Am I eligible to use Direct Deposit on Venmo?
You can add funds to your Venmo account using Direct Deposit if you have completed the required identity verification and if you are otherwise eligible for Direct Deposit. We determine eligibility for Direct Deposit in our sole discretion. If you are eligible for Direct Deposit, you can access the feature in the Settings menu of your Venmo app.
How do I set up Direct Deposit?
When providing your Direct Deposit details to an employer or other issuer, please be sure to confirm your account and routing numbers as they appear in your Venmo app. By failing to provide the issuer with your correct account and routing numbers, Venmo may be unable to deliver your funds to the correct account. Venmo is not responsible for the non-delivery of funds based on incorrect account information provided.
You can access your account and routing numbers for Direct Deposit in your Venmo app. Just follow these steps:
- Go to the Me tab by tapping your picture or initials
- Tap the Settings gear in the top right
- Tap Direct Deposit
- Tap Show Account Number to view your Venmo account and routing number
- Copy both numbers and use them to fill out your employer’s Direct Deposit form
If you're asked to provide the name or address of your bank when filling out your Direct Deposit form, give them the name and address of Venmo's FDIC-insured partner bank:
The Bancorp Bank
6100 S Old Village Pl
Sioux Falls, SD 57108
When will I receive my Direct Deposit funds?
The exact arrival time of funds sent using Direct Deposit can vary by employer. It may take up to two pay cycles for the Direct Deposit feature to take effect.
If you expected to receive funds in your Venmo account through the Direct Deposit feature and you did not receive such funds, please reach out to your employer (or issuer) to confirm that the payment was sent.
Certain employers and payroll providers may send funds through Direct Deposits 1-2 days in advance of payday. It is up to your employer to submit paycheck information early. Please note that the time that your employer submits your paycheck information may vary by pay cycle. Venmo will post funds added through Direct Deposit to your account as soon as we receive notice from your employer.
What if I no longer want to use Direct Deposit for my Venmo account?
If you would like to stop adding funds to your Venmo account using Direct Deposit, or change the amount you add, you’ll need to notify your employer. It can take 1-2 payroll cycles for changes to take effect, once your employer has received and processed your request.
Are my Venmo funds FDIC insured?
If you have added money to your Venmo personal account using Direct Deposit or the Cash a Check feature, we will place your U.S. dollar Venmo funds in one or more Program Banks, where they will, subject to certain conditions, be eligible for pass-through FDIC insurance, up to applicable limits.
FDIC insurance protects against the failure of a Program Bank, not the failure of PayPal, which provides the Venmo service. PayPal is not a bank, does not take deposits and is not FDIC insured. Any other Venmo account funds and all cryptocurrencies are not held in FDIC insured bank deposits. Cryptocurrencies may lose value.