To complete your request to enroll (or modify enrollment) in Autopay for your Venmo Credit Card account, please read and agree to the information below. To ensure proper withdrawal of your payment, please select the checking (or savings) account from your Venmo account, or your Venmo account balance, when setting up your payment information. If you select to use your Venmo account balance, you will also need to select a checking (or savings) account from your Venmo account as a backup funding method. To ensure that your Autopay payment is processed and to avoid potential fees, you may want to consider overdraft protection, which is available at most financial institutions. We will notify you to confirm your enrollment in Autopay. Until then, please continue to make payments on your Venmo Credit Card account as you normally do. If you have any questions, please call our customer service at the number on your billing statement. Please print or save a copy of this Agreement for your records.
1. Description of amounts to be withdrawn based on your selection:
A. MINIMUM PAYMENT DUE as shown on your monthly billing statement. Each month please see the Minimum Payment Due on your billing statement for the amount that will be paid on your Venmo Credit Card account on your payment due date. The Autopay payment amount will never be more than the Minimum Payment Due; however, it may be less if payments have posted to your Venmo Credit Card account after your statement was prepared and before your payment due date.
B. STATEMENT BALANCE as shown on your monthly billing statement as your New Balance. The New Balance may range from $0 up to your current credit line, plus any charges over your credit line that are included in the New Balance. Each month please see the New Balance shown on your billing statement for the amount that will be paid on the payment due date for that billing statement. The Autopay payment amount will never be more than the New Balance; however, it may be less if payments have posted to your Venmo Credit Card account after the statement was prepared but before your payment due date.
Here is an example of the Statement Balance option:
$1,000.00 New Balance (as shown on your statement)
(-) 100.00 Additional Payment (paid after your Closing Date)
$ 900.00 Autopay payment amount deducted from your account
2. How do you want your payments funded? (this must be a valid checking (or savings) account that you have added to your Venmo account or your Venmo account balance)
If you select a checking (or savings) account when setting up your payment information, this account will be used by Venmo to withdraw your Autopay payments. If you select your Venmo account balance when setting up your payment information, you will also need to select a checking (or savings) account that you have added to your Venmo account as the back up payment method. If when Venmo seeks to deduct the amount of your Autopay payment from your Venmo account balance, your Venmo account balance does not contain sufficient amounts to fund your Autopay payment, Venmo will deduct the full amount of your Autopay payment from the checking (or savings) account you have selected as the back up payment method.
3. Date of Payment
Each month Venmo will deduct the amount of your Autopay payment from your Venmo account balance and/or the checking (or savings) account you have selected, as applicable, on your payment due date.
4. Promotional Balances
If you have a promotional balance, selecting to have the minimum payment due paid on your due date does not guarantee that your promotional balance(s) will be paid in full by the promotional expiration date. It is your responsibility to select an amount to be paid that satisfies your promotional balance by the promotional expiration date (or to make additional payments) in order to avoid interest charges on your promotional balance. Please see your billing statement for promotional balances and other Venmo Credit Card details.
5. Modification
You may modify your Autopay elections by selecting “Update autopay” within the Venmo app. Please note changes made after 6pm ET on your payment due date (or if your payment due date is on a Saturday, after 6pm ET on the Friday before) will not take effect until your next payment due date.
6. Cancellation
Once you have enrolled in Autopay, you may cancel your Autopay enrollment at any time by selecting "Turn off autopay" within the Venmo app. Cancellation may take up to 2 business days.
Carefully read the following and click on “Turn on autopay” within the Venmo app to indicate that you agree to the terms of the AUTOPAY AUTHORIZATION AGREEMENT and have requested enrollment. Please print a copy of this agreement and keep it for your records.
I understand that:
Payments will be deducted automatically from my Venmo account balance and/or the designated checking (or savings) account, as applicable, each month on my payment due date as provided above.
The amount of the payments may vary each month and my monthly billing statement will be my notice of the deducted Autopay amount. If my Autopay payment amount is adjusted as a result of additional payments, disputed transactions or any other account adjustments, I will receive a separate letter or email notification.
While enrolled in Autopay I may make an additional payment at any time; and any additional payment (or credit) processed on my Venmo Credit Card account may reduce the Autopay payment that is scheduled to be made on my account.
If my balance is equal to or less than zero, an Autopay payment will not be processed.
If my account is past due the amount deducted will be [at least] the Minimum Payment Due which includes all past due payments and applicable late fees.
If funds are not available in the designated checking (or savings) account and/or Venmo Account balance I may be subject to a Late Payment Fee or Returned Payment Fee.
Synchrony Bank may cancel my enrollment in Autopay if my bank rejects the payment. I will receive an email or letter confirmation of the cancellation if this occurs.
If my Electronic Funds Transfer (EFT) request is approved, my Venmo Credit Card will be enrolled in Autopay. Once I am enrolled, I may change the designated checking (or savings) account by updating my account on the Venmo app. If I do not update my account and my designated account is no longer valid and my payment is returned for an invalid account number, my Autopay will be cancelled and I will have to re-enroll.
I authorize Venmo to (1) withdraw funds from my Venmo account balance and/or initiate a recurring electronic payment in the amount specified from the checking (or savings) account on this record, as applicable; (2) forward the funds to Synchrony Bank to pay my Venmo Credit Card account; and (3) transmit to Synchrony Bank information about the funding sources available in my Venmo account in order to facilitate the recurring payments. I also authorize my financial institution to honor this electronic payment. This Authorization shall remain in effect until either I authorize Synchrony Bank to modify or cancel my enrollment in Autopay or Synchrony Bank cancels my enrollment in Autopay. The Authorization on file with the latest effective date supersedes and replaces any and all previous authorizations.