Bank mobile e-payment to another person. Good as it seems?

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S17C
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Bank mobile e-payment to another person. Good as it seems?

Post by S17C »

One person in the group covers the bill for lunch/parking/tickets and has each person payback whenever. There is mobile banking so payment can be done immediately by entering someone's email or cell number (I believe it's called person to person payment, available even if the account is at another company's bank as long as it's in America and it's under the maximum daily/monthly limit).

A few years ago this transaction used to cost the sender a fee. Now it looks like it's free for the sender, but are there any catches? For example: is it free for the sender but the receiver has a fee deducted when collecting the funds? Or the receiver then gets pesky e-mail/text message solicitations (spam) from the sender's bank company?
athan
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Re: Bank mobile e-payment to another person. Good as it seems?

Post by athan »

I use PayPal. No fees. All you have to do is link a bank account.
guitarguy
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Re: Bank mobile e-payment to another person. Good as it seems?

Post by guitarguy »

Chase Quickpay, SquareCash, Venmo, PayPal.

All free. All secure. All work flawlessly. I use all of them.

I use Quickpay to handle business from my Chase business checking account. My business also accepts PayPal.

SquareCash and Venmo are easy for splitting the check.
Topic Author
S17C
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Re: Bank mobile e-payment to another person. Good as it seems?

Post by S17C »

guitarguy wrote:Chase Quickpay, SquareCash, Venmo, PayPal.

All free. All secure. All work flawlessly. I use all of them.

I use Quickpay to handle business from my Chase business checking account. My business also accepts PayPal.

SquareCash and Venmo are easy for splitting the check.
Doesn't PayPal charge a % and a fee to the receiver of the funds?
need403bhelp
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Re: Bank mobile e-payment to another person. Good as it seems?

Post by need403bhelp »

S17C wrote:
guitarguy wrote:Chase Quickpay, SquareCash, Venmo, PayPal.

All free. All secure. All work flawlessly. I use all of them.

I use Quickpay to handle business from my Chase business checking account. My business also accepts PayPal.

SquareCash and Venmo are easy for splitting the check.
Doesn't PayPal charge a % and a fee to the receiver of the funds?
PayPal no fee nor % for personal payments with debit card or bank account.

Source: organized a review last year and needed to collect <$50 payment from ~15-20 individuals, some of whom used PayPal
Topic Author
S17C
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Re: Bank mobile e-payment to another person. Good as it seems?

Post by S17C »

need403bhelp wrote:
PayPal no fee nor % for personal payments with debit card or bank account.
Was that one reason that banks switched their mobile personal payment services to free over the last few years since PayPal didn't charge their senders or receivers a fee?
guitarguy
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Re: Bank mobile e-payment to another person. Good as it seems?

Post by guitarguy »

S17C wrote:
guitarguy wrote:Chase Quickpay, SquareCash, Venmo, PayPal.

All free. All secure. All work flawlessly. I use all of them.

I use Quickpay to handle business from my Chase business checking account. My business also accepts PayPal.

SquareCash and Venmo are easy for splitting the check.
Doesn't PayPal charge a % and a fee to the receiver of the funds?
No fees of any kind for personal transfers.

For business they charge a fee. We pass this onto the client.
guitarguy
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Re: Bank mobile e-payment to another person. Good as it seems?

Post by guitarguy »

S17C wrote:
Was that one reason that banks switched their mobile personal payment services to free over the last few years since PayPal didn't charge their senders or receivers a fee?
Bank to bank transfers (Chase Quickpay at least) have been free for several years. Only downside was transfers to other banks took a few days.

Recently most of the main banks registered with the ClearXchange network, so now transfers to most banks are instant.
Topic Author
S17C
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Re: Bank mobile e-payment to another person. Good as it seems?

Post by S17C »

Sounds like there aren't any major downsides to mobile payment person to person. I will give it a try then. Thanks!
Nyc10036
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Re: Bank mobile e-payment to another person. Good as it seems?

Post by Nyc10036 »

guitarguy wrote:
S17C wrote:
guitarguy wrote:Chase Quickpay, SquareCash, Venmo, PayPal.

All free. All secure. All work flawlessly. I use all of them.

I use Quickpay to handle business from my Chase business checking account. My business also accepts PayPal.

SquareCash and Venmo are easy for splitting the check.
Doesn't PayPal charge a % and a fee to the receiver of the funds?
No fees of any kind for personal transfers.

For business they charge a fee. We pass this onto the client.
To transfer money from your personal Paypal account to someone else's Paypal account, you would need to link a bank account. After my nasty experience with Paypal, I absolutely refuse to link a bank account to Paypal.
guitarguy
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Re: Bank mobile e-payment to another person. Good as it seems?

Post by guitarguy »

Nyc10036 wrote:
guitarguy wrote:
S17C wrote:
guitarguy wrote:Chase Quickpay, SquareCash, Venmo, PayPal.

All free. All secure. All work flawlessly. I use all of them.

I use Quickpay to handle business from my Chase business checking account. My business also accepts PayPal.

SquareCash and Venmo are easy for splitting the check.
Doesn't PayPal charge a % and a fee to the receiver of the funds?
No fees of any kind for personal transfers.

For business they charge a fee. We pass this onto the client.
To transfer money from your personal Paypal account to someone else's Paypal account, you would need to link a bank account. After my nasty experience with Paypal, I absolutely refuse to link a bank account to Paypal.
What experience did you have? I'm curious.

PayPal has been nothing short of perfect for me over I don't know how many years and transactions. No issues whatsoever.
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Sandi_k
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Re: Bank mobile e-payment to another person. Good as it seems?

Post by Sandi_k »

My credit union is now using Pop Money.

I just received a fund transfer from a friend for a houseboat rental we're arranging for this summer. No fees, one day delay between his transfer and my receipt. I assume they make money on the float.

I also have refused to link a bank account to Pay Pal - just have heard too many stories of them siding with fraudster buyers.
PFInterest
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Re: Bank mobile e-payment to another person. Good as it seems?

Post by PFInterest »

competition my friend. competition.
so far it is as good as it seems.
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Meg77
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Re: Bank mobile e-payment to another person. Good as it seems?

Post by Meg77 »

Sandi_k wrote:My credit union is now using Pop Money.

I just received a fund transfer from a friend for a houseboat rental we're arranging for this summer. No fees, one day delay between his transfer and my receipt. I assume they make money on the float.

I also have refused to link a bank account to Pay Pal - just have heard too many stories of them siding with fraudster buyers.
My employer (a bank) also uses popmoney. I don't believe banks make any money on the float; they just provide this service in order to remain competitive so they don't lose customers to banks (and non-banks) that do offer these kinds of free transfers and other services. It makes me wonder how venmo makes any money at all though by giving away this amazing service for free without even putting ads on the app. I use it all the time and even collect rent money from tenants via venmo.
"An investment in knowledge pays the best interest." - Benjamin Franklin
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heartwood
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Re: Bank mobile e-payment to another person. Good as it seems?

Post by heartwood »

Would someone dumb down how this actually works? I've done it at BOA for transfers to people I have the routing/acct information and it works fine.

But for a third party, e.g., split a dinner check?

Here's a gmail explanation: https://support.google.com/mail/answer/ ... ktop&hl=en

Do they all work similarly, i.e., via the recipient using a debit card or similar?
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