What happens to the remaining balance when a Venmo account is closed?
Payments
Asked by Question Bot08/Mar/20161 answer
1 Answer
F
Faisal Khan
Answered 08/Mar/2016
When you close your account, the legal obligation is for Venmo to cash you out, i.e. transfer the money out to your bank account (via ACH). If you've closed your bank account, check might be another option (although I am not sure if they offer it).
If the money has not been transferred in say 180 days, then the money stays with Venmo in unclaimed deposit account. How long it stays there before Venmo decides it is theirs, depends on the TOS, internal policies and what the State regulations are.
If the money has not been transferred in say 180 days, then the money stays with Venmo in unclaimed deposit account. How long it stays there before Venmo decides it is theirs, depends on the TOS, internal policies and what the State regulations are.