Closing a Venmo account is pretty straightforward and can be easily done from the Settings menu on the website. Venmo is a PayPal-owned mobile payment service that was founded back in 2009, and the app allows users to pay friends or request money from them. It can be useful in a variety of instances, from splitting the cost of an Uber or meal, to paying larger sums when needed, such as a roommate's half of the rent.
In spite of its usefulness, there are a few valid reasons why someone might want to leave the platform. People who have an account but no longer use it, folks who moved to a different digital wallet or online payment method, and those who no longer need to conduct online transactions, can all delete their Venmo account to ensure that their financial transactions remain private. The method is fairly easy and can be done from the Venmo website.
Venmo only allows users to close their account using the website and the not the app. So to close an account, log into the Venmo website using a web browser and select 'Settings' on the left sidebar. In the expanded Settings menu, select 'Profile.' On the next page, click on 'Close my Venmo Account' at the bottom on the right pane. Now hit the 'Next' button on the pop-up, which will open a new page with account details, including the current balance. Make sure that there's no money in the account and then hit 'Next' once again. Venmo will display a final prompt asking users if they really want to close their account. Hit the 'Close Account' button to finalize the deal and close the Venmo account for good. Before cancelling, users are advised to download a copy of their transactions as they won’t be able to access these details once the account is deleted.
Things To Remember Before Closing A Venmo Account
Cancelling a personal Venmo account will also close that user's business profile if they have one. However, users have the option to cancel their business profile while keeping their personal account, although they have to contact Venmo to do that. It is also worth noting that business profiles cannot be reactivated once closed and users won't be able to create a second business profile tied to their personal account.
One of the most important things to note before closing a Venmo account is what happens to any remaining funds in that account. Venmo says that users will either need to transfer their funds to their bank or return them to the sender before closing their account. Any funds remaining in an account at the time of closing can only be retrieved by contacting the company, as Venmo will not automatically transfer funds to the bank or return them to the original senders.
Source: Venmo