Technology is certainly shaping the way we handle our finances. Over the past five years many people have moved to using on line bill paying through their banking institutions. The way we deposit checks remotely has changed dramatically even in the past few years including a recent service which allows you to take a picture of the front and back of a check and deposit it through your smart phone. With all of these types of new services popping up over the internet, you may want to look at one called Venmo.
Venmo gives you and your friends a simple, fun and free way to pay each other back for lunch, dinner, drinks, rent, groceries, tickets, and trips. (www.venmo.com). I think about a time when you may be out and about with friends and someone doesn’t have cash on them, but they do have their Venmo account set up. Instead of giving the server five different credit cards, your friends can just pay you through Venmo.
Essentially, you can get money into your Venmo account by linking a bank account or a credit card. To get money out of your Venmo account, you can set up direct deposit, and they will automatically transfer any money you receive on Venmo into your bank account every two weeks. You can also cash out manually at any time. According to the Venmo website, there are no fees for the transactions.
This is just another way you are seeing smart phones being used to help you manage bills and money. I’m sure we will see many more to come!
Ted Jenkin, CFP®, AAMS®, AWMA®, CRPC®, CMFC®, CRPS®
Co-CEO and Founder oXYGen Financial, Inc
oXYGen Financial, Inc. co-CEO Ted Jenkin is one of the foremost knowledgeable professionals in giving financial advice and Smart Money Moves to the X and Y Generation.
Phone 1.800.355.9318 or 770.777.0427
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