![]() ![]() ![]() Venmo told BuzzFeed News that it doesn't disclose exact numbers on accounts that are frozen or put under review, but that they represent "a very small number of total payments." You may not send money to your own account."Ī Venmo spokesperson told BuzzFeed News that the app is "designed for payments between friends and people who trust each other." The company doesn't offer buyer and seller protection, which companies like PayPal offer at an additional cost to users to cover their risk, the spokesperson added. "These limits may change from time to time in Company’s sole discretion. "We may, at our discretion, impose limits on the amount of transactions you conduct through the Venmo Services," the company's user agreement says. Then there are somewhat vaguer restrictions. Those users were told by the company that they had violated the app's user agreement which prohibits dozens of activities, including having more than one account, paying for items bought on sites like Craigslist, and letting your Venmo account go into the red. And several Venmo users told BuzzFeed News that the company suspended their accounts and held their funds after they wrote silly captions to friends or tried to sell something to a friend - like a used computer. But the company also makes it easy for it to freeze accounts and kick anyone off the platform if they violate anything in the company's 27-page user agreement.įor instance, you can't use Venmo if you're under 18 (sorry, kids). Venmo, the mobile payment service owned by PayPal, makes it easy for people to pay back their friends for a drink or coffee. ![]() But not reading the small print could lead to big problems, especially when it comes to money services like Venmo. Most people gloss over what's in the small print of their contracts. ![]()
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