Report finds digital payment apps can be risky for consumers
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- Опубліковано 15 жов 2024
- A report finds complaints about digital payment apps have skyrocketed in the past year. Consumer advocates call for stronger consumer protections when it comes to these payment platforms. Anna Werner reports.
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The problem isn’t the app. Checks usually only take 2-3 days to clear. Sometimes as many as 7. Just ‘cause your bank made the funds available doesn’t mean it cleared.
Exactly this.
Banks usually make funds available right away if you have maybe twice the amount of the check in your account just in case the check is not good.
Exactly. This is check ton3rd party scam so common its mind-boggling that people still fall for it.
Same scam. This is not a digital scam. It's the check that fake.
he is a grown man, and to fall to this scam, I think it is is his fault.
never accept personal checks from people.
It's not digital wallets, nor is it payment apps. It's paper checks. Paper checks are the problem here. This scam has been around for ages. Also, anytime you deposit any money into your account, you should check to make sure the check has actually cleared. It's not something your actual bank balance will show, you need to actually verify in the section of your mobile banking that shows deposited checks, and it will show whether the payment is still processing or cleared.
Why is the finger being pointed at digital payment apps like Venmo & Zelle etc? 🤔
It's just sending money before the check clears, of course he is liable for it. Also the other person is guilty of passing a bad check in the 1st place.
The other person doesn’t exist in any legal sense. No one to prosecute or find for reimbursement.
Further, did he ever complete the job??? He was paid ahead of time with a bad check, where he never provided the service!!! No harm, no foul I say!!! Oh except the possible bank fees!🙄 Don’t blame the digital services!
This is literally the OLDEST check scam in existence.
Conman pays with check that is more than the bill, then asks for cash refund of the excess and the check bounces.
In 2021 anyone falling for this scam deserves to be fleeced.
What an off-center biased report. The app isn't at fault at all, they went off the available balance in the account. Check fraud is old and he shouldn't have accepted it.
If I was in business I would not accept personal checks. Money orders or bank check yes because they have cash value but never personal checks. There is no value to personal checks until they clear.
Same
There is absolutely no reason for personal checks Nowadays.
Why is he out the $950? Can't he get it back from the sound man who never did the job paid for? And who pays someone before they have completed a job????
This is NOT the fault of any e-payment service. Before you pay, anyone, you MUST wait till the check clears!
Your bank won’t help you, even if you were to use your physical card. The FDIC register isn’t something that will help you in this situation or many others. PayPal doesn’t help, even though it promises “your money and transactions are safe.” HAVE to read the user agreements and fine print on an contract, paper or virtual, before signing or agreeing to terms!
I almost got jipped like this with a short film job. I thank god I looked into the company and saw the emails did not match and made contact with the actually company. They confirmed that someone has been using them to scam
Sucks that it happened, but it really is on him. First of all, don't put so much faith in people in general. 2nd, checks usually take longer than a day to clear!
I had over 1000 dollars stolen from me and a iPad from scam on PayPal
They had PayPal sending me emails they were so good at hacking
Typical media these days - ignorant of the facts on a story - indeed the apps work fine - accepting checks and using and using the amount before it clears - dumb
The problem isn't the app it's because he didn't wait for the che to properly clear. That is his own fault or the bank because it showed that the funds available. In the UK you have to wait wait a max of 7 days for the cheque to clear. The funds are never showing as available until they are cleared by the bank.
It takes 7 days for a check to fully clear
Always wait 3 days before you use a check you have concerns about. The bank may initially grant you the funds and then take it back if there are any problems. It can take up to 3 days for those problems to be made known.
I don’t use checks BUT isn’t it commonly known checks don’t fully clear until a few days 🙄
Then the problem lies not with the application but with the check.
Wait until the check clears. Or don’t accept checks.
So why are you paying for the clients sound man? You didn’t hire him so why would you any that fee? Right there you should have known something was wrong. Common business sense is missing from this story.
These apps are intended for friends and family only not for business purposes. This happens all the time there is no protection for you once it’s sent scammers know that. Basically like you mailing someone cash and then getting mad at the post office. Only use these apps with people you know and trust.
Checks take 3 days to clear.
Yea that’s dumb
Apps are fairly secure. This isn’t the apps fault. It’s the user falling for a scam. This report should’ve focused on that, and not blame the app.
Is the bank faults because the check cleared. According to the guy statement.
It has nothing to do with the app
Next time wait a week.
This isnt an app issue is a common sense issue. If someone is using you as a check cashing store, its a problem.
Why would this be the apps fault? The customer gave the vendor a worthless check. And the vendor paid money from his bank account to a third party based on the belief that the worthless check was good. Did he think that the app was first going to verify that the worthless check was good before sending the money?
I will NEVER USE THOSE APPS.
I use CASH. MONEY... PERIOD
The economic hardship , recession , unemployment and the loss of job caused by covid pandemic is enough to push people into financial ventures .
duh
The economic hardship , recession , unemployment and the loss of job caused by covid pandemic is enough to push people into financial ventures .
The economic hardship , recession , unemployment and the loss of job caused by covid pandemic is enough to push people into financial ventures .
The economic hardship , recession , unemployment and the loss of job caused by covid pandemic is enough to push people into financial ventures .
The economic hardship , recession , unemployment and the loss of job caused by covid pandemic is enough to push people into financial ventures .