Venmo can be a convenient tool when you want to split a bill or share expenses with friends. However, there are plenty of other ways to do the same thing. If you signed up for Venmo some time ago but no longer use it, you might want to delete your account. Security concerns could be another reason to close your Venmo account.
How to close your Venmo account
Venmo makes it super easy to close your account via its mobile app. Before doing that, you should make sure you won’t lose access to funds and business accounts. We cover those concerns in the next section, but if you’re certain you want to delete Venmo, here are the instructions to find account settings and delete your Venmo account.
Before you delete your Venmo account
Before closing your Venmo account, ensure you’ve transferred any remaining funds to your bank account. You won’t be able to access Venmo afterward, and the funds aren’t automatically moved to your bank or refunded to the senders when you delete Venmo. It’s a good idea to let friends know you are shutting down your Venmo account, so they won’t try to send payments this way.
Another possible issue arises if you have a business profile on Venmo and a personal account. They are tied together, so if you close your personal profile, the business profile is also shut down.
However, you can close a business profile without affecting your personal account. You mustcontact Venmoto assist with this more complicated process.
How to transfer from Venmo to your bank
If you are going to close your Venmo account, you should transfer any funds that remain to your bank, so you don’t lose access.
The process is similar for crypto, but transfers are made to an external crypto wallet. There is a blockchain network fee fortransferring outside of Venmo. Crypto transfers aren’t available in Hawaii, and your identity must be verified in New York.
What is Venmo?
Venmo is a peer-to-peer payment service with a mobile app that makes it easy to share expenses. For example, Venmo allows you to split the bill when you visit a restaurant with friends, family, or coworkers. Sharing a cab is simple when you divide the fare with Venmo.
One person pays, and with a few taps in the Venmo app, requests are sent to the others to pay their share. Venmo does that calculation for you, dividing the bill evenly. It’s also possible to adjust the amounts if there’s a big difference in the cost of each meal.
You’ll findplenty of other payment services with apps available for your smartphone, but Venmo is one of the most popular. If you want toset up a new Venmo account, we have a helpful guide that walks you through the process.
Why delete Venmo?
If your friends deleted Venmo, leaving you to question if you should, there are a few good reasons to shut it down. Hackers and scammers can access your bank account funds via payment-sharing apps like Venmo.
If this happens, you might not receive the same consideration as you would if more traditional payments were targeted. Bank and credit card accounts typically waive charges identified as fraudulent. A Venmo scam could leave you out of luck and short on cash, as noted in our June 2022 articlewarning of Venmo and Zelle scams.
Any account can be hacked, and the danger is rising every year. If you’re concerned about your Venmo account, you can close it to reduce the risk of financial loss.
Another reason to delete Venmo is when you stop using it. If you find another payment system that works better, the app might be taking up space on your phone.
Even if you own a1TB Samsung Galaxy S23 Ultra, that storage is best used for photos and videos. Removing unused apps helps clear space. However, if you delete the app, monitoring your Venmo account is harder. It’s a good idea to close any digital accounts you no longer use, taking away that opportunity to access your personal information and potentially steal your money.
Avoid Venmo scams
If you are considering deleting Venmo because of a concern about scams, but will miss using the app, perhaps you need more information to stay safe. With a few security tips, you can avoid Venmo scams.
A common tactic that scammers employ is impersonating Venmo or some other financial service.Venmo notesthat it will never contact you to ask you for your password or verification code. That personal information is only needed in the Venmo app and website to log in. If you need to send documents to Venmo for support, make sure to do so via a Document Upload Form on help.venmo.com.
Venmo was designed to simplify transfers between people you know and trust. The service has since grown to include businesses with a Venmo business profile, so you can buy some products and services through Venmo.
Venmo recommends avoiding transactions with people you don’t know. Using Venmo with trusted individuals and businesses authorized by Venmo is the safest.
Keep Venmo or delete it?
The decision to keep or delete Venmo is up to you. If you frequently use the service and find it helpful, there’s no reason it can’t be used safely. If you find it worrisome or don’t use the service often, transferring funds to your bank and closing your account before deleting the app helps keep your privacy and money safe.
