Peter Rudegeair
speaker
756 appearances
12 recordings
1 series
first heard Nov 2017
last heard May 2021
Peter Rudegeair’s voice in public audio — every appearance, attributed to the second.
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Appearances
But if that's interrupted, like if you stop a payment on a check, you can end up having a negative balance on your account and Venmo can be holding the bag.
Right, that's when they might send you an email saying, you know, you have this negative balance.
Effectively, you have a debt, and we would like you to pay this debt.
And here are some of the things we might do to make you pay this debt.
One of them is, let's say you have $500 just sitting in your Venmo account already.
They might debit that amount and say, okay, we'll take the $10 that...
You know, you OJ are out of that.
If you don't have any money in your Venmo account, they might say you need to pay us.
And if you don't pay us, then we might exert other pressure, such as reporting you to a debt collection agency.
Not at all.
And a lot of the users we spoke to for the story are victims of scams themselves, right?
They usually think that, you know, my bank has my back, my financial institution has my back, Venmo has my back.
And not only do they find out that Venmo may seem indifferent to the fact that they were scammed, they actually want to go after the victim of the scam, it can look like, instead of the scammer, right?
So Venmo knows the identity of the person receiving the money.
But if that person removes the money out of Venmo and shuts down their account, Venmo doesn't really have any recourse against them.
But under their terms and conditions, they might have recourse against you.
So they might come after you for that amount.
So it's very frustrating for consumers to be surprised with this.
And given the economic environment we're in, kind of stress over whether or not they want to have their credit score maybe damaged if they get reported to a collection agency, or they have to pay this debt that might be difficult for them to pay that they don't think they even owe.
You know, scams of all kinds have proliferated during the pandemic.
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