Venmo announces some major changes


I just got this email from Venmo.. if you didn't, here it is...

We’re making some updates to Venmo and theVenmo User Agreement, including changes to 1) the visibility of your friends list and your visibility in other users’ friends lists, 2) the Venmo Purchase Protection Program, 3) the fees charged for instant transfers, and 4) the fees charged for receiving payments that are identified by senders as for goods and services.

1) You can now select a public, friends, or private setting for your friends list, and opt out of being seen on the friends lists of other Venmo users. Review and manage your privacy controls by going to Settings > Privacy in the Venmo app.

2) Effective July 20, 2021, the Venmo Purchase Protection Program will expand eligibility for payments received into a user’s business profile or that are identified as for goods and services. To be eligible for the expanded Purchase Protection Program, sellers will need to meet additional requirements described in ourUser Agreement.

3) Effective July 20, 2021, users who receive payments that are identified by senders as for goods and services will be charged aseller transaction feeof 1.9% + $0.10.

4) Effective August 2, 2021,the fee for instant transferswill be 1.5% per instant transfer ($0.25 minimum fee, $15 maximum fee).


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