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Why you should never send money to strangers with a money transfer appChris Elliott had a great post recently on why you should never send money to strangers with a money transfer app tied to your bank account. Read the whole story to see the example (long story short: a woman lost $1,300) but the idea is that apps like Venmo are designed for paying friends and family quickly, and that’s what you should use them for. You don’t want to purchase anything through them if you can avoid it, and you especially don’t want to purchase travel. Why? Because with these apps, your money isn’t protected the way it is when you pay with a credit card. As Chris states, “The Fair Credit Billing Act protects consumers who use their credit cards to make payments to merchants. If a merchant does not provide the goods or services as agreed upon, you’ll get your money back. Unfortunately, if you use your debit card or direct withdrawal from your bank account, you’re not protected.”

Related: Travel App of the Week: Venmo

 

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Mary Renking

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