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)
But honestly, that shouldn't stop you from just sending them via email. The whole thing assumes the recipient actually knows what kind of file format they're looking at and has the right software to open them. If they don't... well, that’s a whole different headache that has nothing to do with how you send the email in the first place.
It’s pretty much the same deal over here. If you’re already with JPMorgan Chase, you can just link your account directly to send or receive funds, and everything gets authorized through their mobile security app—I don't know all the technical specifics, I'm not a JPMorgan Chase customer myself... If you aren't with them, you just drop your routing and account number to get paid, no authorization needed for that part. To send money, you just use a debit or credit card and go through whatever 3D secure stuff your bank requires. You can't just type in a random account number to send cash; you have to pick someone from your contacts. If you don't give the app permission to see your contacts, the list stays empty and you're stuck. You'll see a little Cash App icon next to anyone who actually has the app installed. It really ought to have a filter just for those users, but maybe they'll add that in some future update...
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.
But how would they even verify that? You can just grab a prepaid burner specifically for this kind of thing...
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.
ironcyclist58 said:So, this morning the full amount finally hit my Chase checking account. Interestingly enough, Wells Fargo showed up as the payer, though the actual debtor was just some random person's name from a PayPal transfer. Still waiting for the transaction to actually pop up on my credit card...
Finally showed up on the card too. They took out the exact amount sent—no extra fees or anything...
So, this morning the full amount finally hit my Chase checking account. Interestingly enough, Wells Fargo showed up as the payer, though the actual debtor was just some random person's name from a PayPal transfer. Still waiting for the transaction to actually pop up on my credit card...
Just ran a test transaction on my credit card. I'll let you guys know once it clears whether they treated it as a standard purchase or hit me with a cash advance...
Yeah, I figured that was the case from the jump, even if they don't explicitly spell it out for you. What I'm actually wondering about is whether that second person has to use their own account when they install the app, or if they can just plug in someone else's... using someone else's would probably work, but I want to know if that's actually allowed under the terms and conditions.
Charles Ramos7 said: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 😁
I had that exact same thought the second I saw it, but honestly... there’s just zero documentation to go on...
Charles Ramos7 said: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 😁
That’s exactly why I’m asking... do they actually have to be personal accounts? 😬
I’m currently messing around with the app, but it’s being super vague. It asks for a checking or savings account number, but doesn't clarify if it actually has to be mine or if I can use someone else's... The help docs are basically non-existent too. You hit the FAQ in the app and it just kicks you straight back to the JPMorgan Chase homepage. Plus, the articles mention that "Users can send money using their usual credit or debit card, or directly from a checking account," but I haven't seen any option for a checking account anywhere in the interface.
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.
I'm guessing they’re talking about those premium features you actually have to pay for—kind of like how apps such as Chime or Current handle things. It seems pretty unlikely that JPMorgan Chase would just start shoving random ads into their banking app... I haven't really dug into the specifics here, but do you even need an account with JPMorgan Chase to use this? If so, then it's hardly groundbreaking. A lot of banks, like Bank of America, already offer these kinds of "instant transfers" right inside their standard mobile banking. I don't really see why they'd need a whole separate app for it...