{"id":20124,"date":"2024-03-28T07:26:37","date_gmt":"2024-03-28T12:26:37","guid":{"rendered":"https:\/\/theamericangenius.com\/housing\/?p=20124"},"modified":"2024-03-28T09:47:47","modified_gmt":"2024-03-28T14:47:47","slug":"avoid-these-transaction-apps","status":"publish","type":"post","link":"https:\/\/theamericangenius.com\/housing\/real-estate-tech\/avoid-these-transaction-apps\/","title":{"rendered":"Avoid these transaction apps, according to a former banker"},"content":{"rendered":"\n

As transaction apps continue their pandemic-inspired rise in popularity, a few are sounding the alarm on the safety of crowd favorites. One of the clearest voices in that conversation belongs to Sydney.<\/p>\n\n\n\n

According to Daily Dot<\/a>, Sydney, a former bank employee turned TikTok influencer, outlined her thoughts in a video containing over 1.3 million views. She specifically addressed Venmo, Cash App, PayPal, and Chase\u2019s relatively recent Zelle, and they all<\/em> have something about which to be concerned.<\/p>\n\n\n\n

Sydney\u2019s take on Venmo is two-fold, addressing both the security of the app in comparison to its counterparts along with its more positive attribute of being removed from the bank from which it draws its payments.<\/p>\n\n\n\n

Venmo itself is not FDIC-insured, meaning that any lost balances are not obligated to be replaced. For this reason, Sydney says that she doesn\u2019t keep her money in Venmo.<\/p>\n\n\n\n

But she also says that she links her debit card to her Venmo account instead of her bank so that, should her card be fraudulently accessed, \u201cI only have to replace my debit card and not my entire bank account that\u2019s linked to it,\u201d making Venmo arguably more secure<\/em> in this regard than using one\u2019s debit card in the traditional sense.<\/p>\n\n\n\n

Cash App, on the other hand, is straight out.<\/strong> <\/p>\n\n\n\n

\n

\u201cCash App, I do not use\u2026I\u2019ve also seen people who kept their money in Cash App and had it totally seized or frozen, like, constantly, and they just never see it back.\u201d<\/p>\n<\/blockquote>\n\n\n\n

Cash App\u2019s cards are FDIC-insured, however, giving the physical payment method a bit of credence.<\/p>\n\n\n\n

Sydney\u2019s approach to PayPal was a bit mixed, citing ease of use, low fees, and general prevalence throughout the web while simultaneously acknowledging that the platform\u2019s users have been heavily targeted by scams in the past.<\/p>\n\n\n\n

And Zelle, as a general rule, is a black hole where money goes to die. <\/em>\u201cDo not ever send a Zelle to someone you do not know,\u201d she advises. \u201cYou are not going to see that money back.\u201d This is because Chase only refunds erroneous Zelle investments if the bank makes a \u201cprovable error\u201d outside of the scam.<\/p>\n\n\n\n

Of the four, both Venmo and PayPal have the most merit, at least as long as users practice healthy caution when making online purchases through transaction apps.<\/p>\n","protected":false},"excerpt":{"rendered":"

Transaction apps were quickly adopted for convenience, but are they really safe to send and receive money on? A former banker breaks it down.<\/p>\n","protected":false},"author":337375,"featured_media":20125,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"wds_primary_category":0,"footnotes":"","jetpack_post_was_ever_published":false,"_links_to":"","_links_to_target":""},"categories":[93],"tags":[2418,2416,1234,2413],"class_list":["post-20124","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate-tech","tag-cash-app","tag-chase","tag-real-estate-news","tag-transaction-apps"],"jetpack_featured_media_url":"https:\/\/theamericangenius.com\/housing\/wp-content\/uploads\/sites\/2\/2022\/11\/venmo-transaction-app-on-phone.jpg","jetpack_sharing_enabled":true,"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/posts\/20124","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/users\/337375"}],"replies":[{"embeddable":true,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/comments?post=20124"}],"version-history":[{"count":1,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/posts\/20124\/revisions"}],"predecessor-version":[{"id":20126,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/posts\/20124\/revisions\/20126"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/media\/20125"}],"wp:attachment":[{"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/media?parent=20124"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/categories?post=20124"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/tags?post=20124"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}