The claim: Venmo is giving away $100,000 to distract from its new transaction fees
Venmo users splitting a dinner bill, chipping in for a gift or paying back a pal can quickly transfer money.
But the digital payment app’s announcement in late June that it was changing some fees sparked criticism. The announcement came around the same time the company ran a $100,000 giveaway on social media.
“Venmo is giving away $100k to distract you from their announcement of charging transaction fees,” a meme shared June 28 on Instagram claims.
The promotion came four days after the company announced changes to transactions fees, but USA TODAY could find no evidence the two were connected.
The meme also leaves out key details about the changes. They don’t affect the basic person-to-person transactions, only business charges and transfers that quickly move money from Venmo accounts to a debit card or bank.
The user who shared the meme did not respond to a request for comment.
“This claim is factually inaccurate as Venmo’s recent marketing campaigns have no correlation to our long planned expansion of purchase protections for goods and services,” Venmo spokeswoman Caitlin Girouard said in an email. “These buyer and seller safeguards, similar to existing user options on the PayPal platform, are completely voluntary and designed to protect customers and their purchases.”
Venmo sent users an email on June 24 alerting them about upcoming changes to the app, including…