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Management: on the safety of transferring money

How safe is transferring money? Transferring money is faster than ever and very secure in many cases, but consumers should still exercise caution.

Very safe transfers include these two options:

* Between accounts in the same bank, using the bank's app or website

* Bank to bank, using your bank app or website. Before you initiate the transfer (to pay a bill, for example), make sure that you have the correct routing and account numbers beforehand.


Safe, but beware:

* Paypal works easily and is generally safe, but make sure you have the correct email address for your recipient. If you send it to someone else by mistake, you are out the money.

* Venmo and Zelle are fast, free, and usually secure, but fraud is common with these platforms.

It's important to use these services only if you know the person to whom you are sending money. Don't send money unless you are certain the person is who you think they are (Grandma! Can you bail me out of jail? is causing a lot of pain and loss to innocent people who don't stop to research first). Once you send it, it's gone, according to Money.com.


This story was posted on 2024-01-25 01:27:59
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