Venmo is a popular way to manage and spend money. We are more aware than ever that many people use it. We can help you with everything from sending money to family and friends to paying bills and groceries to pay for necessities like food and gas.
In times of uncertainty, it is crucial to have quick and easy access to your money. We recently began a gradual rollout Of Venmo Direct Deposit so that select users can have their paychecks (or economic impact payments) sent directly to their Venmo balance.
Setting up Venmo Direct Deposit
Venmo Direct Deposit is available to those who have a Venmo card. This will allow you to set up Direct Deposit so that your paychecks, tax refunds, and even government stimulus payments are sent directly to your Venmo balance. Direct Deposit allows you to access your funds faster than waiting for a paper check. This means you can pay Venmo friends and family members, help someone in need, shop at millions of online retailers that accept Venmo, or use your Venmo card wherever Mastercard(r), is accepted.
Direct Deposit Venmo makes it easy to get your money on time. You may even be able to access your paycheck as early as two days before. While traditional banks can take up to a few days for processing, Venmo helps you get your money as soon as your employer notifies us. This is without additional fees. You can access your money faster and do more with it.
It's easy to Set up Venmo Direct Deposit. You can check your eligibility by selecting Settings in the app. Next, tap Direct Deposit. Fill out the Direct Deposit form for your employer using your Venmo Account and Routing Numbers. We'll take care of the rest.
How to Access Your Economic Impact Payment Online
The IRS also launched a new tool to allow people all over the country to receive their Economic Importance Payment electronically, instead of via paper checks. After establishing Venmo Direct Deposit, Venmo users will be able to choose to have their stimulus payments sent directly to their Venmo balance.
These steps will help you receive your payment of stimulus once you are enrolled in Venmo Direct Deposit.
Log in to your Venmo account via the app.
To see your account number or routing number, tap on the '' symbol and click on Settings Direct Deposit. Next, select 'Show account Number' to view your Venmo-assigned account number as well as the routing numbers required by the IRS portal.
To receive your payment, you can use your Venmo Profile's account number and routing numbers.
Direct Deposit information cannot be modified using the IRS tool if your 2021 or 2022, tax returns have not been filed or you did not provide Direct Deposit information.
Note: Direct Deposits of federal or state tax refunds are limited to the extent permitted by law. Godirect.gov has more information about Direct Deposits from Federal Agencies.
Early access is not available in accordance with standard banking practices of posting funds at settlement. Your employer must provide payment information to the bank before payday. Direct Deposit may take up to two pay cycles to become effective. Transactions are subject to review, which could cause delays or funds to be frozen or removed from your account.
Direct deposit is only available if your employer sends you your paycheck information at least 1-2 days before payday. Direct Deposit is free, but there are certain transaction fees, costs, terms, and conditions that come with using Venmo debit cards. For more information, please refer to the Cardholder Agreement or Venmo Fees.
The Venmo Mastercard (r) is issued through The Bancorp Bank under license from Mastercard International Incorporated. The Bancorp Bank, Member FDIC. Mastercard can be used anywhere Mastercard is accepted in America. Mastercard is registered as a trademark. The circles' design is trademarked by Mastercard International Incorporated. Bancorp Bank is not associated with the reward program and does not endorse it.