Star Butterfly
Basic
- Joined
- 15.11.19
- Messages
- 14
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Quick question about transfers.
Normally, if I want to initiate transfer of funds from a bank I have to at least login to their secure banking website to initiate it. Sometimes it has to be by phone or in-person for smaller banks.
PayPal, Cash, and Venmo seem to have some "magic" where you can sometimes just give them the routing + account numbers, then they can initiate the transfer of funds for you. My question is - what do you call that kind of transfer/tech and what other sites or apps have it?
These days, it is rapidly declining. Cash and sometimes Paypal forces you to use "Plaid" or other technology to login to your bank's website/app, just the same as if they did not have the ability to pull funds without you doing so. This is too bad for us. I can sometimes confirm the small deposits they may make to verify ownership under the older system, but I can never login to bank websites.
Thanks!
Normally, if I want to initiate transfer of funds from a bank I have to at least login to their secure banking website to initiate it. Sometimes it has to be by phone or in-person for smaller banks.
PayPal, Cash, and Venmo seem to have some "magic" where you can sometimes just give them the routing + account numbers, then they can initiate the transfer of funds for you. My question is - what do you call that kind of transfer/tech and what other sites or apps have it?
These days, it is rapidly declining. Cash and sometimes Paypal forces you to use "Plaid" or other technology to login to your bank's website/app, just the same as if they did not have the ability to pull funds without you doing so. This is too bad for us. I can sometimes confirm the small deposits they may make to verify ownership under the older system, but I can never login to bank websites.
Thanks!