Electronic rent payments

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Startled Cat
Posts: 372
Joined: Thu Apr 03, 2008 8:54 pm

Electronic rent payments

Post by Startled Cat » Thu Sep 11, 2014 9:52 pm

I've been paying rent to my girlfriend using Amazon Payments for several years. It's been great to get 2% cash back on these rent payments through my credit card, or use the payments to meet minimum spending requirements when signing up for new cards. Unfortunately, Amazon payments is finally discontinuing person-to-person payments next month.

Does anyone know of a similar service that supports person-to-person payments for free? Obviously, there's nothing else out there that will charge a credit card without an extra fee, but even if the service uses ACH, I think it would be a lot more convenient than writing checks. I hate dealing with checks, and it seems silly to write out a slip of paper just so my girlfriend can digitize it on her phone seconds later.

I'm aware of Square Cash, but I'm suspicious of the level of security. As someone deeply familiar with email protocols, I don't trust a service that supports making payments by email. I'm reluctant to use a debit card for anything because of the relative lack of consumer protections, especially for something like Square Cash.

rayout
Posts: 368
Joined: Tue May 19, 2009 11:30 am

Re: Electronic rent payments

Post by rayout » Thu Sep 11, 2014 9:58 pm

Chase quick pay is what I use. Can be annoying to set up for those who do not bank with Chase. I have two roommates, one prefers to use Chase Quick Pay (he banks with a local credit union), the other prefers to pay by check.

furwut
Posts: 1348
Joined: Tue Jun 05, 2012 8:54 pm

Re: Electronic rent payments

Post by furwut » Thu Sep 11, 2014 10:00 pm

Many banks support person to person electronic transfers. For example check out Capital One 360.

http://youtu.be/iOpZap6mxzA

denovo
Posts: 4384
Joined: Sun Oct 13, 2013 1:04 pm

Re: Electronic rent payments

Post by denovo » Thu Sep 11, 2014 10:18 pm

rayout wrote:Chase quick pay is what I use. Can be annoying to set up for those who do not bank with Chase. I have two roommates, one prefers to use Chase Quick Pay (he banks with a local credit union), the other prefers to pay by check.
I have tenants who use QuikPay another that uses clearxchange.
"Don't trust everything you read on the Internet"- Abraham Lincoln

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Zabar
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Location: San Francisco Bay Area

Re: Electronic rent payments

Post by Zabar » Thu Sep 11, 2014 10:42 pm

For the past few years, I've had my bank do an automatic ACH transfer on the first business day of the month. No charge. No problems.

Startled Cat
Posts: 372
Joined: Thu Apr 03, 2008 8:54 pm

Re: Electronic rent payments

Post by Startled Cat » Thu Sep 11, 2014 11:02 pm

I have my checking account at Fidelity and my girlfriend uses Bank of America. I don't know of a way to do person-to-person transfers between these banks without a third party service. I suppose one of us could open another account elsewhere to facilitate the transfers, but that sounds like overkill.

I didn't realize it was possible to use ACH to transfer money to another person's account. No bank has ever given me this option.

TFinator
Posts: 175
Joined: Thu Jan 09, 2014 5:03 pm

Re: Electronic rent payments

Post by TFinator » Thu Sep 11, 2014 11:36 pm

Chase Quickpay is very easy. Wells Fargo does this as well.

PennySaved
Posts: 106
Joined: Tue Mar 06, 2012 6:05 pm

Re: Electronic rent payments

Post by PennySaved » Thu Sep 11, 2014 11:42 pm

You might look into using Serve http://www.serve.com Supposedly you can send and receive money between family and friends with Serve Accounts, although I have not used that function. You can use your credit card or bank debit card to load money and then use it to pay bills or send money to someone else. I use Serve to pay my mortgage by loading up Serve with $1000 per month using my Fidelity Amex card that gives me 2% back. The remainder of the mortgage amount from Serve comes from loading funds with my bank debit card. You are limited to loading $200 per day for a credit card or a debit card. I first found about Serve on a Flyertalk forum:

http://www.flyertalk.com/forum/manufact ... ments.html

The $1 monthly fee is waived when you use Direct Deposit or add $500 or more during your monthly statement period. And, there's no fee in NY, TX and VT.

mhalley
Posts: 6318
Joined: Tue Nov 20, 2007 6:02 am

Re: Electronic rent payments

Post by mhalley » Thu Sep 11, 2014 11:58 pm

I wonder if you could create a bluebird account and give her the atm card?
https://www.bluebird.com/?SOLID=%20BBSE ... em-branded
Mike

furwut
Posts: 1348
Joined: Tue Jun 05, 2012 8:54 pm

Re: Electronic rent payments

Post by furwut » Fri Sep 12, 2014 10:19 am

I have my checking account at Fidelity
I took a look at Fidelity Cash Management FAQ's
https://www.fidelity.com/cash-managemen ... move-money

This requirement, I think, prevents you linking your girl friends' account to yours:
At least one common name must match exactly between your Fidelity account and your bank account.

I've been paying rent to my girlfriend using Amazon Payments for several years.
Maybe it's time to take the next step in the relationship and open up a joint account for shared expenses?

coldaudio
Posts: 20
Joined: Sat Nov 17, 2012 11:21 am

Re: Electronic rent payments

Post by coldaudio » Fri Sep 12, 2014 10:58 am

My brother just recently sent me some money using Pop Money through Citibank... it worked well and the money showed up in 2-3 days.

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heartwood
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Re: Electronic rent payments

Post by heartwood » Fri Sep 12, 2014 3:01 pm

Try Google Wallet: https://www.google.com/wallet/send-money/

free if you link to your bank account; there's a fee if you use a credit card.

BOA also lets you send/receive money to anyone with only a phone number or email address: https://www.bankofamerica.com/online-banking/mobile.go

Note: BOA link changed to open page
Last edited by heartwood on Fri Sep 12, 2014 3:55 pm, edited 1 time in total.

rogermexico
Posts: 161
Joined: Tue Jan 08, 2008 5:58 pm

Re: Electronic rent payments

Post by rogermexico » Fri Sep 12, 2014 3:35 pm

I'd second Popmoney, which is free for both sides of the transaction from many banks (e.g. Ally). The interface is often built-in to your bank's website (added security). I think you can set up recurring transactions as well Lots of major banks offer it.
Paypal Verified would be another free option, but both sides of the transaction would need to have checking account linked to paypal.

johnny847
Posts: 423
Joined: Thu Apr 10, 2014 12:08 am

Re: Electronic rent payments

Post by johnny847 » Fri Sep 12, 2014 4:49 pm

Venmo may be viable for you, but I'm not sure what the limit on transaction amounts per month is. You can send money for free via debits cards or ACH drafts from your bank accounts.
Incidentally, you can use credit cards for a 3% fee, which if it is the only way for you to meet a minimum spend requirement for a credit card, is not a bad option.

YttriumNitrate
Posts: 1062
Joined: Tue Mar 26, 2013 12:13 pm

Re: Electronic rent payments

Post by YttriumNitrate » Fri Sep 12, 2014 5:08 pm

I used to have it set up so that every month a check would automatically be mailed to my roommate.
Last edited by YttriumNitrate on Mon Jun 08, 2015 7:41 pm, edited 1 time in total.

Startled Cat
Posts: 372
Joined: Thu Apr 03, 2008 8:54 pm

Re: Electronic rent payments

Post by Startled Cat » Fri Sep 12, 2014 8:40 pm

Google Wallet and Venmo sound like good options. Thanks for those suggestions.

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