6 Payment App Contract Gotchas
- No Fraud Protection: HIGH P2P payments often have no buyer protection. Send to wrong person or scammer? Money's gone forever
- Instant Transfer Fees: MEDIUM Free transfers take 1-3 days. Want your money now? Pay 1.5-1.75% instant transfer fee
- Account Freeze Authority: HIGH App can freeze your balance during "review" with no timeline. Funds inaccessible indefinitely
- Transaction Limits: MEDIUM Weekly/monthly sending limits often hidden. Large payments may be blocked or delayed
- No FDIC on Balance: HIGH Balance held in app is not FDIC insured. If company fails, balance may be lost
- Dispute Resolution Limits: MEDIUM Very narrow window to dispute transactions. Miss the deadline and dispute rights expire