![]() Among the most common reasons people use the apps are to transfer funds to family or significant others (61 percent), pay for online purchases (40 percent), and send funds to friends (37 percent), the Nerdwallet survey found.Īccording to a May 2020 Federal Reserve report, in 2019, 6 percent of adults were unbanked - without a bank account - and 16 percent were underbanked, or had a bank account, but relied on services like payday loans, check cashing services, or money orders. ![]() A February 2020 Nerdwallet survey found that nearly 4 in 5 respondents use mobile payment apps, including Venmo, Cash App, Apple Pay, and PayPal. ![]() Jones is among others who rely on mobile payment apps. She’s using the latter of the two more, because her client management software HoneyBook processes payments with Stripe. For her business transactions, she primarily uses PayPal and Stripe. So today, Jones, a freelancer who works in marketing, primarily uses three alternatives: Fidelity, PayPal, and Stripe.Īfter her mother died, Jones inherited her mom’s 401(k) account, leading her to use a Fidelity cash management account for her personal transactions. She lost her bank account after depositing a fraudulent check she received in the mail. It could take a few days to get your money. While most of the apps in our roundup promise immediate cash transfers, the reality is that money you receive will typically appear as “pending” in your bank account for anywhere from 1-3 days. Some peer-to-peer apps are starting to offer “instant” cash deposits that are, in fact, instant (or at least, within a few minutes), but you may have to pay a small fee-either flat or a percentage-to put money transfers into your checking account right away.Evelynn Jones used to have a bank account with Bank of America.Also, consider using a credit card for payment yes, you’ll owe transaction fees, but you’ll also be able to dispute fraudulent charges with your credit card company. Your best defense: Exchange cash only with people you know. In both cases, crooks with bogus accounts could take your cash and disappear, and your promised money would evaporate along with them. Beware of scams. For example, look out for strangers who send you “accidental” P2P payments and ask for a refund, or anyone who tries to buy something from you (on, say, Craigslist) using a money-sending app. ![]() Once the recipient claims the cash you sent, the money is gone, and there’s no “Request a refund” button. Most of the apps in this roundup emphasize that they’re intended only for exchanging money between friends, family, or someone you know. Unlike payment apps geared toward online commerce, which often boast buyer and seller protections (such as the option to demand a refund during a brief grace period), peer-to-peer payment transactions are instant and final. After that, you’ll need to divulge more personal information (such as your full name, your birthday, your ZIP code, and a few digits of your social security number) to send more. Some of the services in our roundup spell out their spending and withdrawal limits in detail others won’t say until you hit the cap, and the cap may differ from one user to another. Generally speaking, you’ll hit a soft cap after spending a certain amount of money (say, a few hundred) in a set amount of time (like a week).
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