@SouthJamaica wrote:
@Duke_Nukem wrote:
@SouthJamaica wrote:6. I'm not familiar with "Cash App"; I'm skeptical that linking an app like that to one's checking account is invulnerable to fraud. Here's something from the first article I found when looking it up:
"Cash App payments are encrypted, most payments are made instantly, and usually the payments cannot be cancelled once the money is sent. This definitely leaves room for fraud and other crimes of social engineering.
“Third party apps like this, although they may be PCI-DSS compliant and encrypt all of their data, still put the responsibility on the user to make sure they use strong security and privacy practices for protecting their account,” says Kimble.
Sattar also notes that Cash App users can be susceptible to some forms of cybercrime, due to the digital nature of the payment service"
https://time.com/nextadvisor/credit-cards/cash-app-guide/
Sounds to me like it's just as vulnerable as making online payments with your debit card.
And good luck on not having your high yield checking account cleaned out some day by using it for CashApp debits. IMHO using a debit card for online transactions or card reader transactions is highly risky, unless the amount on deposit in your deposit accounts is negligible, in which case it doesn't matter how high the yield is.
As for the Cashapp, I'm not making any sort of payment using the ETFCU debit card. All I do is send $1 or so into the Cashapp account via the ETFCU debit card. Basically, I'm transferring $ from ETFCU into Cashapp. Then, once I reached the 15 debit transfers, I transfer all the $ from Cashapp account into the ETFCU account. No third party is involved or sent a payment, just personal $ transfers.
Online transactions can be hacked.
Really?!?! If you are truly that concerned to state "online transcactions can be hacked" when talking about Cashapp and/or ETFCU but not be concerned about listing your $700,000 of available credit and where that credit is located in your signature, then your mind is clearly closed to any argument that doesn't align with your own thoughts.
I will stop trying to persuade you otherwise as you obviously have made up your mind that ETFCU and Cashapp = BAD for you. By all means, close your accounts and move on.
Nevertheless, I do not believe in exposing one's debit cards which are linked to substantial deposits to unnecessary online transactions.
I should also point out that the terms of the EFTCU vertical checking account require 15 debit card "purchases" per month. If you are making transfers, not purchases, it seems you are merely exploiting some glitch or blind spot in their system.
@core wrote:
@SouthJamaica wrote:I should also point out that the terms of the EFTCU vertical checking account require 15 debit card "purchases" per month. If you are making transfers, not purchases, it seems you are merely exploiting some glitch or blind spot in their system.
That's really splitting hairs there. A distinction without a difference. It IS a purchase as far as ETFCU and Visa/MC are concerned. Because there's no such thing as a "transfer" on the back end. Only when you consider the intent of the user.
But Amazon $0.50 purchases are truly purchases no matter how you spin it IMO. 15x0.50 = $7.50, and if you have a 5% Amazon card you're losing out on just $0.38 in cash back by making those 15 purchases. But you are gaining a huge amount in interest. Makes good financial sense.
I don't belong to ETFCU so I'm not gonna be their cheerleader, but these types of accounts are a major source of income for me. Will they get tired of such calculated transactions each month? Maybe eventually, but it has never once happened to me and I have 20+ of these types of accounts. Once I had a lady get snooty with me when I called to change my account to a cash back type rather than interest. But rule #1 is "never call", right?
You are only gaining a "huge amount in interest" if you are leaving a huge amount of money in the account and exposing it to possible fraud.
@core wrote:
@SouthJamaica wrote:You are only gaining a "huge amount in interest" if you are leaving a huge amount of money in the account and exposing it to possible fraud.
Yes, that you are. What are your alternatives to a bank account though? By leaving that money in your mattress you are exposing it to possible theft or fire. Put the money in stocks and you are still exposed to possible fraud (Enron / Worldcom / etc). Put it in crypto and a single hard drive crash could take you out if you're not wise. Put it in foreign currencies and you are exposed to theft/sanctions by various governments. There's no way to be 100% safe no matter what you do, but an FDIC/NCUA insured account seems like a pretty safe bet all things considered. Maybe I'm not understanding your point.
I absolutely believe in putting one's savings in savings accounts at banks and credit unions.
What I do not believe in is using debit cards attached to those accounts in card reader and online transactions.
If one must use a debit card it should be attached to an account with a small enough balance that you would not feel the sting of seeing it frozen or even lost, in which case a "high yield" on the account is meaningless.
