Transfer Digital Funds Safely

For many people, digital funds transfers are more convenient than cash or check. Digital funds offer convenience, speed, enhanced security, low cost, and the ability to make global payments easily. There’s no need to write a check or run to the bank. It eliminates the added security risk of carrying cash. 

Typical Person-to-Person (P2P) payments include sending money to friends or family, paying for goods or services, splitting bills, or reimbursing someone for a purchase. It has become the default for rent payments. Tap the phone a few times and send a specific amount of money anywhere on the planet. However, there are some inherent risks with the process too. Let’s be safe!

History
PayPal was the first company to offer person-to-person (P2P) digital funds transfers in 1999. PayPal initially provided software security for handheld devices before shifting focus to digital payments. It became one of the first platforms to enable users to send and receive money via email, revolutionizing how people transferred funds online. PayPal’s innovation paved the way for other P2P payment services like Zelle, Venmo (acquired by PayPal in 2012), Cash App, Apple Pay and Google Pay.

It’s cash!
All digital transfers equal cash. Treat it accordingly. It is a one-way transfer. The app or bank can’t refund money after it is sent and received. The app can only return unclaimed funds. When it’s gone, it’s gone. When it arrives, it belongs to you. Accidents can happen with name spellings, phone numbers and email addresses. Fraudsters want to exploit this fact.

Safety
Digital fund transfers are fast, low-cost, and use apps for payments. Wire transfers allow a higher max, but take longer, cost more, and require bank processing. With this revolutionary shift, let’s understand some basic premises and safe practices.

• A strong password makes it difficult for others to guess. Include at least 12 characters, combine uppercase and lowercase letters, numbers, and special characters, and avoid information such as names, birthdays, or common words.

• Two-factor authentication (2FA) is a security process. It requires two forms of identification: something you know (like a password) and something you have (a code sent to your phone).

• Verify recipient details for electronic funds transfers. Triple-check the recipient’s name, account number, and contact information (phone and/or email), and confirm them through a trusted communication method before completing the transfer.

• Avoid public Wi-Fi. Public Wi-Fi is less secure, making it easier for hackers to intercept sensitive information, such as payment details, during P2P transactions.

• Monitor transactions regularly. Tracking transactions helps detect unauthorized activity early. It allows for quick action to prevent further fraud or losses.

Test the link
Before sending any amount, you can’t afford to lose, send $1.00 via a phone or computer application. Contact the recipient to ensure they received the dollar. This step ensures the payment transfers to the correct location without a problem.

How are Platforms Different?

• Zelle differs by being directly integrated into many U.S. banks’ apps. The integration allows for instant, fee-free transfers between bank accounts, without a separate app or account.

• Venmo offers social features, such as sharing transaction details with friends. It is primarily linked to U.S. bank accounts. It also allows for credit card payments, unlike some other P2P platforms.

• PayPal supports both personal and business transactions. It offers international payments, and provides buyer and seller protections, making it more versatile than most other P2P platforms. It also accepts credit cards for payments.

• Apple, Google and Facebook have “Pay” apps. These apps allow contactless digital payments at stores and online from a digital wallet. Most allow users to make payments from both bank accounts or credit cards.

Costs
Fees vary based on transaction type, location, and funding source. The fees below are only examples as of this publication date. Confirm platform terms and fees before using.

• Zelle: Free to send and receive money from a linked bank account, debit or credit cards. No fees for standard transfers.

• Venmo: Free to send money using a linked bank account, debit card, or Venmo balance. 3% fee for sending money using a credit card. Instant transfers to a linked debit card incur a 1.75% fee (minimum $0.25, maximum $25).

• PayPal: Free to send money using a linked bank account or PayPal balance. 2.9% + $0.30 per transaction to send money with a credit or debit card. Fees for international transfers may apply. Instant transfers to a debit card have a 1% fee (up to $10).

• Google Pay: Free to send money using a linked bank account or debit card. 2.9% fee to send money with a credit card (U.S. only). Instant transfers to a debit card have a 1.5% fee (minimum $0.25). Apple Pay and Facebook Pay are similar.

I've Got Your Six!

Mark M. Hancock, GRI, MRP, AHWD
REALTOR, New Build certified
214-862-7212 (call or text)
DFWmark@kw.com
DFWmark.com

#DFWmark #IOV #InformationOfValue #money #safety #DigitalFunds #ElectronicTransfer #PhoneApps #HowItWorks

Information of Value Book

Since you enjoy the Information of Value (IOV) sheets that I create and post monthly, you’ve probably wanted them all in one place. I’ve Got Your Six!

I assembled and updated a book of all the IOVs that I’ve produced since March 2020. The book will be updated with each new IOV on my Google Drive. Because it’s a PDF file, it can be printed at home in full size without additional rasterization. Also, all the websites mentioned are hyperlinked in the PDF.

Bookmark this address: link.

When you need access to information such as what to do after severe weather hits or where to take visitors for fun in DFW, it’s all in one place at no cost to you!

I’ve Got Your Six!

Mark M. Hancock, GRI, MRP, AHWD
REALTOR, New Build Certified
214-862-7212
DFWmark.com

#DFWmark #REALTOR #UsefulInfo #InformationOfValue #IOV #EmergencyInfo #safety #home #fun #Frisco

Severe Weather Damage Help

Spring in Tornado Alley always requires caution and weather awareness. Most people know how to stay safe but haven’t considered what to do after disaster hits. Below are the bullet points to keep handy. I’ve written a detailed post about these topics earlier on this blog at this link.

SAFETY FIRST!
• Find a low location with protection. Ideally it is a designated safe area with reinforced cement or cinder-block walls. At the minimum, it should be on the ground floor and surrounded by interior walls with no windows or glass doors. Have battery-powered radios and flashlights.
• During the storm, stay away from windows, broken glass, and loose objects such as firewood or lumber.
• Account for everyone – including pets.
• Protect yourself. During wind damage events, nails and other sharp objects are often scattered throughout neighborhoods. Wear proper shoes, work gloves, and step carefully to avoid puncture wounds. Wear long pants to avoid insulation and chemical burns.

IMMEDIATELY AFTER THE STORM
• Make photos of the cause (hail, flood, etc.) and effects (actual damage) of the weather event.
• Depending on damage, turn off all power at the main breaker and cut off water. Ask for help with gas leaks.
• Let someone outside of the disaster area know you are safe or your immediate emergency needs.
• Keep all insurance and warranty information handy and inside waterproof/fireproof bags.
• Collect short-term belongings: all personal identification, phone, small valuables, medicine, glasses, clothes for a few days, credit cards, insurance and warranty documents, pet food, tax and income documents (for insurance claims), etc...
• Secure waterproof tarps over windows and holes in the structure to prevent additional damage.

WHEN IT’S SAFE
• Photograph both the interior and exterior.
• Contact your insurance agent. Get in line fast because there will be plenty of claims.
• Contact the Red Cross for overnight shelter assistance.
• Photograph refrigerator/freezer contents. Most insurance policies pay up to $500 for spoiled food.
• Hire competent contractors for short-term patches.
• If the house is not in an emergency condition, contact reliable vendors/contractors quickly. I’ve collected many reliable vendors on DFWreferral.blogspot.com.
• Determine the deductible vs. out-of-pocket repair costs. It may cost less to absorb repair expenses.
• If repair costs are significant, file a claim with the insurance company. Arrange for contractors’ representative to be there while the appraiser is on property.
• Keep all receipts: preventative measures, actual repairs, hotels, fuel and food away from the house.
• Call the car insurance company if different than house.
• Make photos of all car damage.

SETTLING WITH INSURANCE
• Fences should be covered if there’s a wind damage policy but expect a depreciation deduction.
• Insurance companies have five business days to pay the claim once you agree to a settlement amount.
• Mortgage companies have 10 business days to contact homeowners after they get the insurance check.
• For additional specific questions about insurance coverage, please read “FAQ: Homeowners Insurance and Disaster Claims” (t.ly/eckh) by the Texas Department of Insurance or call 800-252-3439.
• File for FEMA aid. FEMA may cover items not covered by traditional homeowners’ insurance.
• If the final check is less than expected or less than required, don’t sign it. Some insurance companies consider the claim “settled” once the check is endorsed and deposited.

I’ve Got Your Six!

Mark M. Hancock, GRI, MRP, AHWD
REALTOR, New Build certified
214-862-7212
DFWmark.com

#DFWmark #REALTOR #safety #SevereWeather #insurance #tornado #flood #storms #WeatherDamage #help