If you’re looking for answers to Venmo-related problems, then Venmo’s website is remarkably well designed. It rivals PayPal in the way it addresses account, setup and transaction problems, and both offer very good online articles that help you find the answer yourself. The trouble is, Venmo has a series of online help articles that are just a bit too advanced.
Nobody is saying they should dumb it down, but the way they diligently explain each issue is a little too concise. If there’s a line or section you don’t understand, then you’ll have to contact their support service to get an answer.
Your Account Limits Will Change
Before you’re verified, you have a limit weekly rolling limit of $299.99. This is a rolling limit for all of your transactions combined. If you’re unable to transact more than $300 total per week, then you’re not verified yet.
When you are verified, you get a $4,999.99 weekly rolling limit. This is also for all of your combined transactions, such as sending funds, Venmo MasterCard purchases, and Authorized merchant payments. Despite $4,999.99 being your combined total, there are also individual totals for verified users.
Sending funds and receiving funds has a $2,999.99 rolling limit that works weekly. Authorized merchant payments may occur at a maximum of $2,000 per purchase or 30 transactions of any size per day. The Venmo MasterCard has limits too. You may spend a maximum of $3,000 per purchase, and you may only withdraw $400 per day on your card.
Even when verified, you’re not able to raise your limit. It’s Venmo policy to refuse all requests for a limit increase.
Verifying Your Bank Account
You can verify your bank account by using the Venmo instant verification. This is where you use the Venmo platform and sign in to your bank account. You also give Venmo the ability to log in and check your bank balance on a periodic basis if you use instant verification. If you get through to your bank account via the Venmo app, then your account is automatically verified.
If you verify your bank account with the micro-transfer method, it takes around a week to complete. You sign up to be verified, and then send two small transactions into your bank balance. They ask that you have at least $2 in your bank to be sure the payments go through. Once they’ve made the payments, they’re going to make two small withdrawals.
After you’ve signed up for Venmo micro-transaction payments, you need to check your bank account’s recent transactions after about three days. You’ll see two deposits and two withdrawals. You then head over to www.venmo.com/verifybank where they ask you questions about how much was deposited and how much was removed, and they may also ask you for the serial numbers that were next to the transactions. Get these questions right, and within 24 hours your bank account will be verified.
Verifying Your Identity and Email Address
You verify your identity by sending them screenshots or images of your photo-ID documents and then something with your current address on it, like a bill or IRS letter. It takes about three business days for them to check your details. After that, you should hear back from them after a further three days. In some cases, they get back to you to say you’re verified, but usually they send you back a message saying that one of your documents can’t be verified, or something like that.
Verifying your email is easy. They send you an email with a link. You click the link in your email, or you copy the link and paste it into your address bar on your web browser. This takes you through to a page where it says your email address is now verified. This is all you need to do to verify your email address.
Know What You Are Getting in to
Nobody is maligning Venmo, they seem to have played everything honestly and openly so far. But you can never be sure whom the company is going to be sold to. With that in mind, make sure you know what you’re getting into before you sign up. For example, if you opt for the instant verification, then it gives Venmo the ability to check your bank balance periodically to see if you have enough money in your account to cover payments.
How quickly was your Venmo account verified? Did you notice a sharp difference when your account was verified? What are your thoughts? Let us know in the comments section below.
When you deposit a check, neither you nor your bank knows if the check is likely to bounce. It’s wise to wait before spending the money, but how long is long enough—and what should you do to protect yourself from bad checks?
For starters, don’t assume you’re free of risk, even if the money is available. Learn how long it takes for a check to clear or bounce, and what this might mean for you.
When Deposited Funds Are Available
By law, your bank makes a certain amount of funds available for withdrawal shortly after you deposit most checks. Unless there are clear signs of fraud or other problems, banks follow a funds availability policy, which details how soon you can use your money.
Many types of checks and deposits are required to be available to you the next business day after a deposit is made, including checks that are deposited in person and are:
- Certified
- From another account at the same bank or credit union
- From the federal or state government
Note
If you deposit any of these checks at an ATM, the funds will be available to you on the second business day after you make the deposit.
Personal checks are a little different. In most cases, your bank is required to make the first $200 from personal checks is available within one business day.
Depending on the type of check, the bank may choose to make even more available. For larger checks, the bank may hold the remainder for several more days before making those funds available.
However, when funds become available doesn’t necessarily signify that the check is good or that your bank actually received those funds from the issuing bank.
It means that they have decided to release that money to you on credit, with the expectation that the check writer's bank will make those funds available shortly and the check will clear.
How Long Does It Take for a Check To Clear?
A check has not necessarily cleared just because the money is availble in your account or appears on a receipt. Federal law requires your bank to make the funds available to you within a certain amount of time, whether the funds actually arrived from the other bank or not.
Checks typically take two to three business days to clear or bounce. At this point, the bank has either received funds from the check writer's bank or discovered that it will not receive those funds.
If the money is transferred without problems, the check has cleared. If the check was fraudulent, or the writer's account could not cover the amount the check was for, then the check is said to have "bounced."
The Balance
Risks of Bounced Checks
If you know and trust the person or organization that wrote the check, it may be safe to spend the money as soon as it becomes available, even if the check has likely not cleared yet.
But if you don't know or don't trust the check writer, it is safer to wait for the check to clear before you spend any of that money. Otherwise, you could open yourself up to a good deal of financial risk.
Reversed Deposits
Even if your bank allows you to walk away with cash or transfer money out, you might have to replace that money later if the deposited check bounces.
If you have already spent the money and do not have enough funds in your account to repay what you now owe to the bank, you can end up owing hundreds or even thousands of dollars to your bank.
A reversed deposit can bring your account into the negative, which means all of your payments will bounce until you fix the problem. You won’t be able to use your debit card for purchases, and any checks you’ve written in the last few days will be returned unpaid.
Fees
In addition to finding yourself in negative territory, you also risk paying hefty bank fees after you deposit a bad check. Your bank will charge a fee for insufficient funds, as well as potential overdraft charges. The people or businesses that you attempt to pay with nonexistent funds may also charge you fees.
How To Find Out If a Check Has Cleared
The term “clear” can be confusing, and bank employees may use the term loosely. To be safe, find out precisely when money transfers from the check writer’s bank to your bank and avoid spending the money from checks before that.
Bank employees may assume you want to know when you can spend money that’s subject to a hold. They may not know that checks can bounce long after they’ve been deposited.
If you want to verify if a check has cleared, explain your concerns to somebody at the bank who you trust and know is competent. Speak to a manager or visit a branch in person to limit confusion.
What To Do About Suspicious Checks
So what do you do about checks that arouse suspicion?
Avoid Them
You will be safest if you avoid accepting and depositing checks if you have any concerns about the payment.
Contact the Bank
If a check seems suspicious or you suspect fraud, you can contact the bank where they are supposed to have originated to find out if the account is genuine.
Note
If you are contacting a bank about a suspicious check, find their customer service phone number online. A number printed on a fake check is likely fake as well.
Wait 30 Days
Finding out about a bad check can take weeks. If you have deposited a check that is suspicious, wait for 30 days before using any of those funds.
Most problems should arise within that timeframe. Checks from fake accounts and empty accounts should bounce within a few weeks, giving you time to avoid debts with your bank. If the check originates from a foreign bank, wait even longer.
Even after 30 days, there may still be some risk. For example, the account holder may claim that the check was written fraudulently. Even though the check cleared, your bank must return the money, and you may need to figure out who scammed you and consult with an attorney about your options for recourse.
Fake Check Scams
You’re taking several risks any time you deposit a check to your account.
Some of the risks are negligible, but others are significant. People reported more than 27,000 fake check scams to the Federal Trade Commission in 2019. The losses resulting from those fake checks totaled more than $28 million.
Whenever you deposit a check you’re unsure of, be especially careful if it’s a large check. Check scams work in part because of common confusion about when checks clear.
If someone sends you a check as payment but you can’t keep the full amount of the check, this is likely a scam. They may instruct you to then send back money in some format, such as gift cards, a wire transfer, or goods you buy with the money they sent you.
If you don’t realize the check was fake before sending them funds, you'll lose the money you sent. You also could be subject to fines or fees if you cannot prove you were a victim, rather than part of the scam.
Alternatives to Checks
If you’re worried about bouncing checks, request payment in different forms. Wire transfers are viable alternatives. The money only transfers if it exists and typically appears within a few days.
You can also request a money order or use money transfer apps like PayPal or Venmo allow you to receive funds from customers, acquaintances, family, and friends.
You'll still need to practice safety and familiarize yourself with payment dispute or claim processes, as scams can still occur. However, the electronic trail can make it easier to prove your claims of fraud should the need arise.
Frequently Asked Questions (FAQs)
How long does it take for a cashier's check to clear?
A cashier's check will typically be available on the next business day. If it's deposited after a bank's cutoff time, it won't be available for two business days. For example, if a bank's cutoff time is 5 p.m., and you deposit a check at 5:15 p.m. on a Tuesday, the check wouldn't be available until Thursday.
How long are checks good for?
In general, checks are good for six months. After that, banks and credit unions can cash or deposit the checks, but they aren't required to. It's best to deposit checks as soon as possible to avoid any changes to account numbers or the check expiring.
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The Balance uses only high-quality sources, including peer-reviewed studies, to support the facts within our articles. Read our editorial process to learn more about how we fact-check and keep our content accurate, reliable, and trustworthy.
Legal Information Institute. "U.S. Code § 4002 - Expedited Funds Availability Schedules."
Consumer Financial Protection Bureau. "Can My Bank/Credit Union Deduct Bounced Check Fees From My Account?"
How do I instantly verify Venmo?
If your bank is eligible for instant verification, you will be prompted to add your online banking username and password (or other identifying information) after you have selected your bank. If you're having any trouble with this, the best thing to do will be to reach out to your bank.How long does it take Venmo to verify a bank account?
You can also try adding the bank account using manual verification, but keep in mind it takes at least 1 full business day to complete this verification process (and you can't make payments from the bank account until it's verified).How long will a Venmo payment be pending?
Different kinds of transactions can remain pending for different amounts of time. While most transactions may complete within 7 days, authorizations from businesses like hotels and rental car companies may remain for a few days longer. Merchants have up to 30 days to finalize the transaction.