Did you need a friend to pay you back on Venmo as soon as humanly possible? You might have to twiddle your thumbs for a little while. Venmo has temporarily pulled its instant transfer feature in order to make a "few changes" to the service. You can still use regular bank transfers, but that won't help much if you need that money to pay a bill. Venmo didn't go into detail when asked about the pause, but said it was done to handle "technical issues."
"By enacting a new rule that allows such allegations to be described as mitigating circumstances instead of egregious behavior, the NCAA has encouraged member institutions to settle these matters without the student-athlete's previous school having to admit to any wrongdoing," Mars said. "Over time, this more collaborative approach to addressing waiver requests is likely to result in more positive outcomes for student-athletes. What's more, the new rule's endorsement of cooperation between the two schools will undoubtedly result in speedier decisions by the NCAA staff."
Effective November 6th, Venmo patrons who use Instant Transfer to move money from their Venmo accounts to their debit cards will notice increased service fees. Instead of a flat $.25 per transfer, Instant Transfer fees will be set at 1% of the total sum. The sliding fee scale is a change that patrons who move large sums of money will want to take notice of. For example, a $50 transfer will now cost you $.50 in fees, while a $1000 transfer will short you ten bucks. The convenient Instant Transfer option, which is available 24 hours a day 365 days a year and only takes about thirty minutes to complete is quite appealing.