If the bank does not have a contract with Venmo, this appears to meet the definition of a decoupled debit card according to 1005.14 which places the responsibility on Venmo for investigating the claim and reimbursing the customer for any unauthorized charges and fees incurred as a result of the unauthorized charges. The only requirement for you is to provide bank statements at the customer's request so that Venmo can identify the unauthorized amounts, dates, etc.
1005.14(a) Provider of electronic fund transfer service. A person that provides an electronic fund transfer service to a consumer but that does not hold the consumer's account is subject to all requirements of this part if the person:
(1) Issues a debit card (or other access device) that the consumer can use to access the consumer's account held by a financial institution; and
(2) Has no agreement with the account-holding institution regarding such access.
1005.14(c) Compliance by account-holding institution. The account-holding institution need not comply with the requirements of the Act and this part with respect to electronic fund transfers initiated through the service provider except as follows:
(1) Documentation. The account-holding institution shall provide a periodic statement that describes each electronic fund transfer initiated by the consumer with the access device issued by the service provider. The account-holding institution has no liability for the failure to comply with this requirement if the service provider did not provide the necessary information; and
(2) Error resolution. Upon request, the account-holding institution shall provide information or copies of documents needed by the service provider to investigate errors or to furnish copies of documents to the consumer. The account-holding institution shall also honor debits to the account in accordance with § 1005.11(d)(2)(ii).
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