Many of my friends are now using the Venmo app to pay each other back quickly. My understanding is that this app has full access to your bank account, and allows you to transfer money instantly to other friends with accounts. What are the risks of this? Is this a good app to use?

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Posted by Hannah Gold (MONEY FORUMS: 6, Answers: 5)
Asked on February 29, 2016 12:53 pm
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Most issues with venmo come when people use it for commercial transactions/with people they do not know. It isn’t safe for things like selling something on craigslist, but If you are using it only when you know and trust who the money is going to/where it is coming from, it should be fine. Just make sure you check your bank account to ensure that you received the money you were supposed to receive,

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Posted by María Zoraida (MONEY FORUMS: 4, Answers: 6)
Answered: March 1, 2016 2:41 pm
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I have not used Venmo, but I do use my own bank’s person-to-person payment option, so I don’t have to give another party access to my bank account. Here is the link to the Venmo security page: https://venmo.com/about/security/
Read it and decide for yourself.

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Posted by Beth Tallman (MONEY FORUMS: 1, Answers: 61)
Answered: March 1, 2016 10:58 am
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