Can You Overdraft Venmo Debit Card? Best Details & Guide
There has been several diverse answers to the question “Can You Overdraft Venmo Debit Card?” Frankly speaking, these diverse opinions has confused several Venmo users.
Recently, a lot of people have started using the Venmo platform for their online payments, the flexibility that comes with the platform makes it a convenience choice for making online payments and also receiving money from family, friends, and customers.
Venmo issues debit cards to customers which can be used to make online payments, but what happens when the funds in your Venmo debit card are not enough for the purchase you are trying to make? Can you overdraft Venmo debit card so you can go ahead with the purchase? This is a question that has been begging for answers, we have made a thorough research on this question, read this post to get the right answer.
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Can You Overdraft Venmo Debit Card?
Generally, it is not possible to overdraft a Venmo debit card directly except you have an overdraft agreement with the bank that is linked to your Venmo account. Venmo debit cards are prepaid debit cards, what this mean is that that users are only able to spend the amount of money loaded onto their cards. If you do not have enough funds on the Veno card to cover a transaction, the transaction will be declined.
However, if there is an overdraft agreement with your bank, you will be able to overdraft your Venmo debit card which will allow you to pay the transaction, Venmo will charge you overdraft fees once this happens.
Technically, you will be able to overdraft your Venmo debit card if your bank account is backed by a credit card for overdraft protection, without this, you can’t overdraft your Venmo debit card.
According to the Venmo user agreement, a customer could incur overdraft fees if they use their Venmo account to make purchases that exceed the funds they have in their linked bank accounts, this is even if they don’t have an overdraft protection with their banks.
Can I Overdraft My Venmo Card At ATM?
Your ability to overdraft your Venmo card at the ATM depends if you have an overdraft protection with your bank, you will be able to overdraft your Venmo card at the ATM if the there is an overdraft agreement with your Venmo linked bank account.
Keep in mind that if you make a purchase that exceeds the balance in your Venmo account, you may still incur overdraft charges even if you have no overdraft protection on your bank account.
Can I Use My Venmo Debit Card With No Balance?
Yes, you can use your Venmo debit card with no balance as long as you have funds in the bank account you have linked on your Venmo card. When a bank account has been successfully linked to a Venmo account, the user has the option of activating reloads, this allows the user to top up their card with funds from their linked bank account.
If you have enabled the reload feature, funds will be pulled from your selected bank account automatically, the funds will be pulled to cover the total amount of the purchase.
The reload feature can be switched on and off at anytime by navigating to the “Cards” tab and checking under the Venmo Debit Card section of the dashboard, the option to turn off and on reloads is under the image of each debit cards on the account.
Will Venmo Let Me Overdraft?
Venmo will only let you overdraft if there is an overdraft protection with the bank account linked with your Venmo account, you won’t be able to get an overdraft if your account is not backed by a credit card for overdraft protection.
Can I Get A Cash Advance On My Venmo Debit Card?
Unfortunately, it is impossible to get a cash advance on your Venmo debit card. This is because Venmo debit cards are prepaid debit cards linked to your Venmo account balance, they are not designed to provide cash advances or loans.
In essence, the Venmo debit card is only used based on the availability of funds on the Venmo account or linked bank account. If you need cash, you can use your Venmo debit card to withdraw cash from an ATM, but you will need to have sufficient funds available on the card to cover the withdrawal amount.
Also, you can transfer funds from your Venmo account to your linked bank account, and then withdraw the funds in cash from your bank’s ATM or in-person branch.
How Much Can You Withdraw From Venmo Debit Card?
Venmo allows you to withdraw up to $400 per day from ATMs that display the Mastercard®, Cirrus®, PULSE®, or MoneyPass® acceptance marks. The amount you can withdraw from your Venmo Debit Card depends on your available balance and the ATM’s withdrawal limit.
Venmo also imposes some limits on transactions, such as a $2,999.99 maximum transaction limit per purchase and a $7,000 maximum transaction limit per week for purchases. There is also a $3,000 limit placed for daily purchases with debit cards.
Can You Withdraw Cash From Venmo Debit Card?
Yes, you can withdraw cash using your Venmo debit card at any ATM displaying the Cirrus®, Mastercard®, PULSE®, or MoneyPass® acceptance marks. Venmo charges an ATM Domestic Withdrawal Fee of $2.50 per withdrawal.
Also, you can use your Venmo debit card to complete a cash withdrawal at any financial institution or bank, the Venmo debit card is processed just like other debit cards issued by standard banks.
Why Can’t I Get Money Out Of ATM With A Venmo Card?
There could be several reasons why you are unable to get money out of ATM with your Venmo card, Below are some of the reasons;
- Insufficient funds: Make sure that you have enough funds in your Venmo account to cover the withdrawal amount. If you don’t have enough money in your account, the ATM will not dispense any cash.
- ATM compatibility: The ATM you are trying to use may not be compatible with your Venmo Debit Card. Venmo Debit Cards can be used at ATMs that display the Mastercard®, Cirrus®, PULSE®, or MoneyPass® acceptance marks. If the ATM doesn’t have any of these logos, you may not be able to use your Venmo Debit Card to withdraw cash.
- Technical issues: There could be a technical issue with either the ATM or your Venmo Debit Card. Try using a different ATM or contact Venmo’s customer support for assistance.
- Account restrictions: If your Venmo account has been restricted or limited, you may not be able to use your Venmo Debit Card to withdraw cash. Check your Venmo account for any notifications or messages that may indicate a restriction.
- Expired Venmo debit card: Your Venmo debit card may have expired, once your Venmo Debit Card expires, you will not be able to use it to make purchases or withdraw cash from ATMs. If your debit card has expired, you will need to order a new one through the Venmo app or website