How Does Venmo Appear on Bank Statements?
Aside from withdrawals, deposits, fund transfers, and fees, your bank statement also records payments made via peer-to-peer apps such as Google Play, Paypal, and Venmo (this one owned by Paypal). But how do they appear on a bank statement?
In this article, you’ll discover how Venmo appears on a bank statement and what to do with unknown transactions.
What Do Venmo Transactions Look Like in A Bank Statement?
Venmo allows you to pay and request money from people you know. You won’t have a hard time seeing which transactions are Venmo ones in your bank statement, but note that not all will appear in it.
If you use your Venmo account, which includes a transaction via your bank account, that will usually show up on your bank statement. But if you only used the app without using your linked bank account, it will not reflect on your bank statement.
The bank will label “Venmo” only those transfers or payments you made within the app which dealt with your bank account. They won’t include the names involved in the transaction since it needs to uphold the security and privacy of your Venmo transactions.
Here’s a sample scenario to understand which transactions will reflect on your bank:
Scenario: You buy coffee and pastries worth $10:
a) You want to pay for it using your Venmo wallet, but it only has $7.
b) You transfer cash from your bank account to your Venmo.
c) Then you pay for what you bought using your Venmo wallet.
d) You will see this transaction in your bank statement later on.
This process is straightforward and will appear in your bank statement since your bank is involved in the transaction. If you have $10 in your Venmo wallet, you can quickly pay using the app, and your bank will not record it since it is not involved.
There’s another scenario where a Venmo transaction will show up in your bank statement even if you don’t have an account with Venmo at all. Let’s see it below.
Steps To Determine Unknown Venmo Transactions
Following the steps below will help you resolve these unanticipated transactions.
- Verify Transactions
Verify that the transaction isn’t from any of the individuals below:
- a family member
- a close friend
- other members of the household
They might have had permission to use your financial accounts to transact via Venmo.
- Contact Your Bank
If you’re sure the transaction is unauthorized, most likely, someone has opened an account in Venmo using your personal and financial information. There are a few things that you can do:
- Change your online banking and financial services passwords
- File a dispute
- Request a new card number or bank account number
Your bank usually provides these services to you.
- Allow Your Bank To Guide You
Have your bank walk you through the dispute process so that you won’t find it hard to get your funds back. Just make sure to understand what is going on and what your bank and Venmo will require of you. The steps are:
- The bank will file a claim with Venmo for the amount you lost
- They will reimburse you for your loss
Please work closely with your bank; they are your best contact in this situation. It’s the only way to secure your financial information.
Some complexities can involve monitoring and managing your Venmo activities, especially if you detect unauthorized activity. But overall, how those activities will appear on your bank statement will be pretty straightforward if your money and personal information are safe and secure.
Can I know who used my information on Venmo?
How Can I See My Transactions on Venmo?
It’s easy to see this list by looking for the transaction history or statement on the Venmo app. Then select the single-person icon and go to the “You” tab. You’ll see your whole history there, which you can download as a CSV file.
On the other hand, if you are using the website, sign in using your email address and password. You can view your transactions by selecting “Statement” under the menu below your profile picture.
I Want To File A Case Against The Person Who Used My Information. How Can I Do That?
To pursue further action on a user who did not have the authority to use your information, you can file a police report and have law enforcement contact Venmo. Once Venmo receives the vital documentation, they will cooperate through the appropriate channels and follow through on the necessary actions.