Sending Money Safely
Sending money has never been easier. PayPal, Venmo, CashApp, Zelle, and many others make paying friends back or paying for goods and services convenient when you don’t have cash in hand. These services and others allow money to be sent directly from your bank account or debit card to the destination of your choosing almost instantly. Use caution when using these services.
Sending money via third party apps and programs may be easy, but can also be risky. Sending money through these services are classified as cash transactions. This means that if you send money to someone and you don’t receive your goods or services, or you accidently send money to the wrong person or account, it will be difficult to recover those funds.
Once the money leaves your account, any disputes must be handled by the people involved. Most likely the service you used will advise you to request the money back from the recipient. Getting that money back is not guaranteed.
Technology is great, and the world of finance is advancing quickly. The apps mentioned above are convenient and affordable ways to transfer money, but understand the risks and be cautious each time you use them.