Zelle – This is how money moves

What is Zelle

Zelle is a digital wallet payments service founded in June 2017 by co-founder Mike Kennedy. It is a mobile wallet. A mobile wallet stores the information on a mobile device and you can pay with your phone(once the app is installed).

Zelle is owned by Early Warning Services, a company owned by Bank of America, BB&T, Capital One, JPMorgan Chase, PNC Bank, U.S. Bank and Wells Fargo.

Zelle, clearXchange and Early Warning Services

Zelle was formerly known as clearXchange. ClearXchange was a company founded by Bank of America, JPMorgan Chase, and Wells Fargo in April 2011. Later on, Capital One and JPMorgan Chase joined with clearXchange as additional partners. As a result, clearXchange was sold to Early Warning Services in 2016. In December 2017, clearXchange was rebranded as Zelle but clearXchange is still being used as the ‘Online version of Zelle’. clearXchange will become Zelle in the future. When this happens, the users will be notified and will be given plenty of time before the transit actually occurs. Zelle is an enhanced version of clearXchange and works faster.

Zelle logo
Photo Credit: Zellepay.com

Requirement of a U.S bank account

To use Zelle, you need a U.S bank account and U.S mobile number. So, if you do not have a U.S bank account and mobile number, you cannot register.

As well as this, you can only send the money to someone else you know with a U.S bank account. Zell only allows you to send money from one U.S bank account to another. So, if you have an American bank account and phone number, and you want to send money to your friend, who has an English bank account, you have to find some other wallet to pay to him/her.

App or website?

You can pay with Zelle online if your financial institution offers this wallet. If it does you can continue by logging in with your sign in credentials and send and receive money online, without a smartphone.

However, if it does not support it, you can only use it through the app with a smartphone or your financial institution’s mobile banking app.

Sending and receiving money

Sending money with Zelle is child’s play. You do not need to pay fees to send and receive money. If you are not sure, check with your bank or credit card company if they charge any fees to pay with Zelle.

You can only register with a Visa® or Mastercard® debit card tied to a bank account in the U.S. Credit cards, business debit cards, etc. are not eligible for registration with Zelle. If your U.S mobile number is already enrolled in clearXchange.com, then you cannot enroll with the same mobile number in the wallet. At least one of the people who is sending/receiving money should have a bank or credit card union that offers Zelle.

Zelle screens
Photo Credit: Zellepay.com

You can pay with a smartphone with Zelle in three easy steps –

  1. The first step is to register either with your U.S mobile number or your email address. You can do this with the app or your mobile banking app.

  2. Then, you should enter the email address or U.S mobile number of the receiver.

  3. Finally, choose the amount to send and that’s it. You can send money to the recipient in a matter of minutes.

How much can you pay at max?

The maximum limit to sending money is $500 per week.

Contact your credit card company or bank if they offer Zelle to know the maximum limit to send money with Zelle.

How to cancel a payment

You cannot cancel payments in this wallet. Only if the receiver of the money does not have a Zelle account yet you can cancel the payment through your mobile banking app or the Zelle app. You should go to my activities, select the payment which you wish to cancel and then click “Cancel this payment”.

If the recipient whom you send the money has already enrolled with Zelle, then you cannot cancel the payment.

Click here to download Zelle
|| Android || iOS ||

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3 years ago

i didnt know all these!!

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