Media Contact: Barbara Fornasiero; EAFocus Communications; barbara@eafocus.com; 248.260.8466

Wyandotte, Mich. — May 21, 2024 — It’s wedding and graduation season, both known for celebrations and gift-giving. It’s not unusual for grads to want quick cash, or for couples to have a ‘gift registry’ that seeks only monetary gifts.

“With people marrying later, couples who are better established than those in previous generations are seeking cash – either via actual cash, specific gift cards, checks or person-to-person payment requests like Zelle or Venmo – to put toward a honeymoon, big ticket items like furniture, or long-term financial goals like a new home,” Carma Peters, president and CEO of Michigan Legacy Credit Union, said. “High school and college grads already using person-to-person payments with their parents and friends increasingly want to receive gifts that way as well.”

Unlike physical gifts shipped to one’s home or given in person, Peters adds that monetary gifts may require some additional safety precautions and offers tips for getting the funds safely into the hands of the intended recipient.

Tips for safeguarding monetary gifts:

  • Person-to-person payment apps are popular and convenient but can present a fraud risk. Most financial institutions have their own version of PayPal or Venmo; not only are they typically free, but because financial institutions are heavily regulated, this is typically a safer option than other social payment networks.
  • Don’t spend it all in one place! Gift recipients should consider setting up a separate account for monetary gifts – regardless of the method in which they are given – to ensure such gifts are used for previously agreed upon items or savings and not impulse purchases.
  • Cash can be stolen or misplaced, so use an envelope collection box at receptions or parties and assign a relative or friend to periodically empty the box and hold the contents in a safe space like a portable, lockable money box or safe that can be stored in a secure area.
  • For gift givers sending pre-paid credit cards, be aware of the fees associated with the purchase, increasing the cost of the initial gift. For the recipient, be sure to note the expiration date on the card so as not to ‘lose’ the gift.
  • If gifts are stolen, notify guests to stop payment on checks.

About Michigan Legacy Credit Union
Michigan Legacy Credit Union (MLCU) is a member-owned, not-for-profit financial cooperative serving members who live, work, worship, attend school, or own a business in the state of Michigan. Michigan Legacy Credit Union is committed to providing quality financial services at a competitive price, delivered professionally and efficiently while keeping member/owners and their needs first. For additional information on MLCU, visit: www.michiganlegacycu.org.

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