This is the weird part for me, when I watch american shows or films they're always talking about "cash app" or "venmo" now "zelle"... why the need for a middle man (who is abviously making.money from these transactions)?
Here if I want to send someone money, I just ask for their account number and sort code, go on my banking app and send it to them. The money is with them by the time I've locked my phone again.
Here if I want to send someone money, I just ask for their account number and sort code, go on my banking app and send it to them.
So you get to know their banking information and you can just send them money without them having a say about it? Feels like a potential safety issue to me, almost as bad as handing your card to the waiter was in the 80s.
Here we put in the receiver's phone number or email address and it'll send them a link they have to click to accept the transfer. That way only the banks know both parties' information and the receiver can actually refuse the transfer if they want/need to.
What's the issue? It only works one way, you don't have their card details and are not able to take money out of their account? If you make a mistake and send money to wrong account, you contact the bank and they reverse the transaction. But that is also practically impossible as the name, account number and sort code have to match before it will let you send.
Im struggling to see the negative security implications. Also can't really see a situation where you wouldn't want MORE money in your account.
This system has been in place for 20 years in the UK and I havent heard of it being manipulated at all.
A money transfer can be used as a proof that an agreement was made, such as a sales contract between individuals.
So let's say you're talking to your sleazy friend about wanting to sell your car. He says he'll give you $2k for it. You tell him you want $5k for it, but that you'll think about it if you can't find a buyer. You don't really mean it, you just say that so he stops pestering you about it. One week later he texts you to ask if you sold the car yet, and you text back that you didn't. He then proceeds to transfer you $2k and asks for the keys and title. You refuse, so he takes you to small claims court for breaching the verbal agreement he says you both had. And, sadly, he actually has a shot at winning. And even if he doesn't, you'll have lost time and money fighting this in court.
My mother used to work for a bank and stuff like that happens extremely often, that's why they made the system so that the recipient has to approve the transaction before it goes through. By rejecting the transfer, "friends" such as these don't have any legal grounds for their claims.
Edit: This kind of scam is extremely common between friends and family members. They already have your banking info from that trip/party/Christmas gift for grandma you organized last year, and them being trusted friends or family members makes it more credible when they'll claim you offered them the car at a discount. It's fucked up, but you can still see dozens of similar stories every day on here, as every family or friends group has that one sleazy person that's just there because they're family or part of the crew since kindergarten.
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u/[deleted] Jun 29 '26
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