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Square Cash

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Re: Square Cash

#121

Post by ElDiablo666 »

ketralnis wrote: post #29
maerF0x0 wrote: post #8

NSA will start to deposit the cash you send, its just "Metadata"

I understand the attempt to farm karma by mentioning the NSA in every single unrelated thread, I'm just surprised that this is the best that you could do. Surely there's a better story to be told in monitoring financial transactions (which they actually do) than in pretending that they're going to steal the $8 you sent to your buddy for beer.

Actually, I think that "better story" is that we cannot and should not entrust proprietary and closed systems with our vital information. Just like how "security through obscurity" has long ago been proven untrue, so too should we stop using non-free software to do our tasks, especially highly important ones with sensitive data.

Re: Square Cash

#122

Post by thaumasiotes »

bdegman wrote: post #118
thaumasiotes wrote: post #104

Earlier quoted context omitted.

Yes, in the US you can take money out of an account if you know the number. No, it's not a good system.

I'm no expert by any means but aren't the account number and routing number both printed on the bottom of every check? Are you saying that simply giving a check to someone compromises your checking account?

Yes, they are printed on the bottom of checks because they are the information that allows conversion of the check into money. Yes, giving a check to someone compromises your account. You're trusting the other person to do nothing other than withdraw the amount on the check, but you're giving them enough information to withdraw whatever you have in your account.

Re: Square Cash

#123

Post by elliottcarlson »

ytadesse wrote: post #73

The simplicity of this is amazing. That being said, I have a question: Here in Canada, I can send an email transfer of funds from my bank account to my contacts by simply logging into my bank online and specifying the email address of the recipient. Does this type of system exist in the US?

Chase Quickpay works like this. While it is limited to another Chase customer (I believe), I don't need to know their account number, just their email and I can send them money directly. The other person can then login to their account to claim the Quickpay and the money is transferred immediately. The transaction is free, and I am notified when the money has been accepted.

Re: Square Cash

#124

Post by aioprisan »

how does the email source verification work? SPF and DKIM checks? any idea how they can credit a debit card? I'm guessing they rolled out their own solution with a few of the biggest US banks, having accounts at each one?

Re: Square Cash

#125

Post by secabeen »

redthrowaway wrote: post #115
derefr wrote: post #105

Earlier quoted context omitted.

Interac is an exclusively Canadian payment-processor. The American equivalents are PLUS and Cirrus--who could have implemented this long ago, but for some reason haven't.

I didn't realize that. The ubiquity of Interac around these parts, and its deep integration with all things financial, led me to believe it was an international institution. After spending the last week trying to find a cellphone plan for my mother, seeing a Canadian institution that mostly works and is mostly good for the consumer is a welcome breath of fresh air.

Paypal has been offering this for a few years, but they don't promote it much.

Re: Square Cash

#126

Post by aioprisan »

seanharper wrote: post #82
seanharper wrote: post #72

Earlier quoted context omitted.

They are not using ACH for this, but rather probably using the PIN-debit networks such as star, interlink, nyce and accel.

There is actually the capability to do an instant transfer over visa and mastercard networks as well, but it is somewhat expensive (>0.20) -- the pin debit networks are smaller and more willing to negotiate this sort of thing, and since most debit cards are able to process on more than one pin debit network you can get 100% coverage with just a couple of the pin debit networks playing ball. That they are not allowing…

but they don't actually require a PIN number to complete the transaction, so that's probably now how it works, right?

Re: Square Cash

#127

Post by aioprisan »

thaumasiotes wrote: post #104
foxylad wrote: post #83

Earlier quoted context omitted.

As a non-USAsian, I'm always puzzled by the American's paranoia about their bank account details. In most countries, bank account numbers are effectively public knowledge, and appear at the bottom of invoices and such. The trick is that with this knowledge you can pay money in to an account, but you can't get it out - for that you need authorisation. This makes paying via echeck or direct credit very easy. Am I right…

Yes, in the US you can take money out of an account if you know the number. No, it's not a good system.

Actually, you can't just take funds out. How would you do that, counterfeit a check and commit fraud by cashing it in? The bank ATMs/teller machines would reject that check and you'd find yourself in prison very quickly.

Re: Square Cash

#128

Post by virtuz »

ketralnis wrote: post #47
Tomdarkness wrote: post #33

This is one area where the US seems to be behind compared to the UK. I am from the UK and that service would look quite poor if it launched over here. We have a system called faster payments service that offers instant (although in some cases up to 2 hours) bank transfers for payments up to £100,000 (can differ between banks). You can use this directly if you share bank account numbers and sort codes but there are al…

The US equivalent is ACH, which has the major downside that using only the bank ID (routing number) and account number you can effectively wipe out the target's account. It's up to your bank (or whatever ACH proxy) to keep you from doing that, not to the interchange, both legally and technically. ACH also takes several days to work, and has a wide window for either bank to declare the transfer fraudulent, so many ban…

> ACH also takes several days to work, and has a wide window for either bank to declare the transfer fraudulent

Still some catching up to do with the UK/EU. Transfers within 15 minutes (99%) with fraud checking etc. is awesome.

Re: Square Cash

#129

Post by enraged_camel »

I'm not quite sure how to sign up. When I go to "Account" at the bottom right and enter my email address, it takes me to the purple "how to sign up" section, but it's not clear what to do from there.

Re: Square Cash

#130

Post by thaumasiotes »

aioprisan wrote: post #127
thaumasiotes wrote: post #104

Earlier quoted context omitted.

Yes, in the US you can take money out of an account if you know the number. No, it's not a good system.

Actually, you can't just take funds out. How would you do that, counterfeit a check and commit fraud by cashing it in? The bank ATMs/teller machines would reject that check and you'd find yourself in prison very quickly.

You use the system backing check processing, ACH. Theoretically, this is similar to counterfeiting a check, except:

- these are electronic requests, so there's nothing to distinguish "genuine" from "fraudulent" ones

- you really do have all of the information that goes into an ACH payment

Really, it's much more similar to forging a check than to counterfeiting one.

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