Posts by Charles Ramos7

ironcyclist58 said:Definitely let me know if you guys happen to get blocked... 😉

It’s basically just a straight shot of names and account numbers 😁 btw. A sender could even try setting up two accounts via $333 in a single day; the recipient will see both messages, but only one transaction actually goes through. The second one will just hit an error and might finally clear the next day.

Just had a buddy send me 2x$333 via PayPal.

Taylor Gray5 said:So, what’s the verdict here? What are we actually looking at? 😁

Someone already answered, so let's move on.

ironcyclist58 said:So, I took a look at the numbers after fifteen days of Cash App being live (according to the folks over at Goldman Sachs):
- over 10,000 users
- $167 transferred
- an average of $22 per transaction
(it’s pretty telling that the average is less than one transaction per user... basically means a whole lot of people signed up just to stare at the screen without actually moving any money)

$167 transferred 😂 when their limits are ridiculously low. They should fix those first... honestly, I registered too, but haven't sent a dime yet.

James Rogers53 said:So, where are you guys keeping your gold? Back in a bank account? Or just stashed at home? 😲😲

Keeping it in a bank vault—or even a safe deposit box—comes with its own set of headaches. I can't help but think about natural disasters, like an earthquake hitting the coast. If everything goes sideways and the insurance company decides to bail on you...

Might as well buy an excavator while you're at it. At least you could make some money with it until the day you actually need to dig up your gold after a disaster. 😁

Arthur Green5 said:Watch your step when entering data. Systems automatically cross-check phone numbers, and if things don't match up, you’re looking at a temporary or permanent ban. It won't flag you instantly, but once it does, you're done. Same thing happens during app installation...The fine print. Read it before you sign.They laid everything out in detail and built in plenty of safeguards, mostly because the app includes a chat feature—which opens up way too many possibilities.

Like George Lewis9 said, you link your phone number to your account. Then you can send and receive money instantly between users, provided you stay under the daily transaction limit. $333Monthly, maybe 20 bucks. $0.00JPMorgan Chase clients get extra perks, plus they use token-based login.

I bet more apps like this will pop up soon, or big banks like JPMorgan Chase will just bake the same tech directly into their own platforms.

It shouldn't actually be an issue, though someone could easily use two different phones with two different apps to move money to themselves. Or, you know, just send it through a friend to bypass anything—it's free anyway.

ironcyclist58 said:On one side, it’s my account and my info. On the other, it shows someone else's name paired with my card. When you're adding a card to send money, there's usually a field for the cardholder's name where you could just put your own... but I decided to get a little creative and used a fake name on purpose.

This might actually lead somewhere 👍

ironcyclist58 said:Yeah, it’s me, just using a different phone. I was logged in under a family member's account on this one.

So you put a family member's name in the app, but used your own account number?

ironcyclist58 said:Finally showed up on the card too. They took out the exact amount sent—no extra fees or anything...

Did you send that to someone else, or did you manage to pull it off for yourself?

Zachary Ward5 said:Man, I seriously tried typing out my full name in all caps and it still gave me nothing. I have no clue why this thing won't just accept it.🤔

Did it actually work for you without any issues?

Diners Club worked just fine for me.

So, you'd basically need two different numbers—one to link to your bank account and another for the card itself.

Edit: It’s pretty obvious both sides need access to the app; just having an account isn't going to cut it...

ironcyclist58 said:I had that exact same thought the second I saw it, but honestly... there’s just zero documentation to go on...

That’s exactly why I’m asking... do they actually have to be personal accounts? 😬

I tried sending some money to myself just now and it wouldn't go through. Honestly, I don't get how someone's phone number is supposed to link to the account receiving the funds. 🙂 If I send money to a cell number, what happens then? What if that person doesn't even have an account set up...

If I pay using a credit card, does that count as a cash advance or just a standard POS transaction? 🤔 If it's the latter, that’s actually a pretty sweet deal, even if it wasn't really meant for that purpose 😁

ironcyclist58 said:Alright, I dug through their site (not even the top result on Google, just buried somewhere under 🤦) and saw they take card payments, but I haven't found anything about withdrawing funds yet.

It says: "funds will be sent to any SWIFT provided by the recipient"

Never. I definitely wouldn't touch it if they start "adding extra features to drive revenue" (which is just code for annoying ads).

Sarah Morgan said:Hey,

I'm in the market for a new ride, and the guys at the dealership are trying to sell me on an operating lease.
On paper, it looks way better than just taking out a standard auto loan. The monthly payments are lower, I have the flexibility to walk away whenever I feel like it, and once the five years are up, I can either buy the car outright or just swap it for something fresh...

Honestly, why would I even bother looking at a bank loan when this is sitting right in front of me?

I'd love to hear what you guys think—has anyone actually dealt with this before?

Well, it really depends on what you're aiming for. Being able to cancel early isn't much of a perk for an individual, and you're stuck with mileage limits...

James Harris said:Here is the official response from the Federal Reserve:

Dear Customer,

First off, thanks for showing interest in our bank.

You don't actually have to be an existing customer or move your checking account over to the Federal Reserve just to apply for a credit card. The main requirement for approval is having been at the same job for at least 12 consecutive months.

The Federal Reserve gives you a choice between Mastercard and Visa (including Visa Classic, Visa Gold, and Visa). Their cards basically act as two cards in one—either revolving or charge—so you get to decide how you want to handle your spending. If you pay off the full balance on time, you won't be charged any interest.

You can set up an automatic payment for the card and choose whether you want to pay the minimum amount due or the entire balance. There are no enrollment fees or annual membership fees, and you don't need to buy extra insurance.

Along with all those perks, you'll also be part of the gold RBICA rewards program.

So, you hit the nail on the head. It’s really two cards in one, and the customer decides if they want to use it as revolving or charge.
It feels a little weird to me that since December 20th, they’ve decided there are zero annual fees for these cards, while other big banks like Chase or Bank of America are still charging anywhere from $120 up to $67 for a Mastercard.
They even scrapped the monthly maintenance fees for checking accounts too. Honestly, I have no idea what's gotten into 🙂
them.

You can actually use any revolving card that way—just paying off the full balance. It's a solid card, though, especially with all those perks included.

Timothy Kim9 said:Sure, Charles Ramos7 makes a good point—I think we just had a misunderstanding.
Usually, when you're out buying something big-ticket (like a fridge, a laptop, or a TV)
if they'll let you pay in installments on an American Express or Diners Club, they’ll also offer those same installment options on a Federal Reserve credit card—which basically works like a charge card too.

I honestly don't see many scenarios where splitting a payment into installments after the fact would actually be useful—especially since
they hit you with a fee for it.

They’ll probably need to be a partner of the Federal Reserve, though I suspect most major retailers already are.

Timothy Kim9 said:Sure, Charles Ramos7 makes a good point—I think we just had a misunderstanding.
Usually, when you're out buying something big-ticket (like a fridge, a laptop, or a TV)
if they'll let you pay in installments on an American Express or Diners Club, they’ll also offer those same installment options on a Federal Reserve credit card—which basically works like a charge card too.

I honestly don't see many scenarios where splitting a payment into installments after the fact would actually be useful—especially since
they hit you with a fee for it.

It’s actually a relief that they use a flat fee. Since it doesn't change based on how much you spend, it really pays off when you're making larger purchases or buying things from overseas.

Timothy Kim9 said:Maybe there aren't any fees if it's bundled into a package
(personally, I don't see any charges since I'm on that FlexiFit checking account plan)

I'm not sure, I was actually thinking about this part:

Installment plans are available via:

• Online banking (a one-time fee of $5.00) or by calling the Call Center (a one-time fee of $6.75), up to 30 days after your purchase.