By Sharaf Maksumov/Shutterstock

If You Use Venmo You're Not Going To Like This News

Listen up everyone! Venmo has an announcement to make.

Recently, the online payment service emailed customers to let them know about some upcoming fees associated with instant transfers.

Previously, customers were charged $0.25 for all instant transfers, however, that's about to change.

Customers will soon pay more out of pocket for these transfers -- To the tune of 1 percent of the amount being sent to another Venmo customer.

Moreover, the minimum charge will be $0.25.

Ouch, that could end up hurting your wallet if you rely on Venmo's services often.

It's important to note that a standard transfer to another customer's bank account will remain free, but admittedly, it takes a few business days for those to clear. Instant transfers, on the other hand, take about a half hour.

The instant transfer fee increase is set to go into effect on November 6.

Will Venmo's instant transfer fee change deter you from using the service?

Alexandra Rosen on Twitter

Wow, @venmo casually tells users in the late afternoon on Friday that bank transfers will now cost "1% of the transfer amount (minimum fee $0.25)

QCWriter is a journalist who is fueled by espresso and motivated by determination. She specializes in pop culture, country music, and news content.