Zelle/Venmo/Cashapp?

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waltman300
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Zelle/Venmo/Cashapp?

Post by waltman300 »

Hi. I'm curious but do most people here use these apps like zelle, cashapp, applepay, venmo etc? Paypal obviously many people here use since they use it to buy on ebay so most people have it. But you can also send money to other people with it as well. And i know that if ppl sell on ebay etc, well they use paypal for business etc.



Now, I have a bank of america checking account for a long time. Years ago, I started using it to transfer boa online funds to others and vice versa when I needed to trade poker funds... like imagine you have poker money online or want poker money online on a poker site... then have someone send you boa funds online and vice versa. This is very common for people who play online poker. Then years later, I recalled zelle came out. So you just need to register an email with it to use zelle which would allow you to send/receive money with an email that is connected to your bank account. Now if i want to receive funds to my boa checking account, i give them my email and they send it to me... and it seem to take one full day for funds to clear. Weekends seem to take longer. But i never had an issue with it. Thus i could give someone my boa email or zelle email... which is the same... and the transfer would go to my boa account.



Now I heard of venmo which is basically paypal. But there is no fraud protection similar to paypal right? Thus if someone pays you money via paypal or venmo, they have up to half a year to dispute it and basically you are going to be out of money right? Thus I heard never accept money from someone you don't know personally or trust with paypal and venmo right? I heard cases of chargeback with it... but anyone know how long can someone chargeback?



Now what about cashapp and applepay? Both of these are apps that you need to download on your iphone or android device right? Assume one can't just create an account on a website and use it that way? I never was a fan of downloading an app on my phone... i trust more going to a website on computer to do it.



Now... is chargeback the same on cashapp and applepay? So basically never accept money from anyone you don't know personally or trust?



Also has anyone gotten a boa online transfer reversed or zelle transfer reversed? I heard mixed opinions on it... from its very hard to get a boa online transfer reversed and also zelle. But i also heard there is chargebacks in both but it isn't as easy as venmo/paypal.



Would like people experiences on all these apps. I also am surprised you could use cashapp to buy stocks and crypto. I had no idea about this. But fees are higher on cashapp vs say fidelity and schaub right? I have zero experience with stocks but I'm surprised an app like cashapp you could buy stocks.
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waltman300
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Re: Zelle/Venmo/Cashapp?

Post by waltman300 »

My other concern is it seems like if you receive a lot of money in a calendar year in these apps, that is reported to the IRS... is that true for cashapp, applepay and venmo and even paypal? Like imagine let say a few times a year you have some friends ask you to borrow 5k cash to make it simple and let say on average a total 20k a year or so. Reason why i use this number is because i see on google that number seems to be the amount where these apps file a l099 form. Thus imagine you just went to bank of america to withdraw cash... to lend out money to your friends throughout the year. And they just pay you back via venmo or paypal or cashapp or applepay. Isn't this going to make it look like its income you are receiving though when its just cash you pulled out of your boa bank account. Obviously if you receive payment for goods and services like with paypal, well that is obviously income. Or imagine you trade some online poker funds for someone's venmo/cash app vs your boa checking account. Wouldn't it be something that is not recommended since you should just do all your transactions on one bank account?



But would you agree its never a good idea to use paypal/venmo/cashapp/applepay for this? Like if you were to even do this, just use boa transfer or zelle since well everything would be in one bank account? I have a few banks.... mostly online... but my main bank account is boa where all my transactions are.



Also, I know there is also Chase Quickpay as well and I heard you shouldn't accept it from people you don't know or trust since its easily reversible like paypal right? So there is like zelle, boa online transfer, chase quickpay, venmo, cashapp, applepay.
tananaev
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Re: Zelle/Venmo/Cashapp?

Post by tananaev »

I would definitely recommend Zelle over PayPal/Cash App/Venmo if you receive money from someone you can't fully trust. It's much harder to reverse. Also, it should be instant if both banks support it.

PayPal and other apps might also issue 1099. Again, I feel like chances are better with Zelle that you won't get it because it's more similar to a regular bank transfer and it's only peer to peer.

By the way Chase Quickpay is Zelle, so it's the same thing.
pasadena
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Re: Zelle/Venmo/Cashapp?

Post by pasadena »

I'm not entirely sure what you're asking :)

- I use Zelle to pay my rent every month, from my checking account at Ally. The money gets to my landlord very fast and I never had a problem with it - been using it for 2.5 years.

- I use Venmo to send/receive money to/from my friends, family, and some things I buy or sell in a private group on FB (those are still person-to-person transactions). Also never had a problem, but I only ever use it with people I trust. I like that the transactions are fast (instant) and easy, and so are the transfers to and from my bank account.

- I use PayPal for the same when I can't use Venmo, and to pay when I buy something on foreign websites and my CC doesn't work. I'm not a huge fan of the interface.

- ApplePay requires an iPhone or iPad, I think. It's not an app that you download, it's part of iOS. You just register your CC and it works. I use it all the time (most often on my Apple Watch), basically anytime it's available. There is a Cash function that works well, it's integrated with Messages (texts), but honestly I haven't used it much. Guess that's what you're referring to?
Uniswap
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Re: Zelle/Venmo/Cashapp?

Post by Uniswap »

Cash App stock investing is zero commission. Cash App crypto does charge fees. However Fidelity and Schwab do not let normal people invest in crypto directly at all.
neverpanic
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Re: Zelle/Venmo/Cashapp?

Post by neverpanic »

waltman300 wrote: Tue Apr 13, 2021 12:44 am My other concern is it seems like if you receive a lot of money in a calendar year in these apps, that is reported to the IRS... is that true for cashapp, applepay and venmo and even paypal? Like imagine let say a few times a year you have some friends ask you to borrow 5k cash to make it simple and let say on average a total 20k a year or so. Reason why i use this number is because i see on google that number seems to be the amount where these apps file a l099 form. Thus imagine you just went to bank of america to withdraw cash... to lend out money to your friends throughout the year. And they just pay you back via venmo or paypal or cashapp or applepay. Isn't this going to make it look like its income you are receiving though when its just cash you pulled out of your boa bank account. Obviously if you receive payment for goods and services like with paypal, well that is obviously income. Or imagine you trade some online poker funds for someone's venmo/cash app vs your boa checking account. Wouldn't it be something that is not recommended since you should just do all your transactions on one bank account?

But would you agree its never a good idea to use paypal/venmo/cashapp/applepay for this? Like if you were to even do this, just use boa transfer or zelle since well everything would be in one bank account? I have a few banks.... mostly online... but my main bank account is boa where all my transactions are.

Also, I know there is also Chase Quickpay as well and I heard you shouldn't accept it from people you don't know or trust since its easily reversible like paypal right? So there is like zelle, boa online transfer, chase quickpay, venmo, cashapp, applepay.
$20,000 is the threshold on Paypal as far as IRS 1099 reporting is concerned. Paypal may send you a 1099 if you receive more than $20,000 on Venmo.

You are not likely to ever be audited, but if you are, then yes, all of those credits at various platforms like Paypal, Venmo, CashApp, etc. will be treated as income. It will be up to you to substantiate your assertion that it's not new income. A loan repayment from a friend is not taxable, but gambling winnings are. If you and your buddies have a private poker game and you are using CashApp to settle up, if you are audited, you will be required to pay the appropriate tax, even though it was not a legally sanctioned game.

Regarding chargebacks, every bank is different. For some, the limit is 60 days, but for others, there is a 6-month window. The fees - if any - will normally vary between $25-35. If you receive a payment and are unsure of its legitimacy, you can always leave the funds in place for 60 days. In the case of a Paypal dispute, I'm not familiar with any fee other than the loss or restriction of an account. It's common for Paypal accounts to be frozen and when dealing with situation X, a person can lose out on being able to do transactions with Y & Z.
I am not a financial professional or guru. I'm a schmuck who got lucky 10 times. Such is the life of the trader.
donfairplay
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Re: Zelle/Venmo/Cashapp?

Post by donfairplay »

neverpanic wrote: Tue Apr 13, 2021 2:48 am
$20,000 is the threshold on Paypal as far as IRS 1099 reporting is concerned. Paypal may send you a 1099 if you receive more than $20,000 on Venmo.

You are not likely to ever be audited, but if you are, then yes, all of those credits at various platforms like Paypal, Venmo, CashApp, etc. will be treated as income. It will be up to you to substantiate your assertion that it's not new income. A loan repayment from a friend is not taxable, but gambling winnings are. If you and your buddies have a private poker game and you are using CashApp to settle up, if you are audited, you will be required to pay the appropriate tax, even though it was not a legally sanctioned game.

Regarding chargebacks, every bank is different. For some, the limit is 60 days, but for others, there is a 6-month window. The fees - if any - will normally vary between $25-35. If you receive a payment and are unsure of its legitimacy, you can always leave the funds in place for 60 days. In the case of a Paypal dispute, I'm not familiar with any fee other than the loss or restriction of an account. It's common for Paypal accounts to be frozen and when dealing with situation X, a person can lose out on being able to do transactions with Y & Z.
The $20,000 threshold for a 1099-K from Paypal/Venmo/Cashapp etc. changes to $600 next tax year due to legislation. (you'll receive a 1099-K if you had $600 or more from each online payment provider in tax year 2022)

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Doctor Rhythm
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Re: Zelle/Venmo/Cashapp?

Post by Doctor Rhythm »

Have used Zelle sporadically for small transactions with friends and relatives and also for larger transfers between my bank accounts. Latter works faster than ACh and avoids fees that some banks charge for outgoing transfers.
fortunefavored
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Re: Zelle/Venmo/Cashapp?

Post by fortunefavored »

Assume zero fraud or chargeback capability with Zello, Venmo or Square cash.

Assume it is like passing an envelope of cash to someone.

They are good for the "merchant" (the person receiving the money) and bad for the "buyer" (whoever is sending the money.)

There is the additional technology and human error risk that something goes wrong and getting it fixed will be challenging, so I only use them for small amounts.
runner3081
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Re: Zelle/Venmo/Cashapp?

Post by runner3081 »

I use Zelle all of the time to sell things, buy things, pay family members, etc. Never an issue.
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Kenkat
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Re: Zelle/Venmo/Cashapp?

Post by Kenkat »

I use Venmo to transfer money to/from people that I know. I consider it similar to handing someone cash; I am not aware of any chargeback capability with Venmo?

I use Paypal for eBay transactions or with small vendors online when I don’t want to create account and enter all the details.
dukeblue219
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Re: Zelle/Venmo/Cashapp?

Post by dukeblue219 »

Everyone around here uses Venmo for person-to-person transactions. That means babysitters, buying stuff from neighbors, sharing half of a wine delivery with your friend, etc. Seems to work well.
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Re: Zelle/Venmo/Cashapp?

Post by Ramjet »

I use and like PayPal the best. Have Venmo because some don't have PayPal. It seems to me many younger people prefer Venmo or Cashapp
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Lee Saage
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Re: Zelle/Venmo/Cashapp?

Post by Lee Saage »

Just a caution. I've used Zelle for small transactions with no problem. A while back I tried to send $2,000 to a niece and Zelle went ape. Chase locked our bank account and I had to trudge to a local branch office some 45 minutes away to get it reopened. Have not tried larger transactions since.
Most of my money went to fast cars, fast living and good wine. The rest I just wasted.
rich126
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Re: Zelle/Venmo/Cashapp?

Post by rich126 »

I briefly looked into some of these when I had a lawn guy that wanted to use it.

My issues were:
1. A surcharge to use a credit card.
2. Wanting to link to my bank account.

So I declined and paid him in cash. I very rarely will link anything to my bank account or allow anyone to auto deduct from it. If I had to, i would set up a separate account for security. Mistakes happen and while usually fixable, it can be a hassle.
3dream3
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Re: Zelle/Venmo/Cashapp?

Post by 3dream3 »

I find zelle to meet my needs for sending money to folks I trust. Then I use PayPal for online purchases. I've been thinking about trying others so interested to see more comments from others on here.
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Re: Zelle/Venmo/Cashapp?

Post by Jack FFR1846 »

One of my kids uses cash app to pay or get money from friends. There are discounts at some places for using it. The downside that I see is that a LOT of places don't accept it. My son is an authorized user on one of my credit cards and uses that for gas, fast food, convenience stores and food machines at his work. AKA....most of what he spends. To me, cash ap is only for getting money from his friends who never use cash.....ever.
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goaties
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Re: Zelle/Venmo/Cashapp?

Post by goaties »

rich126 wrote: Tue Apr 13, 2021 11:15 am I briefly looked into some of these when I had a lawn guy that wanted to use it.

My issues were:
1. A surcharge to use a credit card.
2. Wanting to link to my bank account.

So I declined and paid him in cash. I very rarely will link anything to my bank account or allow anyone to auto deduct from it. If I had to, i would set up a separate account for security. Mistakes happen and while usually fixable, it can be a hassle.
I'm in the same situation with a new lawn guy. I guess he is one of America's "unbanked" and he wants me to pay him via Cashapp. After looking into it, I was sufficiently unsettled that I opened a stand-alone checking account, at a bank totally unrelated to the rest of my financial life. Cashapp will be the only thing linked to it.

Paying in him in person was not an option since I'll be traveling (the reason I have to hire a mow guy in the first place).
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Re: Zelle/Venmo/Cashapp?

Post by HawkeyePierce »

goaties wrote: Tue Apr 13, 2021 12:39 pm
rich126 wrote: Tue Apr 13, 2021 11:15 am I briefly looked into some of these when I had a lawn guy that wanted to use it.

My issues were:
1. A surcharge to use a credit card.
2. Wanting to link to my bank account.

So I declined and paid him in cash. I very rarely will link anything to my bank account or allow anyone to auto deduct from it. If I had to, i would set up a separate account for security. Mistakes happen and while usually fixable, it can be a hassle.
I'm in the same situation with a new lawn guy. I guess he is one of America's "unbanked" and he wants me to pay him via Cashapp. After looking into it, I was sufficiently unsettled that I opened a stand-alone checking account, at a bank totally unrelated to the rest of my financial life. Cashapp will be the only thing linked to it.

Paying in him in person was not an option since I'll be traveling (the reason I have to hire a mow guy in the first place).
That's completely unnecessary for cashapp. Nobody can use it to reach into your bank account.
LSLover
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Re: Zelle/Venmo/Cashapp?

Post by LSLover »

PayPal is required to report gross payments received for sellers who receive over $20,000 in gross payment volume AND over 200 separate payments in a calendar year. So, just $20,000 in receipts wouldn’t trigger the 1099 unless there was also 200+ payments.

https://www.paypal.com/us/webapps/mpp/irs6050w
Slacker
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Re: Zelle/Venmo/Cashapp?

Post by Slacker »

I only use these apps to pay people I personally know.

I have personal knowledge of 5 people getting ripped off using each of the 3 apps discussed in individual instances, not one person having been scammed on multiple apps, (venmo, zelle, cash app). Therefore, if I don't know you I'll conduct transactions via cash or credit card only (preferably doing credit card transactions through something like google pay to obfuscate the real underlying credit card number).
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Blake7
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Re: Zelle/Venmo/Cashapp?

Post by Blake7 »

I just signed up for Zelle with my bank, which is Wells Fargo. I like the fact there’s no extra holding account, just direct transfers between bank/credit union accounts, it’s completely free, and virtually all banks and many credit unions already have it. There’s also no extra entity to deal with as Zelle is integrated into my bank’s online account and app.

It’s a safer way to receive funds as once received as transactions are irrevocable. However, when sending funds, one must be very careful about where they are sent (a correct email or phone number is essential), and know that there’s basically no recourse once the funds are sent. I’ll be using it for the first time this week to pay a contractor I trust in phases after I’ve approved his work at each step, as he doesn’t except credit cards.
Last edited by Blake7 on Tue Apr 13, 2021 4:20 pm, edited 2 times in total.
mets914
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Re: Zelle/Venmo/Cashapp?

Post by mets914 »

LSLover wrote: Tue Apr 13, 2021 1:55 pm PayPal is required to report gross payments received for sellers who receive over $20,000 in gross payment volume AND over 200 separate payments in a calendar year. So, just $20,000 in receipts wouldn’t trigger the 1099 unless there was also 200+ payments.

https://www.paypal.com/us/webapps/mpp/irs6050w
Unless you are in certain states where the limit is $1000 or even $600.
goaties
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Re: Zelle/Venmo/Cashapp?

Post by goaties »

HawkeyePierce wrote: Tue Apr 13, 2021 12:52 pm
goaties wrote: Tue Apr 13, 2021 12:39 pm
I'm in the same situation with a new lawn guy. I guess he is one of America's "unbanked" and he wants me to pay him via Cashapp. After looking into it, I was sufficiently unsettled that I opened a stand-alone checking account, at a bank totally unrelated to the rest of my financial life. Cashapp will be the only thing linked to it.

Paying in him in person was not an option since I'll be traveling (the reason I have to hire a mow guy in the first place).
That's completely unnecessary for cashapp. Nobody can use it to reach into your bank account.
Until either Cashapp or Plaid (underlying service which apparently interfaces with your bank) gets hacked, thus placing your info out on the dark web. I'm not too worried about the mow guy. I'm looking at the bigger picture.
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Re: Zelle/Venmo/Cashapp?

Post by SimonJester »

Blake7 wrote: Tue Apr 13, 2021 3:12 pm It’s a safer way to receive funds as once received as transactions are irrevocable. However, when sending funds, one must be very careful about where they are sent (a correct email or phone number is essential), and know that there’s basically no recourse once the funds are sent. I’ll be using it for the first time this week to pay a contractor I trust in phases after I’ve approved his work at each step, as he doesn’t except credit cards.
Just be aware when receiving cash, you should only do so from people you trust. There are tons or reports online of people using these apps for selling and getting scammed. If the person uses a fraudulent account / stolen credit card to send you cash your bank will reverse the transaction.
"They who can give up essential liberty to obtain a little temporary safety, deserve neither liberty nor safety." - Benjamin Franklin
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Blake7
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Re: Zelle/Venmo/Cashapp?

Post by Blake7 »

SimonJester wrote: Tue Apr 13, 2021 4:59 pm
Blake7 wrote: Tue Apr 13, 2021 3:12 pm It’s a safer way to receive funds as once received as transactions are irrevocable. However, when sending funds, one must be very careful about where they are sent (a correct email or phone number is essential), and know that there’s basically no recourse once the funds are sent. I’ll be using it for the first time this week to pay a contractor I trust in phases after I’ve approved his work at each step, as he doesn’t except credit cards.
Just be aware when receiving cash, you should only do so from people you trust. There are tons or reports online of people using these apps for selling and getting scammed. If the person uses a fraudulent account / stolen credit card to send you cash your bank will reverse the transaction.
Good to know, thanks. I don’t think Zelle allows linking to credit cards, but a fraudulent bank account I suppose is possible.
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Kenkat
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Re: Zelle/Venmo/Cashapp?

Post by Kenkat »

If you want to use Venmo but don’t want to link it to a bank account, you can have a trusted acquaintance send money to your Venmo account and reimburse them via check, cash, etc. A little cumbersome but it works.
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Re: Zelle/Venmo/Cashapp?

Post by Katietsu »

I have a bank account that I use for this kind of thing. I only keep a couple hundred dollars in it. When I need more, I do a mobile deposit from my primary checking account for the larger amount. If I have never exchanged funds with someone before, I sometimes do a smaller amount first. I then confirm that I really got it to the right Robert Johnson before sending a larger sum.
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Re: Zelle/Venmo/Cashapp?

Post by HawkeyePierce »

goaties wrote: Tue Apr 13, 2021 4:46 pm
HawkeyePierce wrote: Tue Apr 13, 2021 12:52 pm
goaties wrote: Tue Apr 13, 2021 12:39 pm
I'm in the same situation with a new lawn guy. I guess he is one of America's "unbanked" and he wants me to pay him via Cashapp. After looking into it, I was sufficiently unsettled that I opened a stand-alone checking account, at a bank totally unrelated to the rest of my financial life. Cashapp will be the only thing linked to it.

Paying in him in person was not an option since I'll be traveling (the reason I have to hire a mow guy in the first place).
That's completely unnecessary for cashapp. Nobody can use it to reach into your bank account.
Until either Cashapp or Plaid (underlying service which apparently interfaces with your bank) gets hacked, thus placing your info out on the dark web. I'm not too worried about the mow guy. I'm looking at the bigger picture.
All cashapp has is your debit card. If that was leaked, your bank would treat it like any other fraudulent transaction.
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Re: Zelle/Venmo/Cashapp?

Post by mikemagz11 »

I use Venmo and Zelle frequently. Never had an issue with either.
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Re: Zelle/Venmo/Cashapp?

Post by fortunefavored »

mets914 wrote: Tue Apr 13, 2021 4:14 pm
LSLover wrote: Tue Apr 13, 2021 1:55 pm PayPal is required to report gross payments received for sellers who receive over $20,000 in gross payment volume AND over 200 separate payments in a calendar year. So, just $20,000 in receipts wouldn’t trigger the 1099 unless there was also 200+ payments.

https://www.paypal.com/us/webapps/mpp/irs6050w
Unless you are in certain states where the limit is $1000 or even $600.
This changes to $600 across the whole country for 2022.

And again for all those who have had "no problems" - you don't until you do.. just be aware there are literally no legal buyer protections for these services. You are at their mercy if something goes wrong.
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Re: Zelle/Venmo/Cashapp?

Post by MapleSyrup »

Why not just use cash or a check?
rich126
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Re: Zelle/Venmo/Cashapp?

Post by rich126 »

fortunefavored wrote: Tue Apr 13, 2021 9:49 pm
mets914 wrote: Tue Apr 13, 2021 4:14 pm
LSLover wrote: Tue Apr 13, 2021 1:55 pm PayPal is required to report gross payments received for sellers who receive over $20,000 in gross payment volume AND over 200 separate payments in a calendar year. So, just $20,000 in receipts wouldn’t trigger the 1099 unless there was also 200+ payments.

https://www.paypal.com/us/webapps/mpp/irs6050w
Unless you are in certain states where the limit is $1000 or even $600.
This changes to $600 across the whole country for 2022.

And again for all those who have had "no problems" - you don't until you do.. just be aware there are literally no legal buyer protections for these services. You are at their mercy if something goes wrong.
I agree. While people may find these apps convenient, once things go wrong, things can get ugly.
slickracer
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Re: Zelle/Venmo/Cashapp?

Post by slickracer »

As a conservative banker, the only one I will use is Zelle.
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AllMostThere
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Re: Zelle/Venmo/Cashapp?

Post by AllMostThere »

I wouldn't touch these apps with a 10 foot pole. Their consumer/customer protections are nearly non-existent. Getting an account hacked will clear out your funds never to be seen again, with little to no recourse. If one must insist upon using one of these apps then connect to a separate non-primary banking account with a low balance that will not be painful for loss WHEN hack occurs. Think risk reduction with these wild west apps.
Last edited by AllMostThere on Fri Apr 16, 2021 5:34 am, edited 1 time in total.
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fortunefavored
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Re: Zelle/Venmo/Cashapp?

Post by fortunefavored »

One more comment and then I will let it lie.. Zelle is, in my opinion, the most precarious of these apps. It requires banks using a variety of old/aging/decrepit IT systems to integrate, often managed by.. how shall I put it.. "not the best in the industry."

If something goes wrong in the Zelle vortex, good luck getting that resolved.
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englishgirl
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Re: Zelle/Venmo/Cashapp?

Post by englishgirl »

I hate Zelle, at least the way my bank does it. I have to identify the recipient by phone number or email address and then money goes into a black hole that may or may not appear with the recipient. Whenever I transfer money to my husband it's always a mess. He initially had trouble setting his account up and now I never know which email address or phone number I should use. I have tried downloading the Zelle app but it says there is no need to because it is included in the bank app. Ugh. There is no way for me to enter and save his info as being the right profile.

I have a Venmo business profile, and also use it for personal transfers. So far so good. As a business recipient, it is marginally cheaper per transaction than accepting credit cards, which should add up over time to be a substantial savings.
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waltman300
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Joined: Tue Nov 12, 2019 6:36 pm

Re: Zelle/Venmo/Cashapp?

Post by waltman300 »

Im curious but what are you guys sending limits with zelle? Such as daily/weekly/monthly? Does it depend on which bank you use such as boa or chase etc?



Could you raise these limits higher?



So people here can confirm they are not reversible?
vested1
Posts: 2468
Joined: Wed Jan 04, 2012 4:20 pm

Re: Zelle/Venmo/Cashapp?

Post by vested1 »

MapleSyrup wrote: Tue Apr 13, 2021 10:23 pm Why not just use cash or a check?
I use Zelle to send money to my kids. The nearest one lives 4.5 hours away, the next nearest ones live on the opposite coast from us. Zelle transfers are immediate and there is no need to worry about cash or a check getting there, or being intercepted on the way.
bwalling
Posts: 225
Joined: Thu Nov 25, 2010 1:04 pm

Re: Zelle/Venmo/Cashapp?

Post by bwalling »

MapleSyrup wrote: Tue Apr 13, 2021 10:23 pm Why not just use cash or a check?
This. It's interesting here how many use Venmo. Venmo makes your activity public by default. Maybe I'm too old, but that's entirely undesirable. Given how Facebook and others in the "social" world have a habit of continually changing their security and privacy policies towards sharing ever more of your data, I have little interest in involving a social company in my financial transactions. No thanks.
dukeblue219
Posts: 1461
Joined: Fri Jan 29, 2016 12:40 pm

Re: Zelle/Venmo/Cashapp?

Post by dukeblue219 »

MapleSyrup wrote: Tue Apr 13, 2021 10:23 pm Why not just use cash or a check?
Because I don't trust a stranger writing me a check and nobody carries them around anyway, and nobody carries exact change to split a $47.80 bill in half... But with Venmo it takes under a minute to send your buddy the $23.90.

That's about it. Convenience.
N.Y.Cab
Posts: 112
Joined: Wed Feb 07, 2018 8:46 pm

Re: Zelle/Venmo/Cashapp?

Post by N.Y.Cab »

Zelle is good if the recipient is knowledgeable with online banking. It’s much easier to use Apple Cash on iPhone and a bank account is not needed to receive payment.
WAROB
Posts: 9
Joined: Fri Jan 22, 2021 12:13 pm

Re: Zelle/Venmo/Cashapp?

Post by WAROB »

Have used PayPal forever with eBay and is the preferred method for private party purchases of parts etc. as you have some recourse if the seller doesn't come through, worth the 3% fee in my opinion.

Being a millennial Venmo is the app of choice for splitting checks, friendly wagers etc. I think it works great but as others have mentioned you want to make sure you are sending to the correct person as once you send, the money is gone.

That said I have both linked to a smaller non-primary checking account. Not a big deal but kind of reassuring knowing if there ever was an issue it isn't a ton of money at stake.
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Kenkat
Posts: 7211
Joined: Thu Mar 01, 2007 11:18 am
Location: Cincinnati, OH

Re: Zelle/Venmo/Cashapp?

Post by Kenkat »

bwalling wrote: Fri Apr 16, 2021 5:31 am
MapleSyrup wrote: Tue Apr 13, 2021 10:23 pm Why not just use cash or a check?
This. It's interesting here how many use Venmo. Venmo makes your activity public by default. Maybe I'm too old, but that's entirely undesirable. Given how Facebook and others in the "social" world have a habit of continually changing their security and privacy policies towards sharing ever more of your data, I have little interest in involving a social company in my financial transactions. No thanks.
The first thing I did when I started using Venmo is to set my profile to Private. No one can see my activity.
cbeck
Posts: 343
Joined: Sun Jun 24, 2012 1:28 am

Re: Zelle/Venmo/Cashapp?

Post by cbeck »

If the transfer does not have to instantaneous, then I prefer popmoney, either from your bank or popmoney.com. It uses ACH, so it takes three days to clear, like a check. But popmoney was set up by a consortium of banks giving it more credibility in my eyes. Also, I once had a problem with popmoney, called them up, got a human on the line in short order, and got the problem fixed.
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