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With millions of people using Venmo to send money to others and to pay for things almost daily, some people have questions about how deposits work with the platform.
Can I deposit physical cash into my Venmo account or what time should I expect a direct deposit to hit my Venmo account?
I contacted Venmo support and then wrote up a guide to help answer these and other common Venmo deposit-related questions.
In This Post:
- 1) Can I Deposit Physical Cash Into Venmo?
- 2) Can I Deposit Cash at an ATM Using a Venmo Card?
- 3) Does Venmo Deposit Mobile Checks on Weekends and Holidays?
- 4) Is there a Limit on Venmo Mobile Check Deposits?
- 5) Can I use Venmo for Direct Deposits?
- 6) When Do Venmo Direct Deposits Hit?
- 7) Are Venmo Deposits FDIC Insured?
- 8) Can I Deposit a Check Using Venmo?
- 9) Does Venmo Deposit Immediately?
- 10) How Long Do Venmo Deposits Take?
- 11) Does Venmo Show Pending Deposits?
- 12) Is Venmo Safe for Deposits?
- 13) Can I Deposit a Third Party Check on Venmo?
- Wrapping Up
1) Can I Deposit Physical Cash Into Venmo?
Based on what Venmo customer support said when contacted, there currently is no way to deposit physical cash into your Venmo account directly.
The only way to deposit physical cash into Venmo is to do so indirectly by depositing it into a bank account that you have linked to your Venmo account and then transferring the funds from your bank account to Venmo.
2) Can I Deposit Cash at an ATM Using a Venmo Card?
No, you cannot deposit cash into your Venmo account using a Venmo card.
The only way to deposit cash into your Venmo account is by taking cash to a bank that you have linked to your Venmo account and depositing the cash into that account and transferring the funds to your Venmo account.
3) Does Venmo Deposit Mobile Checks on Weekends and Holidays?
Based on what Venmo customer support said when contacted, Venmo mobile deposits checks no matter what day of the week it is including weekends and Holidays.
If you choose the “In Minutes” option when making a deposit, those funds will typically be in your account within 10-15 minutes.
4) Is there a Limit on Venmo Mobile Check Deposits?
You can mobile check deposit up to $5,000 per day or up to $15,000 per week using Venmo. This is the combined total for all mobile check deposits using the Venmo platform.
5) Can I use Venmo for Direct Deposits?
Yes, you can set up direct deposits from your employer to your Venmo account. The government can also use your Venmo Direct Deposit account number to send you unemployment checks, tax refunds, and Social Security payments, among other things.
Once you have passed the appropriate identification verification and are therefore qualified to Direct Deposit, you can deposit money to the Venmo account through Direct Deposit. In our reasonable opinion, we assess whether you qualify for Direct Deposit.
If you’re approved for Bank Transfer, you may find it under the “Settings” page of the Venmo Application. One can learn more about setting up a Venmo Direct Deposit account here.
6) When Do Venmo Direct Deposits Hit?
Venmo Direct Deposits hit between 10:00 AM and 4:59 PM Eastern Time each business day. For example, if you withdraw from your bank account at 11:00 AM, your Venmo Direct Deposit will hit around 1:00 PM. However, the exact time varies depending on which bank you use and the time zone you live in.
7) Are Venmo Deposits FDIC Insured?
Yes, they are insured by the Federal Deposit Insurance Corporation (FDIC). As long as you follow all the rules, you should never lose your money when using Venmo. The Federal Deposit Insurance Corporation (“FDIC”) will ensure your cash in a Venmo account, but only if you have purchased cryptocurrencies or deposited money to your Venmo balance using Direct Deposit or remote check capture.
If you choose to purchase cryptocurrency, you must do so through a third-party exchange like Coinbase, Gemini, Kraken, Bittrex, etc. Once you have done so, you can transfer the cryptocurrency to your Venmo wallet.
We will store these monies as your representative and trustee if your Venmo account is eligible for FDIC turn protection and you will be the sole registered proprietor of the funds. We’ll put your money in one or even more administrative accounts around one or many federally insured financial institutions for the benefit of authorized Venmo account users.
8) Can I Deposit a Check Using Venmo?
You can deposit a physical check into your Venmo account by using the Venmo app. If you don’t have the Venmo app, you can download it for free for both iOS and Android.
Before you can access the mobile check depositing feature, you have to make sure you’ve verified your Venmo account by going to “Identity Verification” from within your app settings.
- Open the Venmo app and tap on the profile icon in the bottom right corner of the app.
- Tap on the gear icon in the top right corner to go to your settings.
- Scroll down and tap on “Cash a Check”.
- Accept the terms of service from Venmo and confirm your identity (if this is the first time you’re using this feature).
- Enter the amount of the check you are trying to cash/deposit.
- Take a photo of the front and back of your check. Ensure that you have endorsed the check and written beneath your signature “for deposit only”.
- Submit your check deposit for approval.
You should note that in cashing the check, you can opt to receive money in either of these ways;
In minute option – This is where you can select the amount of money you want to get in minutes
10 days option-This is where you can select how much money you want to get within 10 days
The minimum amount of money you can withdraw per transaction is $25. If you wish to withdraw less than $25, please contact us via email for any assistance.
9) Does Venmo Deposit Immediately?
Mobile check deposits using Venmo do not post to your account immediately though you do have an option to speed up the process when making the deposit.
Venmo’s “In Minutes” option when depositing a check allows users to receive your funds much quicker for a fee. Using this option, your funds will be available in your account once your mobile check deposit is approved (which typically takes 10-15 minutes).
Alternatively, you can choose the “In 10 Days” option when depositing a check which is free. If using this option, the funds should be available in your Venmo account assuming that there aren’t any issues with the check clearing due to insufficient funds.
10) How Long Do Venmo Deposits Take?
Deposits take about 1 hour to process, depending on your location and the number of transactions being made. The average wait time is between 15 and 45 minutes.
As stated above, the Venmo instant transfer feature allows you to send money to bank accounts or approved debit cards in under 30 mins. Instant transfer lets you send money to a friend right away without having to go through an intermediary such as PayPal or Square Cash. It works by sending the money to your friend’s bank account, which then gets deposited into his or her checking account.
11) Does Venmo Show Pending Deposits?
Yes, pending deposits show up in your account history. However, they don’t show up in your account dashboard. While using the instant transfer indicates a pending deposit, you must manually approve the transfer. Once approved, the transfer is completed, or waits for at least 30 minutes for the transfer to complete.
Using the Venmo mobile app, you can see pending deposits in your account history. To do this;
- Open the Venmo app
- Tap on the “Account” button
- Tap on “History.”
- Scroll down to find the pending deposit
12) Is Venmo Safe for Deposits?
Venmo is safe for use when making payments. We have over 100 million active monthly users who make more than 2 billion dollars in monthly payments.
Venmo is safe because it uses the same security measures banks use when transferring money. These include:
- Verification of the sender’s identity using their phone number and email address
- Verification of both the sender and receiver’s bank account information
- Confirmation of the payment amount
- Verification of whether the payment was made by scanning a QR code or entering a PIN
- Confirmation of the destination of the funds (bank account, credit card, etc.)
In addition, Venmo offers two-factor authentication for added protection. Two-factor authentication requires additional verification of the user’s identity with a password or a physical token. It helps in preventing unauthorized access to your account.
However, we recommend only using Venmo if you know the person you’re paying. In other words, never give your Venmo password to someone you don’t trust.
We also suggest that you avoid giving your Venmo password to anyone who asks for it.
13) Can I Deposit a Third Party Check on Venmo?
No, Venmo does not allow third-party checks. If you want to deposit a check from a third party, you must pay the check yourself. The reason for this is that Venmo has no way to verify the check’s authenticity; therefore, we cannot guarantee its validity.
Venmo is a great app that can do many useful things in addition to the ability to send or receive money from others.
It gives you the ability to deposit physical checks or even your paycheck into your Venmo account and can do so no matter what day of the week it is or even on Holidays.
You can’t, however, deposit physical cash at this point so if that is something you are needing to do, Venmo may not be the best platform for you to use currently.