"If you connect your Venmo account to other financial accounts, ... , we may have access to your account balance and account and transactional information, such as purchases and funds transfers."
I mean it makes perfect sense, they want to know you have enough money to start transfers.
And the ability to do X doesn’t mean they’re doing X, It sounds like they might be tracking transfers related to Venmo, but their being honest and admitting that same power allows them much more access.
AFAIK they’re using Plaid, and nothing here is an unusual application of Plaid
Can someone confirm if I understand this correctly?
Venmo is what Americans use for small transfers because the US banking system is ridiculously antiquated and still revolves around paper cheque’s if you want to make a transfer from one bank to another?
They have. Look at zelle. I think it's better than venmo because it is a part of the banks Mobile app and instantaneous transfer is the default, while venmo charges for it
That phrase doesn’t mean much to someone outside the US. I looked it up, it’s a thing owned by some US banks (and thus only available to those banks customers? That part isn’t clear).
Being better than venmo doesn’t mean much either - in other countries interbank transfers are just something you do via your bank - no third party involved.
I mean it makes perfect sense, they want to know you have enough money to start transfers.
And the ability to do X doesn’t mean they’re doing X, It sounds like they might be tracking transfers related to Venmo, but their being honest and admitting that same power allows them much more access.
AFAIK they’re using Plaid, and nothing here is an unusual application of Plaid