Quick Comparison

Platform Score Fraud Protection Fund Access Arbitration Notable
Zelle
65 - B- None Bank-Dependent Bank Terms Best in Category
Cash App
58 - C+ Poor Variable Required
Venmo
52 - C Limited Variable Required
Chime
45 - C- Moderate Good Required Lowest in Category

Key Findings

Minimal Fraud Protection

Unlike credit cards, most P2P payment apps offer little to no fraud protection. Send money to a scammer? That's on you according to their terms.

Instant = Irreversible

The speed of instant transfers comes with a cost: once money is sent, it's essentially impossible to reverse even in cases of fraud or mistakes.

Account Freezes

All platforms reserve the right to freeze accounts with little notice. Getting frozen out of your funds can take weeks or months to resolve.

Limited Customer Support

Low-fee models mean minimal customer support. When things go wrong, reaching a human who can help is often extremely difficult.

Platform Reviews

Zelle

Bank Transfer Network
65
Grade: B-
Best in Category
  • Zero fraud protection
  • Bank-dependent dispute resolution
  • Irreversible transactions

Cash App

P2P Payments
58
Grade: C+
Consumer Fairness Index
  • Extremely limited support
  • No fraud protection for transfers
  • Bitcoin trading risks

Venmo

P2P Payments
52
Grade: C
Consumer Fairness Index
  • PayPal parent company terms apply
  • Arbitrary fund holds
  • Business account restrictions

Chime

Mobile Banking
45
Grade: C-
Lowest in Category
  • Not actually FDIC insured directly
  • SpotMe overdraft limitations
  • Account closure without warning