PayPal’s peer-to-peer payment app Venmo enables you to send and receive money, as well as make daily payments.
Plaid, is a company with universal banking API that lets you connect an app or service with a bank account.
According to the company, one in four people in the U.S. has used Plaid to connect their accounts. The number of apps on which Plaid’s technology has been integrated is 3,000.
If you use Venmo, you may be interested in learning whether or not Plaid supports the payment service.
The first time you connect your bank account, you search for your bank and then log in.
Nonetheless, here’s the thing…
Venmo is not a bank, but it has partnered with The Bancorp Bank to issue the Venmo Debit Card.
And Plaid is a financial tool that enables users to connect their bank accounts to external financial apps, using their online banking credentials.
But Plaid cannot be used to link your Venmo account with other services.
Your direct deposit will be processed through The Bancorp Bank and you do not need to set up online banking credentials for your account.
What Bank is Venmo on Plaid?
Venmo is a popular app that allows users to easily send and receive money.
It’s available on many different banks, so no matter which bank you’re using, you’re sure to have no trouble using Venmo.
Furthermore, Venmo offers a debit card and direct deposit service through its partnership with The Bancorp Bank.
But due to Venmo’s inability to provide Plaid with online bank account credentials, you cannot link your Venmo account with your Plaid account.
Also see: Venmo Lost Connection with Bank: Methods to Fix it
Is there any alternative?
If Plaid’s Venmo integration is unavailable, you can try to link your Venmo account in one of these alternative ways.
1. Some services allow you to link your bank account by manually entering the account number and routing number instead of linking it with Plaid.
2. Some services allow you to add your bank’s debit card for funding. To do so, you don’t need to link your Plaid account. You can test this by linking your Venmo prepaid debit card to see if it works.
Also see: How to Add a Gift Card to Venmo (MasterCard, Visa Zip Code)
Conclusion
PayPal’s Venmo enables you to send, and receive money and make payments for goods and services.
If you use Venmo and want to know how it is related to Plaid, read the article.
Plaid is an online service that allows you to link banking apps with your bank account, using online credentials from your bank.
But Plaid cannot be used to link your Venmo account with other services. Venmo can’t be found in Plaid because Venmo is a fintech, not a bank.
Through a partnership with Bancorp Bank, Venmo cardholders can access the Venmo debit card and direct deposit facility.
Plaid cannot verify your bank account using Venmo’s online credentials, as Venmo does not provide you with the necessary information needed to complete the verification process.
If you do not see the Venmo icon on Plaid, you can use one of these alternative methods to connect your Venmo account.
Some services allow you to link a bank account manually using the account number and routing number as an alternative to linking bank accounts with Plaid.
Furthermore, a few services allow you to add your bank’s debit card to pull funds. You do not need Plaid to link a card.
That’s all in this article, thanks for reading!
