CHATTANOOGA, Tenn. (WDEF) — If you have an IOU, your phone now makes it easy to pay someone back.
Some peer-to-peer payment apps let you leave your cash and checkbook at home.
They make it both easier and faster to get your money.
With Venmo, you can link the app to your bank account or credit card.
The app sends you a text and an e-mail when someone pays you.
In Venmo, you can also publicly post about your transactions with friends, or keep them private.
Another payment app, Zelle, works with banks and credit unions across the country, like Bank of America and Wells Fargo.
If your bank offers the service, you’ll already have Zelle in your mobile banking app or online banking.
The app can put money directly in the recipient’s account, so they won’t even have to make a trip to the bank!
If you download any of them, Consumer Reports recommends that you opt for extra security, like setting up a pin or password.
Also make sure to keep your app up to date, so you can get the latest security protections.
And some other common sense advice – make sure to double check who you’re sending your payment to.
You obviously don’t want to accidentally send money to the wrong person.
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