Sending and receiving money from relatives and friends can be fast and convenient when you make use of Venmo, one of the most renowned payment apps. By making use of your mobile phone, you can easily access the numerous features that Venmo has to offer.
However, there are these moments when you are trying to perform a transaction but you’re unable to due to an issue with your account. You will receive an error message which says “Lost connection with your bank”, such a situation can be disappointing but it can be fixed.
When Venmo Lost Connection With The Bank, What Does It Mean?
If you keep receiving the error message “Lost connection with your bank”, this is an indication that your bank account has not been successfully linked with your Venmo account.
While it is easy to perform a payment transaction with your Venmo Credit and Debit card, you will be required to link your bank account to your Venmo account to make use of all the money transfer features available on the Venmo app.
To link your bank account with Venmo, verification will be required on your profile and your details will be requested. If the needed details are not provided to Venmo, you will be unable to complete the Venmo Know Your Customer procedure.
If you are certain that you have completed your Venmo verification process, but you keep receiving the error message “Lost connection with the bank”, the issue must have been caused by other reasons.
Reasons For Venmo Lost Connection With Bank
Apart from Venmo verification, other factors can make you receive an error message while attempting to perform a transaction. These factors include.
- You Just Change Your Online Banking Password
Venmo has stated this factor as the common cause of receiving this error message. if you just updated or change your bank password, the new password will not be directly linked to your Venmo account.
This is also applicable to Credit and Debit cards, once your card expires, you will be required to input the new details on your Venmo account as you will be unable to access your money without updating your details.
To fix this error message if you just change your online banking password, you will have to remove the bank account totally from your Venmo account and add it back. After adding back your bank account, the bank account has to be verified which can take up to two days to be completed.
- You Might Have Made A Bank Account Change On Your Venmo App
With Venmo, you are allowed to link more than one bank account to your Venmo account. However, you will be required to do a verification that shows both accounts belong to you.
You might have been receiving the error message “Lost connection with the bank” because your bank account payment method has just been changed. This was put in place by Venmo to make sure your account and funds remain protected.
- You’ve Changed Your Bank Multi-factor Authentication
Another reason why you might have been seeing the error message is if you’ve done some changes to your bank security settings by opting for the multi-factor authentication option.
Once these new changes get detected by Venmo, its connection with your bank account will be disconnected.
- You’ve Been Using The Old Version Of The Venmo App
To ensure smooth and convenient transactions, it is always advisable to update your Venmo to the latest version. Making use of the old version can lead to different issues just like losing connection with your bank.
- There Is An Issue With Your Bank
Venmo might have been unable to connect with your bank because of a temporary issue from your bank. To confirm if this is the issue, Visit your bank mobile app to check if it is perfectly working.
You can also consult other Venmo users to confirm if they have been dealing with the same issue when performing a transaction on their Venmo account.
- Unusual Activity On Your Venmo Account
Such a situation might occur due to security reasons. While it is normal to make use of the bank payment option on Venmo, Venmo can easily limit and flag your payment options if an irregular activity was detected on your account.
If Venmo detects someone has been trying to log into your account, inputting the wrong password repeatedly and signing in to different devices can also be the cause of the error message.
- Poor Internet Connection
You might have been receiving the error message due to an unstable internet connection. Check out your Wifi connection and ensure your mobile data is stable before trying to continue with your transaction.
Can I Still Recieve Money On My Venmo If The Error Message “Lost Connection With The Bank” Keeps Showing?
If the error message keeps on displaying, you will still be able to receive money in your Venmo account. Venmo users will be able to m transfer money to your Venmo account through their Venmo balance.
Why Won’t Venmo Connect to My Institution?
If your bank account has not been connected to your Venmo account, the common reason for this is incomplete verification. It is always advisable to fully verify your bank account before transferring money to avoid issues.
To verify your bank account, you will be requested to provide your online banking username and password. Your account information will be verified, and there will be an occasional check on your account balance to ensure there are sufficient funds to perform your transactions.
You can also perform a manual verification making use of your routing number and account number. To do this, click on the Manual verification option instead of Instant verification. With this verification option, Venmo will send a micro-transfer to your bank account for ownership verification.
MORE ON VENMO:
Just like with other popular money transaction apps, different issues can be faced when using your Venmo account and one of them is the error message that says “Lost connection with the bank” while attempting to perform a transaction.
This error message will appear on your screen due to different reasons. However, it can be easily fixed. By following this article, you will have learned about different factors that might have caused the error message and how it can be resolved.