Do have/use Venmo or Zelle?

[disneysteve]

I'm curious how widespread these payment services are among the folks here. I use them all the time. We pay my wife's trainer on Venmo. I use Zelle to transfer money between my mom and I (I do her grocery shopping) and I use it frequently with coworkers if we order out for food or if we go out for some activity like an escape room. One person pays and the others all pay their share with Zelle. It is free and easy and instant and so much easier than dealing with cash and having to make change. The other day, my meal was $14.27 so I pulled out my phone and sent my friend $14.27. Fast and efficient.

If you don't use them, is it just because the need has never arisen or do you have some objection to doing so?

[Fishindude77]

Never even heard of them.
I live in a cave

[cypher1]

I only use PayPal, as I personally don't like those two direct bank-to-bank apps. My friends mostly use Venmo, with PP as a backup. I would never accept or send transactions with strangers on Zelle and Venmo, as there is no protection from scammers (I already have several friends who took a loss with their banks for that very reason). While I understand Venmo has a privacy feature, I think it's weird that your friends can see all your recent transactions, like its a Facebook status, even if you can turn off that option.

[kork13]

I have Zelle through my bank, as well as Venmo. Anymore, there are many options available to digitally send money between people. We also use PayPal as well. While I'm not a huge fan of any of them, it's functional & allows us to buy things or settle up shared expenses without having to carry large amounts of cash around.

I think at this point, I've given up on any perceived sense of information privacy. Keeping my data secure/private is frankly a fairy tale dream at this point.

[moneybags]

I use it to transfer money back & forth with my adult kids.

[disneysteve]

I only use PayPal, as I personally don't like those two direct bank-to-bank apps. My friends mostly use Venmo, with PP as a backup. I would never accept or send transactions with strangers on Zelle and Venmo, as there is no protection from scammers (I already have several friends who took a loss with their banks for that very reason).

Venmo is part of PayPal. I would think one is as safe as the other. I do agree that the social aspect is odd. I turned that off as soon as I set up my account. I know I'm old but I don't even understand why anyone not involved in the transaction would care. Also, Venmo is not bank-to-bank. It's a third party, just like PayPal.

Do you have any idea how your friends lost money using these services? Zelle is the service provided by my bank. I would think that should be the most secure option, doing an online transfer from my bank's website/app. I've used online banking to pay bills and make transfers for years. Zelle just made it even easier.

[ua_guy]

Our bank has Zelle - or something like it. Zelle is what they first used and they’ve since switched. I’ve not used it, however.

Have heard of Venmo but have not used it.

My use of PayPal is very limited. Have used it to buy old/vintage car parts online. And it’s great for paying my sister when we go halfsies on something like a gift for our parents. She loses checks and never has cash or a check to pay me, so PayPal now means she has no excuse

[disneysteve]

Our bank has Zelle - or something like it. Zelle is what they first used and they’ve since switched. I’ve not used it, however.

Have heard of Venmo but have not used it.

My use of PayPal is very limited. Have used it to buy old/vintage car parts online. And it’s great for paying my sister when we go halfsies on something like a gift for our parents. She loses checks and never has cash or a check to pay me, so PayPal now means she has no excuse

I have used PayPal a lot, but 95% of that usage is for ebay transactions (which is pretty much required), buying and selling. Then there is the occasional online purchase elsewhere that offers PayPal as a payment option and we'll do that.

I totally agree that any of these options help eliminate excuses - I don't have any cash. I forgot my wallet. I'll send you a check. Hit me up next time. NOPE. Pull out your phone any pay me now!

[cypher1]

Do you have any idea how your friends lost money using these services? Zelle is the service provided by my bank. I would think that should be the most secure option, doing an online transfer from my bank's website/app. I've used online banking to pay bills and make transfers for years. Zelle just made it even easier.

Bank to bank transactions are secure, but they offer no protection if one of account/or user is fraudulent. Unless they've changed those policies recently. A couple years ago, one friend sold an item to a stranger on CL, which they received the payment. Shortly afterwards, the balance amount was gone in the seller's bank account. Turns out the buyer immediately submitted a claim to his bank saying the transfer was incorrect since he didn't allegedly recognize it, which Venmo voided the transaction. A similar story happened to a coworker who sold some concert tickets and got scammed, took the hit.

Moral of the story is don't use those apps with people you're not familiar with. Or use with one a third-party to manage both bank transactions. While rare, I have dealt with fraudulent transactions on PP in the past, they've always been thorough for service. I still prefer it for protection, and a trusted source for 20 something years now with online banking transactions.

[QuarterMillionMan]

No Venmo nor Zelle for me but I just set up Apple Pay (literally 10 minutes ago) since I have an iPhone XR. Also I just recently about 2 weeks ago set up Cash App. For Android users I believe there is a Samsung Pay and/or even a Google Pay, does anyone have any of these.

[QuarterMillionMan]

BTW, what are the fees for Venmo and/or Zelle. Pay Pal charges high fees. Selling is 2.9% + $0.30 per sale.

[disneysteve]

BTW, what are the fees for Venmo and/or Zelle. Pay Pal charges high fees. Selling is 2.9% + $0.30 per sale.

No fees. Both services are free.

And I believe PayPal only charges for business transactions. Personal transactions are free.

[bjl584]

No fees. Both services are free.

And I believe PayPal only charges for business transactions. Personal transactions are free.

Yes.
There is a fee for business transactions with PayPal.

PayPal is the only online payment service that I use.
I never leave money sitting in it for too long though.
There are too many stories of fraud and identity theft.

[disneysteve]

PayPal is the only online payment service that I use.
I never leave money sitting in it for too long though.
There are too many stories of fraud and identity theft.

PayPal used to be owned by a different entity and the money in your account was actually in a money market and paid a great interest rate. Back in the early days, I used it as our online savings account. They had one of the highest rates around.

[riverwed070707]

I use venmo (money exchange with friends and family, sometimes payment for services from my side businesses) and paypal (online transactions). I like the convenience of Venmo, but I find it annoying that it takes 3 days to transfer into your account unless you pay them a fee.