Author Topic: venmo (Read 141348 times)

PlatinumGuy · « **Reply #120 on:** February 02, 2012, 06:51:20 AM »

Just because they say they will hold your money doesn't mean they are licensed as a financial instituition to hold peoples money.
I am not a professional on the subject, but I have read several of these companies (clover IIRC) have had issues with state AG's etc. For lack of compliance with payment regulation, incl. Lack of license.
Holding customers money is acting as a bank, which AFAIK needs a license.
It seems to me this would come under that criteria.
Now they might actualy have a license, I don't know.

On second thought, their whole business incl. Holding the receivers money untile he 'cashs out' so I guess they worked out

Red · « **Reply #121 on:** February 02, 2012, 07:07:38 AM »

Do they need to be licensed if you agree to letting them hold your money?

PlatinumGuy · « **Reply #122 on:** February 02, 2012, 07:23:24 AM »

Quote from: rd on February 02, 2012, 07:07:38 AM

Do they need to be licensed if you agree to letting them hold your money?

I'm pretty sure they do.

Fan of Dan · « **Reply #123 on:** February 02, 2012, 09:38:37 AM »

besides i never asked them to hold my money in that sense, simply to transfer it to another person who will then withdraw it.

PlatinumGuy · « **Reply #124 on:** February 02, 2012, 09:40:49 AM »

@fan agree doesn't mean ask. But I'd love to see them try to make someone pay the $2,500 fine he agreed to for having 2 accts...

Mocha · « **Reply #125 on:** February 03, 2012, 06:58:45 AM »

We are writing to inform you that your credit card spending limit has been lowered to $100 per calendar month due to flags being raised on your account. Specifically, we suspect that you are using Venmo to make cash advances and/or accumulate credit card rewards.

Venmo is a service meant to be used only for payments for actual goods and services. Using Venmo to increase the volume of or borrow money against your credit card balance is a violation of our Terms and Conditions and may violate your agreement with your credit card company.

As always, you can make an unlimited amount of transactions funded by your bank account or Venmo balance.

We will restore your credit limit to its original level if you would please send us:

1) Copies or photos of a government-issued ID, and each credit card on the account (you can blur out the middle numbers)

2) Information about your relationship to the opposite party and the detailed reason for each of the following transactions:

............

We appreciate your cooperation to get your account back up and running as soon as possible. We look forward to hearing from you, please keep in mind if we do not receive a response within 2 weeks, we will reverse all transactions to the cards the were made from.

Regards,

Thanks,
Peyton Sherwood

HelpMe · « **Reply #126 on:** February 03, 2012, 07:01:48 AM »

Quote from: Mocha on February 03, 2012, 06:58:45 AM

We are writing to inform you that your credit card spending limit has been lowered to $100 per calendar month due to flags being raised on your account. Specifically, we suspect that you are using Venmo to make cash advances and/or accumulate credit card rewards.

This SOP for Venmo.

Mocha · « **Reply #127 on:** February 03, 2012, 07:07:00 AM »

Quote from: HelpMe on February 03, 2012, 07:01:48 AM

This SOP for Venmo.

SOP=?

HelpMe · « **Reply #128 on:** February 03, 2012, 07:15:47 AM »

Quote from: Mocha on February 03, 2012, 07:07:00 AM

SOP=?

standard operating procedure

Mocha · « **Reply #129 on:** February 03, 2012, 07:19:05 AM »

Quote from: HelpMe on February 03, 2012, 07:15:47 AM

standard operating procedure

Should I close and reopen or do they take lame excuses to explain the charges?

HelpMe · « **Reply #130 on:** February 03, 2012, 07:25:19 AM »

Try your reason and see what happens, it can’t hurt. If you have the same payment every week/month make it reasonable like child support, alimony, car payment, college allowance, gardener, baby sitter and I think you get the idea.

Fan of Dan · « **Reply #131 on:** February 03, 2012, 09:13:35 AM »

when they say they will reverse all the transactions, what does that mean? Once money gets into your bank account I am assuming they cannot reverse that.

3ZeroT · « **Reply #132 on:** February 03, 2012, 12:11:20 PM »

Quote from: Fan of Dan on February 03, 2012, 09:13:35 AM

when they say they will reverse all the transactions, what does that mean? Once money gets into your bank account I am assuming they cannot reverse that.

I would agree - these are canned emails and that statement probably only applies if any funds are currently frozen (frozen from withdrawal). In that case they may reverse the transaction(s) back to the sender's original form of payment if they don't get the information requested from you.

daganster · « **Reply #133 on:** February 03, 2012, 01:07:57 PM »

Quote from: rd on February 02, 2012, 06:05:07 AM

Please don't make things up without having a clue what you are talking about.

From their T&Cs part 10.6

Easy dude. You don't have to hang em because he supposedly made a mistake.

Fan of Dan · « **Reply #134 on:** February 03, 2012, 04:03:59 PM »

ok so i my account was frozen as 3ZeroT had figured. I sent in my id and had it reinstated. What worries me is that my wife is my payee under her maiden name and if they want id her passport has maiden name but the cc on her acct is married name. Would amex give her another card with her maiden name on it if need be? she is an au.

Saver2000 · « **Reply #135 on:** February 03, 2012, 04:09:10 PM »

Quote from: Fan of Dan on February 03, 2012, 04:03:59 PM

ok so i my account was frozen as 3ZeroT had figured. I sent in my id and had it reinstated. What worries me is that my wife is my payee under her maiden name and if they want id her passport has maiden name but the cc on her acct is married name. Would amex give her another card with her maiden name on it if need be? she is an au.

Yes, why not? Just say you want to add another AU. They don't have to know its the same person.

Fan of Dan · « **Reply #136 on:** February 03, 2012, 04:40:52 PM »

guess that will work I just won't be able to give her social is that an issue?

3ZeroT · « **Reply #137 on:** February 03, 2012, 05:14:38 PM »

Quote from: Fan of Dan on February 03, 2012, 04:03:59 PM

ok so i my account was frozen as 3ZeroT had figured. I sent in my id and had it reinstated. What worries me is that my wife is my payee under her maiden name and if they want id her passport has maiden name but the cc on her acct is married name. Would amex give her another card with her maiden name on it if need be? she is an au.

Otherwise I would just send in the credit card as is and explain the discrepancy is due to maiden name (for all they know she just got married and only some things have transitioned). Based on my experience just the gesture of compliance is 99% of what they are looking for (they also don't have the staff to manually analyze things to death - I can only imagine how many of these emails they have to deal with every day.)

3ZeroT · « **Reply #138 on:** February 03, 2012, 05:18:11 PM »

Incidentally my wife got asked to supply ID and CC, but the card on the account was a prepaid (no name on it at all) - and that was fine with them, they didn't need anything else.

3ZeroT · « **Reply #139 on:** February 03, 2012, 05:21:35 PM »

Quote from: Saver2000 on February 03, 2012, 04:09:10 PM

Yes, why not? Just say you want to add another AU. They don't have to know its the same person.

Won't AMEX issue a different card account number though for an AU? (I'm thinking of my Blue Cash where that was the case). The CC account number must match the one in Venmo.