I've had similar bad experiences with venmo. Apparently I had created an account a couple years ago that I forgot about so I created a new one to receive a payment from a friend. A day after I received the money and had it set to transfer to my bank account they closed both of my accounts citing some rule in their terms of service saying one account per lifetime. And now I can't ever have another venmo account. That $500 also never got to me and never got returned to the sender. Just overall a scam of a company.