Zelle

Zelle is an app that allows you to send and receive money from anyone with an email address or a mobile number, regardless of bank affiliation. It provides 24/7 service and the protection of U.S.-based fraud, risk management, and compliance experts who are ready to help in the unlikely event of fraud or misuse of your Zelle account. If you??re new to Zelle, here??s what you need to know before setting up your account and sending your first payment on Zelle.

Updates

The Zelle app was previously known as clearXchange, and in 2017 its first Zelle payment service was launched. Since then, the app has seen many improvements and updates.

The Zelle app has been updated to include features that make sending money to friends, family, and other people more convenient. The update includes a new user interface that makes it easier to find recent transactions, payees, and senders.

- The Zelle app is now available for both iPhone and Android devices.-The recipient will get an email notification when they receive a payment from your account.

-The person receiving the money does not need to have a bank account or phone number to receive funds.

-Money transfers are instant with no hold time or transfer limits.

-The most recent updates have made the process of sending and receiving money through your mobile device even easier.

Source:Pixabay

Features

● It is free to use.

● You can make fast transfers.

● You don??t need new apps or accounts.

● You can send and receive money.

PROS

● Zelle is a safe way to send money, and you control the personal information you share.

●  Your money is transferred in seconds without having to give your bank account number or other financial details.

●  When you use Zelle with Apple Pay, Android Pay, Samsung Pay or Microsoft Wallet on supported devices with near-field communication (NFC), the process is even faster.

● You can get started by downloading our app on iPhone, Android phone or Windows device. The service also works on desktop and laptop computers if they have enabled two-factor authentication - just sign into your online banking account as usual and follow the prompts to link Zelle with your online banking profile.

● There are no fees.

●  Money is transferred quickly through Zelle and is often available to the recipient within a few minutes.

●  Customers of about 10,000 banks and credit unions in the United States can access it.

Source:Pixabay

CONS

In general, Zelle is a safe and convenient way to send money to family and friends. However, there are some cons to using Zelle to keep in mind.

➔ First of all, if you're sending money from your bank account to someone else's bank account, the recipient will be able to spend that money as soon as it arrives.

➔ If you're using Zelle for person-to-person payments, then the recipient will have access once they've confirmed the payment has cleared.

➔ You cannot cancel a payment once it's been sent if the recipient is enrolled in Zelle.

➔ No possibility to use Zelle to keep a cash balance.

➔ A credit card cannot be connected to a Zelle account.

How To Use It?

1. Download the Zelle app from your phone??s app store. The app is available for both Apple and Android phones.

2. Enter your mobile number, and then enter the email address or phone number of the person you want to send money to (or collect money from). You'll be given the option to type in a greeting, which is optional.

3. If this person has previously registered with Zelle, they will receive an email with an invitation to connect their bank account. If they do not have a bank account with one of the participating banks, they can sign up for one within the app.

4. After connecting their account, this person will receive an alert letting them know that you are sending them money.

5. Press send when you're ready to send the money. The amount will go into a pending status until the recipient accepts it by pressing accept on their screen.

6. If this person doesn't respond within 24 hours, your money will be returned to your Zelle balance so that you can send it again later. And if they never accept your request, after 10 days it will automatically return to your Zelle balance so you can try someone else!

More

Making payments has never been easier. Zelle is a safe, fast, and easy way to pay friends and family directly with an email address or phone number, even if you don't have their bank account information. Whether you need to send money for a birthday gift, split a dinner bill with your spouse, or just want to help out a friend in need, Zelle is the most secure way to do it.