P2P Payments
Reach Out and Pay Someone
Now it’s easier to share costs with your friends and family, without cash or checks, and pay them instantly from afar. FFCCU accounts can be linked to P2P payment apps such as Venmo and Cash App so you can send and receive money from friends and family in whichever account you choose. If you’ve never used a P2P app, we’re here for you! Check out our FAQ for more info and how to get started.
FAQs about P2P Payment Apps
P2P, or peer-to-peer payment apps, are mobile applications for your smartphone that allow you to connect your debit card, checking account, or even your credit card, and then use that info to digitally transfer money from your account to one of your contacts.
If you have a PIN setup, which will depend on the app you are using, you’ll input the PIN at some point during the process for safety. The most common and widely used P2P apps are Venmo, PayPal and Cash App. P2P apps are available on Android and iPhone, which allows quick and easy exchange of money directly between individuals and FFCCU.
Most P2P services work with just about any financial institution. Venmo, Cash App and Paypal are all compatible with your FFCCU accounts. Many of our members choose to join the one that friends and family are already using.
- Download the Cash App app for iOS or Android and open the app on your device.
- Click sign-in and enter your email or phone number.
- Follow the instructions to verify your email or phone number. You will either receive a confirmation email or a text message with a code to confirm your registration.
- Add your bank. To do so, you will need to enter your name and debit card number.
- Choose a $Cashtag, which is your unique user name for Cash App and it can also be used to get paid by someone. A $Cashtag must include at least one letter and a maximum of 20 characters.
- Download the mobile apps: iOS & Android
- Open the Venmo app
- Choose your sign up method and create a secure password (between 8 and 32 characters long).
- Verify your phone number and email address. As soon as you sign up, a verification code will be sent to your phone number via text message.
- Enter the verification code from the text message when prompted in the Venmo app/website to verify your phone number.
- Add and verify your bank account. Venmo offers both and instant and manual verification. Take the time to verify your bank account before you transfer funds to avoid any complications.
Fees associated with P2P are typically optional and are based on the type of payment you’d like to connect or how fast you’d like to receive funds.
Venmo waives their standard 3% fee for sending money when the transaction is funded with a Venmo balance, a bank balance or a debit card. The 3% fee is NOT waived when users send money from a credit card. Instantaneous transfers, which allow you to see funds within 30 minutes, incur a 1% fee (with a minimum of 25 cents and a max of $10). If you don’t need access to the funds immediately, you can do the standard bank transfer for no fee and it will be completed in 1-3 business days.
Similarly, Cash App charges a 3 % fee if you use a credit card to send money, but making payments with a debit card or bank account is free. Cash App also charges a 1.5 percent fee if you request an instant transfer of funds to your linked debit card. If you request to transfer money to a bank account, the transfer is free — however, you must wait 1-3 business days for the transaction to process.
While all major P2P systems encrypt your financial information, they are not immune to hacking or scams. Venmo uses data encryption technology to protect users against unauthorized transactions while storing user information on servers in secure locations. Venmo also give users the option of setting up PIN codes for mobile applications.
However, there is no protection if you choose to send a payment through Venmo for a good or service. So it’s best not to make transactions with strangers through Venmo. It’s also a good idea not to leave much, if any balance in P2P apps. Funds that remain in an app and become compromised are not insured, so if your account is hacked, you have no way to recover that money.
You can also set up two-factor authentication to protect your account further. Additionally, a PIN that must be entered before the app can be opened is a great idea. These protections help you in case someone else gets their hands on your phone.
Safety tips when using Venmo, Cash App or other P2P applications:
- Set up a PIN or Touch ID.
- Change your account setting to “private.”
- Turn on notifications for every transaction
- Only use P2P services with people you know and trust
- Don’t store large balances in your P2P apps
KUDOS!
Clicked the “Live Chat” button, asked my question, got my answer literally within a minute. THIS is what support from a banking institution should be like. Thanks so much for your help!
-Ryan M.
Beth Meyer is priceless. I can’t imagine things going any smoother. She stayed in touch at every step and moved everything along with ease.
-Ryan R.
Just joined the FFCCU when I refinanced my car loan. I couldn’t be happier with the service Jenny Stanfield and Ginny Hainen provided! I did almost everything online. Easy, convenient, and they saved...
-Maria K.
Customer service is very understanding, and they make sure that your needs are met. I have been with the Firefighters Community Credit Union for over 40 years and I will remain a member.
-Teresa G.
Beth and Kathy were excellent to work with. They answered every question I had and every phone call I made. I loved those two.
-Alan S.
My experience with FFCCU’s Parma branch has been nothing but positive. Obtaining an auto loan was really easy, even though I came to the establishment as a nonmember.
-Star B.
I cannot say enough good things about the individuals I have worked with – especially when my card number was stolen. The service I have had is why I have moved all my accounts to FFCCU. KUDOS!
-David H.
The live chat team always does an outstanding job handling my frequent use of online messaging. I’m hearing impaired and prefer messaging to phone calls. They handle all my issues quickly and thorough...
-Denny J.
Shout out to Emily Soeder for professionalism and for going the extra mile. Emily helped me through a challenging issue with a fraud. It’s people like Emily we need in leadership roles to not only tra...
Miriam
Faith Thomas is the absolute best! She made sure everything was perfectly done – even staying late! She even went above and beyond the next day by reaching out to me to confirm all was well. Faith wil...
Cayla V.
I’ve been with FFCCU for over 25 years and always have great experiences. Lisa Snell was no exception: whether online or meeting in person to close my auto loan, she’s fantastic!
-Julie Z.
Emily answered my text quickly (on a Saturday morning!) and helped me promptly with my request. I love the text feature at FFCCU!!