“Venmo” Money to Your Account
Can I use Venmo at National JACL Credit Union?
Yes, you can use Venmo to make loan payments or deposits to your accounts at NJACL Credit Union. Simply send money to National JACL Credit Union using the app on your mobile phone and reference the account (e.g. checking, savings, auto loan) you want to deposit to or loan payment you’d like to make. Verify your transaction the next business day by using Home Banking.
What is Venmo?
Venmo is a peer-to-peer payment app available on Android and iPhone which allows quick and easy exchange of money directly between individuals and between individuals and National JACL Credit Union.
Is there a fee?
Sending money over Venmo triggers a standard 3% fee by Venmo, but the company waives that expense when the transaction is funded with a Venmo balance, a bank balance or a debit card. The 3% fee is not waived when users send money from a credit card. There is no credit union charge.
All internet connected applications can be vulnerable to security breaches. However, to Venmo’s credit, Venmo uses data encryption technology to protect users against unauthorized transactions while storing users information on servers in secure locations. Venmo also give users the option of setting up PIN codes for mobile applications.
According to Investopedia, they recommend the following:
- Only use Venmo with people you trust.
- Set up a PIN or Touch ID.
- Don’t store large balances on Venmo.
- Change your account setting to “private.”
- Turn on notifications.