Best mobile apps for money transfers?

Visa has been suspended—specifically their card solutions arm, which handles card issuance and e-money licensing for a bunch of fintech players. To be clear, they haven't shut down entirely; the company is still running, but their licenses have been pulled and their funds frozen as a preemptive strike. It's all about protecting user money, especially since e-money institutions don't get that standard $250,000 FDIC guarantee you'd find with a regular bank.

Here is some clarification from the community board:

Official Statement from JPMorgan Chase

To whom it may concern,

Given the recent turn of events, we want to clarify that JPMorgan Chase is not involved in the insolvency proceedings regarding Enron.

The Securities and Exchange Commission (SEC) has already appointed a special representative for Enron. Because of this, all approval processes for payments originating from JPMorgan Chase are handled internally at the bank level rather than through the parent group. Moving cash to Enron or its insolvent subsidiaries is strictly prohibited.

We don't anticipate any interruptions to our standard payment processing operations for our business partners. We are maintaining very close contact with our partners, including Visa and Mastercard.

We want to reiterate that deposits held at JPMorgan Chase are secured by two distinct layers of safety. First, individual consumer deposits—including those from partnerships or corporations—are protected up to $100,000 per customer via the FDIC. Please note that this specific coverage does not extend to deposits from other credit institutions, insurance funds, financial service providers, or government agencies.
As an additional layer of security, JPMorgan Chase is also an FDIC member, participating in the voluntary deposit protection fund maintained by the American Bankers Association. Under current regulations, this secondary protection covers deposits up to 15% of the bank's own funds per customer. In practical terms for you, this means your qualifying deposits with us are protected up to a total of $19,700,000 per customer.
Detailed information can be found on the American Bankers Association website (www.fdic.gov). Furthermore, this coverage was recently reaffirmed to JPMorgan Chase in writing by the auditing bodies associated with the American Bankers Association.

The protections provided by the American Bankers Association fund cover "deposits"—specifically, credit balances resulting from account holdings or temporary transaction statuses that the bank is obligated to repay. These must have a term of no more than 18 months and cannot be secured by a bond or a promissory note. Generally, individual creditors (even those acting in a commercial capacity), business partnerships, and legal entities are covered. However, coverage excludes credit institutions, financial firms, investment companies, and various levels of government authority. For more technical specifics, we recommend reviewing the bylaws governing the fund, and we are more than happy to address any questions you might have.

Sincerely,
The Customer Service Team at JPMorgan Chase

Look, JPMorgan Chase and Visa haven't gone belly up—they keep their books totally separate and everything—but the UK regulators decided to pull the plug on those Visa licenses anyway, just as a precaution...

Enron is making a comeback? I honestly didn't see this happening quite so soon.
https://www.bbc.com/news/business-53230026

Is anyone actually using the Settle app? I'm curious to know how the features stack up against something like PayPal, for instance.

ironcyclist58 said:Yeah, looking at the terms, there’s absolutely nothing mentioned about that. There isn't even any kind of verification process; I've actually got the exact same cards and accounts linked to two different Venmo profiles...

Has anyone here tried running two different numbers—like, two separate PayPal accounts—where you're using a secondary checking account linked to one number to pay for stuff via a credit card tied to the other? I'm curious if anyone's actually pulled that off.

https://www.chase.com/help/account-types/prepaid-cards

There is quite a bit of news surfacing regarding PayPal in the near future, specifically concerning the rollout of prepaid accounts paired with debit cards.
It appears that PayPal is making a concerted effort to mirror the features offered by major fintech competitors.

For those who take the time to read closely, there are several interesting details tucked away in PayPal’s updated terms of service.

How do I go about shutting down my PayPal account? I’ve ended up with duplicates, so I really ought to get one closed before September 7th... 😬

I've got two myself. Wasn't that explicitly forbidden in the previous general terms?

Nah.

I actually "have" a second account under my daughter's name, which is a minor's account.
Does it say anything about the minimum age required to open a PayPal account?

Let's say she isn't old enough to have one

Edit: from what I can see, it doesn't say

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The fine print on PayPal doesn't really say how much they're gonna charge me for cash withdrawals (it can't seriously be free, right?)...

electricbadger89 said:I actually "have" a second account under my daughter's name, which is a minor's account.
Does it say anything about the minimum age required to open a PayPal account?

Let's say she isn't old enough to have one

Edit: from what I can see, it doesn't say

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Hmm, I suspect minors might be able to.
But they won't be able to use PayPal, that's strictly for adults.

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Where exactly does it mention that PayPal thing?

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If you check out the link cosmichawk67 posted, you'll find the general terms of service for PayPal. That was pretty much the whole point of sharing that link in the first place. 😉

ironcyclist58 said:How do I go about shutting down my PayPal account? I’ve ended up with duplicates, so I really ought to get one closed before September 7th... 😬

It was a good run while it lasted, I suppose. 🙂

ironcyclist58 said:If you check out the link cosmichawk67 posted, you'll find the general terms of service for PayPal. That was pretty much the whole point of sharing that link in the first place. 😉

Just saw that. I assumed everything was already laid out in the Nabisco section at the University of Oklahoma.

So, they’re banning using Nabisco on multiple devices or different phone numbers for one person, yet somehow they're rolling out "exciting" new features at the same time. Great.

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analogjackal11 said:It was a good run while it lasted, I suppose. 🙂

Now you’ll just have an even easier way to handle it.

ironcyclist58 said:The fine print on PayPal doesn't really say how much they're gonna charge me for cash withdrawals (it can't seriously be free, right?)...

My assumption:

Withdrawals at Chase ATMs should be free, while any other machine will charge you whatever the standard out-of-network fee is when you use a debit card at a different bank's ATM.

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That would be a massive fail. If they actually want to go toe-to-toe with those big foreign fintech players, they’d need to offer some kind of sign-on bonus or free credit...