vera_lewis2•22d agoMost Upvoted

Chat with my barista made me rethink my Venmo habits

Was grabbing coffee downtown last Tuesday and my barista said she never uses Venmo for rent payments because theres no fraud protection like a bank. I kinda brushed it off until I realized I've been sending $1,200 a month to my landlord through Venmo for 2 years. Anyone else relying too much on payment apps for big stuff and not thinking about the risks?

3 comments

3 Comments

henryp4022d ago

My coworker Dave sent his rent via Venmo for a year and then his landlord claimed he never paid and Venmo did nothing about it. Do you really trust an app with no backup for that much cash?

sandra_bennett5922d ago

Is your barista also your financial advisor now? I've been using Venmo for my rent for 3 years and never had a single problem. Banks charge fees for everything and their fraud protection is a joke anyway. I had someone steal my debit card number and it took the bank 6 weeks to give me my money back. Venmo at least processes payments instantly and I can track everything in one app. If you're worried about fraud, just don't send money to strangers. Your landlord is a known person, not some random scammer on Craigslist. The convenience of not having to write a check or remember to transfer funds is worth more to me than hypothetical protection that might not even work when you need it.

blair_taylor3222d ago

You said "just don't send money to strangers" like that covers everything. But here's the thing - Venmo's own terms say they don't protect business transactions. That includes rent payments. They can call it friends and family all day but a landlord is technically a business relationship. Venmo will just say sorry if something goes wrong. I'm not saying banks are perfect either. Your story about the debit card theft sucks. Six weeks is ridiculous. But with rent money we're talking like a grand or more every month. That's a lot to leave unprotected. Some places are starting to accept credit cards for rent with a small fee. That might be a safer middle ground.