Digital payments are becoming increasingly popular in this digital landscape.
Whether you're looking to shop online or make a simple payment, you must use a digital payment app like Venmo to reach your financial goals.
Venmo is a popular P2P payment service that allows people to send and receive money safely and conveniently.
Making payments through Venmo is very easy and straightforward — especially when you've linked your bank account to the app.
However, most users usually face issues when using their bank accounts with Venmo some of which include payment not showing up in bank account and lost connection with bank issues.
If Venmo lost connection with your bank, there's probably something that resulted in that — and thankfully, it is very easy to fix this issue.
To help you out, I've compiled some possible reasons why Venmo lost connection with your bank, and steps to follow to tackle the issue.
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Why Venmo Lost Connection With Bank?
Usually, when you link and verify your bank account with the Venmo app, there shouldn't be any issue. However, some recent changes made either on your bank's end or Venmo can cause the connection between these two to be lost.
Following that, there are a couple of reasons why Venmo lost connection with your bank, which include:
1. You Recently Updated Your Online Banking Password
One of the main reasons why Venmo lost connection with your bank is because you changed your online banking login credentials.
Changing your online banking password doesn't make any automatic changes in the Venmo app, and you'll typically receive the error message "We lost connection with your bank" when trying to carry out a financial transaction with the app.
2. Your Bank Updated Its Policy
Banks are bound to comply with banking regulations in all operating territories, which is why their Terms Of Service and Banking Policies aren't constant and are subject to updates when required.
If your bank recently updated its Policies and decided not to allow linking to payment services like Venmo, then you'll probably face the Venmo lost connection with the bank if this same bank account was linked to the app.
3. Server Issues
Servers issues are another common cause for the misfunctioning of internet-dependent services.
If there's any issue with either Venmo or your bank's servers, then the connection between your bank and Venmo won't be fluent, which can result in the Venmo lost connection with your bank issue.
4. Poor Internet Connectivity
Venmo relies on a good internet connection to establish a secure connection with its servers and offer the best banking experience they have to offer.
If your internet connection isn't the best, there's a high probability that Venmo won't be able to connect with your bank, which might result in the Venmo lost connection with bank issue.
5. Security Concerns
Security concerns usually have a huge impact on how you handle finances not only with traditional payment methods but with digital payment services as well.
If your account was found to violate any of your bank's policies, you'll be limited on making transfers and probably linking to external financial institutions.
The same goes for Venmo. If your account is found to violate any of Venmo's Terms Of Service, your access to some features will be limited and if it is found to be associated with a fraudulent transaction, you won't be able to use your bank account for making payments through Venmo.
How To Fix Venmo Lost Connection With Bank
Venmo lost connection with bank isn't a major issue to tackle, and if you know what caused this issue (as we've listed the possible reasons above), then resolving the issue should be gameplay.
If you're wondering how to fix the Venmo lost connection with bank issue, then you might want to try out the fixes mentioned below.
1. Update Your Banking Information On Venmo
If you recently changed your bank account's password, then I strongly recommend you update your banking details on Venmo.
You can do so by simply deleting your previous banking details and adding the new credentials to the Venmo app.
While this can instantly resolve the issue, it might take longer if you are updating the banking details manually — that is through your routing and account number. After adding the new details, you'll need to verify your bank account on Venmo. The whole process can take between 1-2 business days.
2. Go Through Your Bank's Policies
Going through your bank's policies after an update is crucial to bank with them without unawareness.
If you went through your bank's policies and found an update on their unwillingness to continue with digital payment services (probably due to fraud), then I'll recommend opening a bank account with another bank that supports digital payment apps.
3. Make Sure You Have A Good Internet Connection
Having a good internet connection ensures a secure connection between Venmo and your bank so as to process your transaction fluently and without any issues.
Both Venmo and your bank need a good internet connection to keep you connected to their servers so as to offer all the security you need to complete transactions.
This usually helps you avoid Venmo's lost connection with bank issues.
4. Make Sure Your Account Is Free From Any Security Concerns
As earlier mentioned, security concerns can highly impact the way you use payment services like Venmo. They typically can limit how you send and receive money on the platform and limit your access to your linked payment methods. And if your bank is linked as a payment method, you'll face the Venmo lost connection with your bank.
I'll always recommend making sure your account isn't associated with any fraudulent transaction and always reporting to Venmo support, anything you don't recognize on your account.
5. Contact Venmo Support
If none of the aforementioned steps helped you in resolving the Venmo lost connection with bank issue, I'll recommend contacting Venmo support for assistance.
Contacting them is very easy; all you need to do is go to the Venmo Help Center and submit a request.
In the request, tell them your account has lost connection with your bank account and ask if they can help with resolving the issue. They start by telling you why this happened and provide you with steps to resolve the issue.
Venmo Lost Connection With Bank Plaid
Venmo typically uses Plaid to verify your bank account information when you link it through your online banking details.
If you change your banking password, Plaid won't be able to verify your account, which is why Venmo will report a lost connection with your bank.
To fix the Venmo lost connection with Bank Plaid, all you need to do is delete your old login credentials and add the new credentials to the Venmo app.
What Happens If You Don't Have A Bank Account For Venmo?
You can typically use Venmo without a bank account by linking a debit card to your account.
However, if you don't have a bank account for Venmo, you won't be able to do a couple of things with the Venmo app such as receiving direct deposits, cashing checks, etc.
Nonetheless, you can add money to Venmo without a bank account.
Frequently Asked Questions
Why is Venmo saying it has lost connection with my bank?
The main reason why Venmo is saying it has lost connection with your bank is because you recently updated your online banking password, but didn't make the necessary changes on the Venmo app. Consider updating your password on Venmo to resolve this issue.
Why is Venmo redirecting me to Plaid?
Venmo redirects you to Plaid because it uses this service to securely link users' financial accounts to the app. You'll be submitting your financial details to Plaid, and Venmo will only access this information on request.
Why is my Venmo not connecting?
Venmo is not connecting because your internet connection is poor or your mobile app isn't updated to the latest version. So consider checking your internet connection and making sure you're using the latest version of the Venmo app.
Final Thoughts
Venmo is a popular payment service that has plenty of features to show off.
When you link your bank account to the app, you'll typically get access to more features and probably unlock the main features of the app.
If Venmo lost connection with your bank, it's probably due to recent changes you made to your online banking password, server issues, poor internet connection, or security concerns.
Fixing this issue shouldn't be much of a problem, all you need to do is identify why this happened and then tackle the issue.
For your convenience, this guide compiles steps to help you fix the Venmo lost connection with your bank issue.
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