This story is part CNBC Make It's 1-Minute Money Hacks series. It provides simple, straightforward tips to help you understand your finances, and take control over your money.Venmo is a popular platform for sending money to family and friends via your smartphone. More than 50 million people use the peer-to-peer payment platform in the U.S., sending nearly $160 billion each to one another in 2020.Venmo makes it easy to pay rent and split dinner bills. However, you need to keep your balance under control with Venmo.These are three reasons to transfer the majority of your balance to the bank.
