PayPal Raises Venmo Fee. Users Rant.
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PayPal Holdings Inc. increased a Venmo fee as part of a broader push to make money from the fast-growing mobile payment service, prompting backlash from users on social media.
PayPal said it will charge 1 percent when Venmo account holders transfer money quickly to their bank accounts, starting Nov. 6. When the feature was first rolled out, there was a 25-cent fee on the transactions. Users will still be able to do standard bank transfers for free but those take one to three days, rather than roughly 30 minutes for the other method.