Zelle safety | blog.firstffcu.com

Weddings are a time of great joy. But let’s face it, they can also be a bit stressful – especially if you’re in the bridal party. Being in a wedding party can cost you around $1,000 by today’s standards. Here are a few ways to avoid going into debt once you’ve agreed to be there for your BFF on their big day and the surrounding events:

Communicate – Before you agree to be in the wedding party, communicate with the bride or groom about expectations and expenses. If you’re currently struggling financially and don’t think you can afford what might be expected of you, be up front and honest about it.
Save up – If potentially being in a bridal party is in your near future, start putting aside some money into savings now – every little bit helps. Once you’re asked and accept, definitely start socking away as much as your budget will allow (even if you have to temporarily forego some of your usual treats like meals out, daily coffee, Netflix, etc. and put that money into wedding savings).
It’s okay to say no if you really can’t afford something. If you truly can’t afford to be in a wedding party, it’s okay to say no – just do it as gently and kindly as possible and be completely honest. You can politely decline and if you felt you needed to, still thank them for asking you and send them a small gift or item from their registry. Or if you would like to accept but can’t afford a destination bachelor or bachelorette party which you know is in the works, be up front about that from the beginning.

Once you’ve accepted the invitation to participate in a wedding party, it’s time to start thinking about how you might pay for upcoming expenses. Person-to-person (P2P) payment apps are very popular these days, and can make organizing a bachelor or bachelorette party easier – and gifting for the wedding or bridal shower a breeze. It’s also a good idea to brush up on P2P payment app safety first, before you start planning away.

How to Plan a Bachelor or Bachelorette Party using P2P Payment Apps

Your best friend is getting married and you’ve accepted to being the best man or maid of honor. You’re honored but also a bit nervous, because you want everything to be perfect – including their bachelor or bachelorette party.

Whether the guest of honor decides on a weekend getaway, a staycation closer to home, or a low-key night in, much of the party planning will probably rest with you. Once you’ve been given a list of possible locations, dates, and the invite list, you might want to start a group text or email to the invitees to get everyone on the same page regarding costs and expectations.

Some things to consider, save up for, and communicate may include:

Transportation costs: Plane tickets or carpooling to the destination.
Accommodation costs: Hotel or house rental.
Costs for various activities: Brewery/wine tasting, pool cabana, concert tickets, meals, etc.

Decide up front what the guest of honor will pay for and what the group will cover. It’s important to get everyone’s input because some may have tighter budgets than others, and you don’t want to put anyone in an uncomfortable position. According to a recent survey conducted by Savings.com, 43% of people don’t feel comfortable talking about money or financial status with their friends. This could be why 52% of respondents took on credit card debt and 39% opted out of some parts of the bachelor/bachelorette party due to high costs.

Consider taking an anonymous poll to help determine how much money guests would like to spend. Once that’s decided, how to split bachelor/bachelorette party costs and share expenses should be fairly easy. And that’s where P2P payment apps come in.

When using a P2P app, it’s very important to make sure you know who you are sending money to – since once it’s sent, it can be extremely difficult to get it back (if at all) should it go to the wrong place. Always verify the contact’s user name, mobile phone number or email address prior to sending any P2P payment.

More Ways to Support the Happy Couple with P2P Payment Apps

Shower Gifts: P2P payments make it very easy to split the costs of group gifts for a bridal or wedding shower. Plus, splitting costs with coworkers, friends or other family members is a great way to afford those higher priced registry gifts for the happy couple.

The Perfect Wedding Gift: Is the couple trying to buy a new house or save for a dream honeymoon? Sending the gift of money is a great way to help support their goals, whatever they may be. And when you send them a gift using a P2P payment method, it’ll arrive right away if you’re pressed for time (think as soon as they say their “I do’s” on wedding day – simply open your P2P app, click on their contact and hit send!).

Learn more about how P2P payments like Zelle® work in our short video tutorial.

To learn more about P2P payment scams and ways to protect yourself, visit zellepay.com/pay-it-safe.

Zelle and the Zelle related marks are wholly owned by Early Warning Services, LLC and are used herein under license.

Scammers are always creating new ways to steal your money. One of the recent scams utilizing peer-to-peer payment services is what’s known as the “Pay Yourself Scam.”

The gist of the scam is that someone pretending to be a representative from your bank or credit union tells you that there has been a fraudulent transaction and in order to stop it, you need to send yourself money with Zelle®. That sense of urgency really works in their favor and gets unsuspecting consumers to act immediately.

The best way to avoid this scam is to know what to look for. Here’s how it unfolds:

It starts with a text message from a scammer that looks like a fraud alert from your bank or credit union. It looks real and urgent!
If you respond to the text message and engage the scammer, you’ll receive a call from a number that may appear to be your bank or credit union.
The scammer pretends to be calling from your bank or credit union and offers to stop the alleged fraud by directing you to send yourself money with Zelle®.
In reality, the scammer is tricking you into sending money to their bank account.

How the Scam Works

So how are the scammers diverting money to their account?

When you enroll with Zelle® initially or if you switch your enrolled U.S. mobile number or email address to a different account, your bank sends you a security code to verify your identity. In this scam, the fraudster pretends to be calling from your bank or credit union saying that they need this passcode to authorize your payment to yourself. That should be a big red flag to you. Your bank will NEVER ask you for this security code, nor will they ask you to send money to yourself.

If the scammer gets the one-time passcode, they can link their bank account to your U.S. mobile number or email address. Now the money you thought you were sending to yourself is sent directly to their bank account.

Check out this YouTube video on how the scam works.

Staying Safe in a World of Scammers

How can you avoid being tricked? Always keep these tips front of mind:

Never discuss account numbers, PINs, or other personal information with anyone who contacts you, even if they say they are from your bank or credit union.
If the person claiming a problem with your account needs your account information, hang up and call the bank yourself.
Don’t call the number in a text, email, or voicemail. It will connect you directly with the scammers. Always look up the number online or review the number listed on your debit or credit card.
Don’t click on text message links from people you don’t know, even if it looks like it’s your bank or credit union. These links can be deceiving and direct you to a fraudulent site or expose your device to malware.
Your bank or credit union will never ask you to send money to yourself (or anyone else)! If you detect suspicious activity regarding Zelle®, hang up and contact your bank or credit union directly at the number listed on the back of your bank-issued debit card, in your mobile banking app, or on their official website.

To learn about other scams and ways to protect yourself, visit zellepay.com/pay-it-safe.

At First Financial, our goal is to help protect our members from scams and identity theft. If you have any concerns or questions about any of your First Financial accounts, please call member services at 732.312.1500 or visit one of our branches.

*U.S. checking or savings account required to use Zelle®. Transactions between enrolled users typically occur in minutes.

Zelle and the Zelle related marks are wholly owned by Early Warning Services, LLC and are used herein under license.