to get paid on time. However, only those users are allowed to use this feature of Venmo who are verified customers of Venmo. This feature in Venmo is supported by IRS as well as other federal agencies.
How to Enable Venmo Direct Deposit?
To enable Venmo Direct Deposit, what you need to do is follow this step by step procedure is given below:
- To begin the process, open the pre-downloaded Venmo app on your device
- Now, log in to your account, if you are not already logged in
- After logging in, you can click on the menu button at the top
- From the menu, scroll down, and select the “Settings” menu
- Followed by this, you can find and click on the “Show Account Number” option
- At this stage, you will see the routing number along with the account number
- Now, note these details and share them with your employer in the Direct Deposit form
What bank does Venmo use for direct deposit?
A major part of the banking services on Venmo are offered by Bancorp bank. So, if you are ever asked, which bank is offering you a direct deposit feature through Venmo, then you can say that Bankcorp bank is offering you this service. Once you enable this service, you do not need to go to your bank to withdraw your paychecks to your account.
What time does Venmo direct deposit hit?
The direct deposit on Venmo works on the next business day if you have selected the weekday time slot after 7 p.m. Only after one business day, your bank account will be credited with the money. However, sometimes, this may get delayed as well. In that case, you may need to wait for up to three days to get the amount credited.
Does Venmo charge a fee?
Although Venmo charges a 3% transactional fee to the users for making any kind of transactions through their Venmo accounts, this fee is waivered off in case the transaction takes place through your linked bank account, debit card, or the Venmo balance. On the other hand, if you use your Credit Card to make the transactions, you will be charged a 3% fee for the same.
Read – Why is Venmo instant transfer not working?
At last, we can say that the Venmo Direct Deposit feature has made getting paid a convenient task. In case you are someone who wishes to get paid 2 days earlier and you also do not wish to go to a physical bank to withdraw your paychecks, then this feature had definitely got you covered. Through this article, we have tried our best to provide you with all the relevant details that you must know in order to use this service.