Do not store your money in Venmo

Don’t get me wrong, you can still use venmo to split bills with friends - and I love this app! However if you are storing hundreds of dollars in your venmo as a balance, you may want to reconsider.

Here are 3 reasons why I don’t store my money in vemmo, and transfer it to my back if I have an outstanding balance:

💸 Venmo isn't FDIC insured like traditional banks, which means your funds aren't protected up to the same $250,000 limit. If venmo were to go down, your funds wouldn’t be returned to you!

💵 Your money won't grow with Venmo since it doesn't offer interest on your balance, causing you to miss out on potential earnings.

💰When you deposit money into Venmo, you're essentially granting them the ability to use your funds for their own investments, without sharing any profits with you.

Unlike traditional banks that provide a range of financial services, Venmo's focus is on peer-to-peer payments, leaving you without the benefits of loans, mortgages, or investment options.

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