What happens to your Venmo accounts when you die

Venmo Balance

The core Venmo balance where funds from peer-to-peer payments, direct deposits, and transfers are held. Funds are held at The Bancorp Bank, N.A. with pass-through FDIC insurance up to $250,000 per depositor. No interest earned on balance. Venmo does not offer beneficiary (POD) designations, joint accounts, or trust-titled accounts. The balance can be transferred to a linked bank account, used for purchases, or sent to other Venmo users. At death, the balance becomes part of the probate estate.

Venmo Debit Card

Mastercard debit card issued by The Bancorp Bank, N.A. that draws from the Venmo balance. No application fee, no monthly fee, no minimum balance, no international purchase fees. Cashback rewards through Venmo Stash: 1% on a chosen brand bundle, 2% with auto-reload enabled, up to 5% with $500+ monthly direct deposits (max $100 cashback per month). Fee-free ATM withdrawals at 40,000+ MoneyPass locations; $2.50 fee at non-MoneyPass ATMs. Includes 24/7 fraud monitoring. Works with Apple Pay, Google Pay, and Samsung Pay. When enrolled in Direct Deposit, a Bancorp Bank routing and account number is provided. No beneficiary designation available.

Venmo Direct Deposit

Direct deposit service that provides a Bancorp Bank routing and account number. Paychecks can arrive up to 2 days early (subject to employer sending payroll data in advance). Can receive paychecks, tax refunds, Social Security payments, unemployment benefits, and other government payments. Users can choose to deposit their entire paycheck or a portion into Venmo. Funds deposited go to the Venmo balance. No separate beneficiary designation; funds in the Venmo balance at death become part of the probate estate.

Venmo Teen Account

Account for teens aged 13-17, linked to and supervised by a parent or legal guardian's Venmo account. Includes a Teen Debit Card with no application fee, no monthly fee, and no minimum balance. Parents can lock/unlock the card, monitor the balance, and receive activity notifications. Transaction limits: $3,000/day and $7,000/week for purchases, $400/day ATM withdrawals, $2,000/week person-to-person payments. Teen accounts are hidden from in-app search for non-friends. Direct deposit available but not eligible for federal or state government benefits (including tax refunds). Parent/guardian approval required within 14 days of teen-initiated setup. No beneficiary designation available.