Venmo?

Parent Cafe
21

notelling,
what is the werrvice called with wells fargo? Hard to believe they’d really offer any service for free.

22

This is the first time I’ve heard of Venmo, I transferred money using BankofAmerica transfer service. Money is transferred right away and max limit per day is $1000. Everything is free for me.
Can someone tell me why Venmo?

23

The Wells Fargo service is called Wells Fargo Sure Pay and I’m sure they will start charging for it soon. For now, or at least as of a couple of days ago, it is/ was free.

https://www.wellsfargo.com/online-banking/transfers/surepay/

24

Here’s the FAQ of Venmo. It seems they may IN THE FUTURE make money by charging merchants who accept Venmo but not from people who are friends & relatives splitting expenses.

https://venmo.com/about/fees/

Here’s one person who was concerned about what he views as a security flaw, so delinked his debit cardl

http://www.technobuffalo.com/2015/03/03/why-i-unlinked-venmo-from-my-bank-account/

I’ll ask my kids about it and maybe we’ll think about joining too.

One more article:

http://www.investopedia.com/articles/personal-finance/032415/how-safe-venmo-and-why-it-free.asp

25

@parentofpeople, when you make a payment to someone you can adjust who can view the transaction. On the screen where you make a payment, in the bottom right, you’ll see it says Public. If you click on that you can change the setting to Friends or Participants. You do have to change it for each transaction as Public seems to be the default. I haven’t figured out yet if it’s possible, or how, to change the default. I do enjoy Venmo. It is convenient and easy.