Money transferring services are becoming more popular as technology advances. There are many options available to consumers and business owners such as CashApp, Paypal, Venmo, Xoom and Zelle. Here we will review Zelle and the services it provides along with how it can benefit you whether you’re a business owner or consumer.
What is Zelle?
Zelle is a fast, safe, easy and contact–free way to send and receive money with friends, family and others your trust. You can receive money directly into your bank account in minutes. It was founded and launched in June of 2017 and re-branded in December of the same year.
How does it Work?
Zelle has been integrated within many major financial institutions’ mobile banking apps such as Bank of America, Wells Fargo, Chase Bank etc. When a member logs into their online banking app and selects ‘Transfer/Send Money’, Zellepay will appear as an option for sending and receiving money. First time users will have to register for this service with their email and/or mobile phone number to make and receive transfers. Once registered, you can select the name of a contact and key in the amount to pay. You can also add a small note to reference like: “For lunch”.
If you are receiving money, you will still have to be registered for Zelle. When someone sends you money, you will receive a text or email informing you of who it’s from. You’ll also see whatever message they keyed in. For registered users, money can be deposited into your account in seconds. The best part? No fees for this service. If your bank or credit union does not have Zelle integrated, you can still use it by downloading the Zelle app and registering with your debit card.
What are the Limits?
The limits are pre-determined by your financial institution. Some members find they have transfer limits ranging between $1500 and $4000 depending on their bank. There are daily limits and monthly limits that can be set by your financial institution. The downside to using the Zelle app is that the limits are much lower. The transfer limit per week is $500 which is reset every Sunday. There is no limit on how much money you can receive from Zelle at any time.
Who Zelle is for and how it is beneficial
Money can be transferred between all registered users. When you send money through Zelle it should be to others that you know and trust. It can be sent to your friends, employees, family members and associates. The key benefits are:
- Zellepay is a completely free option for sending and receiving money
- Money transfers are completed in a matter of minutes for registered users
- It is integrated into most major financial institutions mobile banking apps for your easy access
- Activity is saved for accurate record keeping
From a business standpoint, think of the money you could save if you pay your employees with checks! This will eliminate how many checks you need to purchase and saves you trips to the bank. With Zellepay, you can send each employee their paycheck through the app and your transfer activity will be stored in the app for easy access for bookkeeping. A viable option indeed!
Zelle does not require your account information nor does it ask for other personal identifying information. With it being integrated in your bank’s mobile banking platform, your account information is already stored. When someone sends you funds, they will not need your routing and account info. They will simply need your phone number or email address, which they likely will have. This makes for secure transactions between two parties.
Zelle is an excellent money transferring service which I enjoy using more than other options that are available. It is definitely an app that you should use especially if saving time and money are important to you. Next we will review another money transferring service that works well and will compare the options in the upcoming articles.
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