What is Peer to Peer Payments (P2P)?
They are direct payments from one person to another also known as “cash apps”. Some known cash apps are Venmo, Zelle, Square, PayPal, and many more. P2P payments are conducted via applications on a smart phone, a tablet, or a computer that you can download and control.
Are they the same as giving cash or a check to someone?
Yes. You must enter your payment information into the app. Consider linking your Credit Card in the app, instead of a Debit Card, so you have more fraud protection. All funds transferred occur in real time; therefore, the payment occurs like you are standing there giving the person or company cash. Getting the funds back after you’ve sent them is nearly impossible.
Frequently Asked Questions
Am I covered if someone sends money via a cash app without my prior knowledge?
What if I accidentally send my money to the wrong person. Can I get it returned to me?
Should I use a Debit Card or a Credit Card to fund my cash app?
How can I add extra security for myself within the cash app?
Other helpful hints
- You should also set up alerts for each time the app is used. If you receive an alert and it was not you, immediately lock your card using our Card App. You may download the BFCU Cards App on our web site or from the Google or Apple App Store. Once installed the BFCU Cards App allows you to control all your enrolled Benchmark cards.
- Turn on the auto-update feature for your “cash app” so you always have the latest, up to date security available for the app.
- Always know the person you are sending money to and never send money to someone you have not met in person. Get their information including email and phone number. When purchasing something you should use a service with buyer protection. If you do not know the person or the company, DO NOT SEND THE money because it is the same as giving money to a stranger. You are responsible for your money and unfortunately, Benchmark Federal Credit Union will be unable to return funds.
- Before using any Cash App Service, search the app for customer service contacts and procedures, so you know where to go and what kind of assistance to expect if you have a dispute.
- Never let strangers borrow your phone because they could pretend to be using it for an emergency, but really be using it to transfer money from your app to their account.