Updated: Jan 6
"We think Zelle is a perfect peer to peer money transfer platform that is free and easy to use. learn more while we also try and answer all your questions about Zelle."
By: Allan R Kirby
Editorial Note: Mysmallbank.com does not earn a commission and will not accept compensation for the products or services mentioned in the article, this review is of our own opinion.
What is Zelle?
Zelle is a peer to peer (P2P) money transfer service and is a great way to send money in just minutes to just about anyone who has a bank account in the USA, it can be family, friends as well as small businesses to pay for products and services. All you need is an email address or a cellphone number to send and receive money electronically. Even if the person who is receiving the money is not part of the Zelle list of banks, they can still receive money with the Zelle App. The Zelle service is not however designed to send money internationally, it is designed only for people with U.S. accounts.
The three main benefits of using Zelle include:
No cost: Zelle doesn’t charge any fees to send or receive money.
Fast money transfers: Zelle transfers typically take a few minutes.
No Cash: You can go cashless and no need to run to an ATM.
Split a bill with Zelle
That is correct a benefit with Zelle is that you can take an expense such as a restaurant bill and split it with friends. No need to go to an ATM, If you pay the bill for everyone, all you need to do is tap "Split" and then select or enter the email of the recipients that you're splitting the bill with and owe you money.
Is Zelle Secure?
Using Zelle is a safe and secure way to send and receive money. Zelle however will not stop fraud. You still need to be vigilant when sending money to people. You still might not be covered by your bank if you send someone money through Zelle for goods and services that are never received. Just because the receiver has a bank account does not mean they are not scammers. They may just shut down the account take all their money and disappear before you even realize that you were scammed.
Be vigilant when sending money using Zelle
Always make sure you have done your due diligence before you send money to someone you do not know. Zelle is great for sending money quickly but once the money has been sent and the receiver puts it in their account, the transaction is done and you cannot cancel.
Does Zelle have a fraud protection program?
No, you always need to be vigilant when you send money to someone. Zelle is a quick and easy way to send and receive money, however, it's your responsibility to ensure the person you are sending money to is someone you can trust. If you're unsure if you should pay for a product or service, then trust your instincts and do not send the money.
You need to be vigilant when sending money using Zelle, Never give in to too good to be true deals or pressure tactics to send money to someone who you do not know or trust. Zelle can make fraud easier because of the spend in which a scammer can receive money from Zelle.
Is Zelle a secure way to send money?
Yes, Zelle is a secure way to send money to family, friends, and businesses for products and services. However, you need to be vigilant when sending money using Zelle because it's your responsibility, not the bank to know who you are sending money to. Never send money if you are not sure of the recipient. For example, if you see a deal that is too good to be true and the person wants the money quickly through Zelle. Take a step back and if they are pressuring you, it might be a scam! Zelle can make fraud easier because of the spend in which a scammer can receive money from Zelle.
What to do if I have an unauthorized transaction?
Non-Zelle Partner - Unauthorized transaction on Zelle
If you feel that you have an unauthorized transaction through the Zelle Application, you need to contact Zelle directly. You can call 1-844-428-8542.
Zelle Partner - Unauthorized transaction on Zelle
If you are enrolled in Zelle with a participating financial institution, you must reach out to your bank's customer support team.
Do I need to provide personal or sensitive information to use Zelle?
No! You do not need to share any sensitive financial or personally identifiable information when sending or receiving money with Zelle. This includes both the Zelle application as well as using Zelle through your financial institution. The only information that you will need to share is either your email address or U.S. mobile number tied to a bank account Zelle is using.
Fast money transfers with Zelle?
Zelle transfers typically arrive within minutes, so money can be received quickly. However, it is possible that when you send money to someone who isn’t enrolled with Zelle, it may take between 1 and 3 business days for your recipient to receive their first payment after they have enrolled. Apparently, Zelle has designed this security feature Zelle to protect you when you’re sending or receiving money with Zelle.
How much does it cost to use Zelle?
Nothing! What is great about Zelle is that there are no hidden fees or costs, basically, you can send and receive money for free. You will still need to double-check with your bank to ensure they do not charge a fee but most major banks we checked with do not charge a fee.
How do I enroll in Zelle?
You have two ways to enroll in Zelle. You can enroll through your bank account if your bank is part of Zelle if not you need to download the Zelle app. In both cases, the processes in not complicated and you will be able to follow the simple instructions and provide basic information such as a phone number and/or email account.
Problem with Enrollment?
One of the most common issues is trying to link the same email or phone number to multiple accounts. Zelle does not allow you to set up multiple bank accounts to the same phone number.
Problems with Zelle and you live in a US Territory?
Zelle does not currently support debit cards linked to accounts based in a U.S. Territory. U.S. Territories include American Samoa, Guam, Northern Mariana Islands, Puerto Rico, and the U.S. Virgin Island
Can I access Zelle to send or receive money without a smartphone?
Unfortunately, If your bank or credit union does not offer Zelle, then you must have a smartphone to access the Zelle app to send and receive money. If your bank does then you can use your Zelle's partner bank's online banking site to send and receive money without a smartphone.
Using Zelle with your Bank - We answer your questions
Is Zelle compatible with different banks and credit unions?
Yes, Zelle has a complete list of Banks and Credit Unions that have partnered with them. However, a bank does not need to be a Zelle partner for you to receive money. All you need to do is to download the Zelle App and get started on receiving money.
What banks use Zelle?
Zelle has a complete list of Banks and Credit Unions that have partnered with them. The list is extensive and includes all the Major U.S. Banks such as JP Morgan Chase, Bank of America, Wells Fargo, and TD Bank. However, even if a bank is not a listed partner you can still use Zelle through the Zelle App.
Do both sender and receiver need to be enrolled?
Yes, to use Zelle, both the sender and receiver must be enrolled in Zelle through their bank account if their bank is part of Zelle or with the Zelle app. However both the sender and receiver must also have U.S. bank account, you cannot use Zelle to send money to international banks.
How do I get my money from Zelle if my bank isn't listed?
If your bank is not listed as a Zelle partner you can still get your money, All you need to do is to download the Zelle App and get started on receiving money.
Does Zelle work with any bank?
Yes, Zelle will work with any U.S. based bank, you can not use Zelle if you have an account outside the continental USA. Additionally, Zelle does not currently support debit cards linked to accounts based in a U.S. Territory. U.S. Territories include American Samoa, Guam, Northern Mariana Islands, Puerto Rico, and the U.S. Virgin Island.
Can I have multiple banks with Zelle?
You can use Zelle with multiple banks, but you are limited to one unique email address or mobile number for each lined account. If you try to link more than one bank account using the same email or cellphone number will receive an error message.
How much does Zelle charge my account to send money?
Zelle doesn't charge a fee to send or receive money, you can double-check with your bank but most banks appear not to charge a fee either.
Does Zelle accept prepaid cards?
No, you can only use a Visa® or Mastercard® debit cards linked to your email or bank account. you cannot use prepaid cards to send and receive money through Zelle.
Good Luck with Zelle
We hope you have learned more about using Zelle, a great way to send and receive money quickly and easily at no cost. Please let us know if you see any questions and answers we may have missed and could be added to this article.
This is a MySmallBank.com blog written by Allan Kirby, who writes and produces Personal Finance and Money Management articles and videos.