Posted by TacomaBoy on 8/19/10 1:37pm
Msg #349613

Quick Pay Method

Has anyone had experience dealing with Chase Bank’s Secure Quick Pay Method? It's some sort of a direct deposit process for receiving fees from clients. Safe? Cumbersome? I'm up to my eyeballs dealing with the internet and e-mail just like everyone else in here, but I try to limit my exposure to possible secuiry breaches whenever possible.

Reply by ReneeK_MI on 8/19/10 2:08pm
Msg #349621

what I did ...

I opened a 2nd savings account at my credit union (detest banks). I have to keep $5 in it, to keep it open. I use that account for incoming transfers (direct pays or PayPal) and as soon as the funds hit, I transfer it out of that account and into my regular account. The only amount that is ever then at risk is the $5.

Reply by Ron/NC on 8/19/10 2:30pm
Msg #349623

Re: what I did ...

Great tip....thanks

Reply by desktopfull on 8/20/10 1:09am
Msg #349722

Excellent plan! n/m

Reply by ReneeK_MI on 8/20/10 9:05am
Msg #349736

Also use this same account ...

to pay funds OUT, to such things as PayPal. It's sort of like 'pergatory' for my money! lol

We were negotiating an auto sale years ago with a buyer in another state for a considerable sum of money, and were not feeling all warm & fuzzy about it. I learned a LOT talking to the C.U. about money transfers, certified funds, etc. This is what she had recommended we do - set up the special account for wiring in, & the minute his wire hit - transfer it OUT of there and into our regular account, and THEN ship the car. It was quite an orchastrated event & a learning experience.

So, been using this method for years now - no worries. =)