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CEO of Duck9, Sees FiNo (First In, Never Out)
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CEO of Duck9, Sees FiNo (First In, Never Out)

by Larry Chiang on January 2, 2018

By Larry Chiang

First In, First Out. That’s accounting, “FIFO“.
First In, Last Out is FILO

Venmo is doing First In, Never Out

Exactly what am I exposing!?!

VenMo. I’ve $203.00 in account and just paid back my Blockchain exec friend Sonny Singh, $205. Now there are a ton of fees because I was 2.00 short in a 205.oo xFer. 

I’ve 203.00 in account 

I wanna pay $205. But, then VenMo charged me 211.15!!!

and just paid a ton of fees because venMo is performing First In, Never Out

I was 2.00 short in a 205.oo xFer.

 I love #finTech because there are no rules!!
CEO of Duck9, Larry (@6502838008)
@LarryChiang @venmo 211.15!?! How about the $203 just sitting there?!? #VenmoSucks

The $203… still sitting there

Obviously, VenMo should have just charged me $2.

Larry Chiang (@LarryChiang)
.@venmo i have $275,000 left of credit line so I should not care about a new $205 charge…, but I do!!!

Please pull the balance of $203 first prior to charging a whole new $205 on Amex. U should only “be charging $2.oo”

205-203 =$2.00. pic.twitter.com/UC48CYM6NI

VenMo is part of PayPal but it’s got an entirely weird set of TOS (terms or service). PayPal. Well, PayPal lets problems stew too…

Dan Kimerling (@dkimerling)
@LarryChiang could not agree with you more… Paypal could have eliminated all those problems

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