Suddenly, Consumer Protection Agency investigates Venmo.

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Suddenly, Consumer Protection Agency investigates Venmo. The CFBP is looking into how the Venmo money transfer app handles its collections. A filing report shows Venmo owner Paypal received a Civil Investigative demand from CFBP on January 21 the report is related to Venmo unauthorized funds transfers and collections processes.

PayPal said they are working on providing all information. Venom user’s account goes to collections if it becomes overdrawn.while the money transfer within the app usually occurs inmidiately.

https://www.wsj.com/articles/venmos-debt-collection-practices-probed-by-cfpb-11612537319