Venmo has come a long way since its launch in 2009, racking up over 80 million users and recording a whopping $240 Plus in annaul transactions, with 68,000 transactions alone in emoji. Not only is it the most popular app in terms of transaction statistics, but it also is feature-packed.
The platform allows users to send and receive micro funds between family and friends while allowing them to bank and invest.
One of the best services it provides is early payday, where users can get paid up to two days earlier than most traditional banks. For that, you need to set up the Direct deposit and provide your account information to your payroll provider or employer.
So, if you want to know how to access your Venmo routing number, including other details, you’ve landed in the right place. So without any further ado, let’s jump right into the article.
What is routing number?
The routing number or ABA number is the 9-digit code used as a bank address by financial institutions. It first came to light in 1910 by the American Bankers Association to help process checks. When you cash a check or set up any direct deposit, Your bank’s routing number ensures your funds go into the right place.
In paper check, you can find your bank’s or credit union’s routing number at the bottom left corner. This number identifies your bank’s location and can be asked by your payroll provider or other financial institutions for processing electronic payments.
The ABA routing number is used for paper and check transfers, while the ACH routing number is used for electronic transactions like funds transfers, bill payments, direct deposits, etc. Usually, ACH transactions are faster than ABA transactions, which may take some time to get cleared.
However, many online banks or fintech companies like Venmo support only ACH transactions because they don’t have any physical branches or function as proper banks.
It’s possible that your financial institution or credit union may support both ways of transfer if it accepts paper checks via mail. However, Venmo only supports ACH transfers.
Does Venmo have a routing number?
Yes, The platform provides routing and account numbers for users who want to set up a direct deposit. If you’ve a Venmo debit card, you can access your account information and set up direct deposit. You need to go through identity verification while applying for a Venmo debit card, or you can verify your identity via settings.
The Bancorp Bank and Member FDIC, in partnership with Venmo, provide a debit card and ensure that your direct deposit fund is secure and protected. All you need to do is copy your account information and give it to your employer, so your funds can be moved to the destination bank.
Your routing number will be no different than other Venmo users because, unlike an account number, it’s bank-specific and can easily be located by anybody. However, it’s always a good idea to check which routing number your bank shows in your account or checkbook before submitting it in your direct deposit form.
How to find my Venmo routing number on the app?
Well, it’s No-brainer. To find your routing number on Venmo, you must apply for the Venmo Mastercard debit card that you’ll get in 3-4 days after approval. You don’t need to hover around if you already have one, as you can access your bank account information directly. Follow the steps below to find your Venmo routing number via the app.
- Launch the Venmo app from the home screen of your device.
- Open the Me profile tab or Menu at the app’s top right corner.
- Now, navigate to the Direct deposit tab and click to enter.
- You’ll find your hidden account information.
- Simply tap to show and copy your details.
- Open up your app.
- Tap the “Cards” icon stuck on the bottom of the screen.
- Tap your debit card, and you’ll find your routing number.
You can copy your account details and keep them in a safe place. To avoid fraud, you must not share your account number with any random person.
How do I verify my Venmo account?
If you’re not faking your profile or pretending to be a legit U.S. user with a valid phone number and email address, your Venmo account will be more likely to be approved. However, many users, who may or may not belong to the U.S., sign up for Venmo with a fake identity and cannot approve their account or verify their payment methods.
The platform provides the debit card to only verified users, and once you own a card, you can access your account details or the Direct deposit feature. Here’s how to verify your account –
- Launch the app and make sure you’re logged in.
- Tap Menu from the top right corner of the app screen.
- Scroll down and access the Settings option.
- In Settings, click Identity Verification.
- Now, follow the prompts. If asked, submit all required documents, such as your SSN, phone number, home address, and other government IDs.
- Once approved, you can apply for the Mastercard debit card.
Is Venmo considered a checking account?
No, whenever you receive any fund from your payroll provider or employer, it will land in your Venmo wallet. You can check your payment history to see if you received any direct deposit.
The Bancorp Bank; Member FDIC is responsible for your debit card and funds of direct deposits. Since there is no checking account Venmo in place, its digital wallet functions as a checking account linked to a Venmo debit card.
Frequently Asked Questions (FAQs)
Does Venmo support paper checks?
Yes, you can only cash a check in the app via your device’s camera. If you’ve the Direct deposit setup, and verified your identity, you can cash a check in minutes or 10 days if time isn’t the issue. In minutes option may waive some fee, while the 10 days the option is free. Your cash a check limit is capped at $5000 per day or 15,000 per month.
Why can’t I see my routing number?
If you’re unable to locate or see your routing number, you can follow our guides above. Make sure, you’ve completed your identity verification and applied for the Debit card to access your account information.
Can I use my routing number to make payments?
The account information you get in the app is only for incoming payment such as your direct deposit. Any payment or purchase from your side is not supported. However, you can use your Venmo balance or funding methods to make payments or send funds to other bank accounts. For international transactions, you’ve to apply for a Venmo credit card.