Peer to Peer (P2P) Payments

PEER TO PEER PAYMENTS AKA “CASH APPS”

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?

Unfortunately, Benchmark Federal Credit Union is not able to return the money to you; however, you may try to get a dispute started with the cash app. The liability lies with you as the consumer who sets up the application for the cash app. Remember, using a cash app for payment is just like you are handing them cash, so be vigilant.

What if I accidentally send my money to the wrong person. Can I get it returned to me?

Unfortunately, Benchmark Federal Credit Union is not able to return the money to you. It is your responsibility to make sure you know and trust the person you are paying. Verify the details from the person to ensure that you have the correct information and be careful entering the information on the app. Remember, a cash app payment is like handing cash to the wrong person if a mistake is made; however, you can contact the “cash app” and ask for assistance. Be sure to double‐check the username or phone number of the person you are trying to send money to and try sending a small amount first to confirm that your intended recipient received the payment.

Should I use a Debit Card or a Credit Card to fund my cash app?

Using a Credit Card could possibly give you a thin layer of protection. A Debit Card is like using cash with very little to no protection. Once a Debit Card is used the funds are nearly impossible to get back. If you use a Credit Card, you may file a dispute, but the charge may not be refunded to you. Make sure you know who you are paying.

How can I add extra security for myself within the cash app?

Determine if they offer a “pin” number for each transaction. Some cash apps have facial recognition available for each transaction. Read and understand the rules they have on security and disputes before you use the app. Remember, you are responsible for all transactions you perform on the app, so know who you are paying.

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.

If you suspect something is wrong, have your card locked immediately. It will not stop the transaction you just performed, but it will keep your account safe from further withdrawals.

You can either lock your card on the BFCU Cards App, or you can call during working hours to 610‐429‐1600. After hours you can call the number on the back of your Credit Card (866‐820‐5870) or Debit Card (800‐654‐7728).

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