Im more a flat annual fee.
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I dunno…Any time I’m tempted to use Venmo, Zelle, and PayPal, I go back and read the fine print of the user agreements one must accept. Almost no protection for the consumer. $440 million in fraudulent transactions on Zelle alone in 2021, and under the terms the users must accept, the banking consortium that owns Zelle isn’t responsible for any of it. That’s why they promote Zelle so heavily. It’s all upside for them, they’ve shifted all risk to the consumer.
I understand most people’s concerns about electronic banking. End of the day the consumer gotta be smart about hitting the send button. All the fraud is usually a secondary thing after they were tricked to send monies.
I always ask the recipients to send me their mobile or email if it’s not a personal friend so there’s no mix ups. It’s crazy how u could technically send a total stranger a few thousand by accident just with a misspelled email or a phone number off by one digit.
I’ve been using electronic banking since the days of dial up and with any app/ product user education is very important.
ATM cards were the new thing in the 80’s. Debit cards were creative but I stay away from those. In my opinion why would u allow direct access to your checking? Use the credit cards as a buffer and protect yourself and your monies.
You hear all these con stories and people blindly sending Western Union or gift cards to get help or to pay off debts. Bad actors will always be out there and in the end of the day never rush into paying or sending anything you are not comfortable with. They want u to feel that sense of urgency and drop your guard.
In the 30+ years of banking I’ve never had an issue using online banking, Zelle, PayPal. Venmo I try to avoid but that’s just me I don’t need to see who’s buy/eating what and the social aspect of it.
There’s always fraud but these days most banks are very helpful and quick to investigate and resolve.