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Are Venmo and Cash App the New Normal in Banking?

When it comes to online banking, can you use apps such as Venmo, Cash App and Apple Pay instead of bringing your wallet everywhere? The answer is yes. When using these apps, it is easy to send money to your friends and family. And when people owe you money, they can easily send it to you. But when it comes to these apps, you need to make sure that you have your bank connected and that you have your phone on you at all times. David Grasso and Julia Sun from Bold TV discuss why using apps like these can be convenient but also come with a price.

Venmo and Cash App come with a price

These apps are great, and they can make money transferring quick and easy. But at the same time, they have downsides. For instance, say you are in a pinch and need to pay your rent, and you need to instantly transfer money into your bank account.  Venmo and Cash App can charge you a percentage for an instant transfer. Some people are even using these apps to get their paychecks. But this can be tricky, especially when it comes to tax season. The apps make it harder for you to keep track of your transactions. This could eventually lead you to an audit, and you most definitely don’t want that.

Make sure you use money transfer apps wisely

You have to be careful when using cash apps; they shouldn’t be used to place anything else other than cash transactions. There is too much risk involved to make it your go-to place for transactions. And when you use these apps, make sure you have an approved business account to protect your transactions from being canceled.  Also, make sure you don’t have a negative balance in your account because these companies can send you to collections. Yes, these apps are convenient, but you shouldn’t be using them beyond their original purpose.

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