Do have/use Venmo or Zelle?

[QuarterMillionMan]

Square is another payment method though I'm not familiar with it.

[riverwed070707]

Square is another payment method though I'm not familiar with it.

Square is not so much for person-person transfers as it is for small businesses to process credit card transactions from any device such as a phone or PC. No need for your traditional credit card reader or a hardwired internet line since you can use wi-fi or your phones data plan. There is a percentage based transaction fee on every payment taken but makes CCs more accessible for small businesses.

[Thrif-t]

I've used Zelle one time with my sister but I really don't have a need for these apps.

I'm a big Clark Howard fan, and he absolutely hates Zelle https://clark.com/scams-rip-offs/pay...l-venmo-zelle/

My kids use Venmo and I always got mad at them for using it, but I understand, its the 21st century. Since the oldest 2 have grown up jobs, we've taken Clark's advice and gotten a 2nd checking account to hook the Venmo app to, that way if there is a hack they don't have access to a lot of their money.

[disneysteve]

I'm a big Clark Howard fan, and he absolutely hates Zelle https://clark.com/scams-rip-offs/pay...l-venmo-zelle/

This article doesn't make any sense, unless I'm missing something. He says that Zelle is bad because someone on the darkweb can get a hold of the sign in info for my checking account and clean me out. While that's true, it's true whether I use Zelle or not. If someone hacks my bank account, they can clean it out no matter what. They don't need Zelle to do that. Is he suggesting that using Zelle could somehow give someone easier access to my sign in info?

[cypher1]

If someone hacks my bank account, they can clean it out no matter what. They don't need Zelle to do that. Is he suggesting that using Zelle could somehow give someone easier access to my sign in info?

I believe that is exactly what the article is staying; that PP, Venmo, Zelle are all at higher security risk of gaining login information via the dark web (DW). But to be honest, while security is always a risk, I'd be more concerned about someone on the DW getting ahold of my SSN.

The alternate idea of using another separate checking account isn't a bad idea, but it's just another layer or account to manage. IMO, if they got hold of my main checking account, I wouldn't be too concerned as I only keep main expenses for balance, with 2000 linked to my saving account to prevent overdraft. So that would be my risk. Now if I had my EF in my checking account or savings linked, then I'd be more hesitant to associate it.

But going back to the article, if someone was really that concerned or paranoid with vulnerabilities of their accounts compromised with those services, then maybe online payment apps may not be suitable for them for use.

[QuarterMillionMan]

I used Apple Pay today at the 5 gallon water machine, .35 cents a gallon or 5 gallons for $1.75. Apple Pay added on an additional .10 cents for a $1.85 total for 5 gallons of water. I figure with the coin shortage if I inserted two $1 bills for 5 gallons, the machine might not give me .25 change so the .10 cents for using Apple Pay is worth it.

[disneysteve]

I used Apple Pay today at the 5 gallon water machine, .35 cents a gallon or 5 gallons for $1.75. Apple Pay added on an additional .10 cents for a $1.85 total for 5 gallons of water. I figure with the coin shortage if I inserted two $1 bills for 5 gallons, the machine might not give me .25 change so the .10 cents for using Apple Pay is worth it.

I’ve never used ApplePay. I wasn’t aware that they charge a fee. Guess I won’t be using it now either.

[QuarterMillionMan]

I’ve never used ApplePay. I wasn’t aware that they charge a fee. Guess I won’t be using it now either.

I'm curious to see how much the fee for Apple Pay will be at ARCO gas stations. ARCO only accepts cash, or ARCO credit cards, or debit cards with an additional .35 cents fee for debit cards when paying at the pump. Again ARCO does not accept credit cards period. However, ARCO has Apple Pay at the pump along with Samsung Pay, and Google Pay. Not sure how much the fee though.

[QuarterMillionMan]

I'm curious to see how much the fee for Apple Pay will be at ARCO gas stations. ARCO only accepts cash, or ARCO credit cards, or debit cards with an additional .35 cents fee for debit cards when paying at the pump. Again ARCO does not accept credit cards period. However, ARCO has Apple Pay at the pump along with Samsung Pay, and Google Pay. Not sure how much the fee though.

disneysteve I've learned to never say never. The .10 cent Apple Pay fee may be insignificant in the overall scheme of things. Everything needs to be assessed on a case by case basis.

[rennigade]

I'd be more concerned about someone on the DW getting ahold of my SSN.

Id be shocked if someones SSN wasnt on the DW. There have been dozens of security breaches over the past couple years. Its naive to think your personal data isnt somewhere on the web.

[disneysteve]

disneysteve I've learned to never say never. The .10 cent Apple Pay fee may be insignificant in the overall scheme of things. Everything needs to be assessed on a case by case basis.

Fair point. As a rule I avoid making any sort of payment with a convenience fee. The only exception I can think of is our property tax bill. I pay online which has a $0.99 fee. But I figure the alternative is mailing a check. Postage is $0.55 plus the envelope and check itself. With the online payment there’s no risk of it getting lost or arriving late. So for $0.44 four times a year I pay the fee.

[rennigade]

We use zelle quite a bit between my wife and myself...and we pay mortgage payments through zelle. We were sick of writing checks each month.

One thing to note if you do transactions from cashapp, venmo, paypal, etc...anyone who sends you money can reverse the charge on you, for any reason. Almost always, they will win. Thats why if someone buys something from you locally, always demand cash.

[cypher1]

Id be shocked if someones SSN wasnt on the DW. There have been dozens of security breaches over the past couple years. Its naive to think your personal data isnt somewhere on the web.

Exactly. I believe it's just a matter of time till we're directly affected. Years ago (12+) I mine was compromised but I know it was from a paper trail and not digital.