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What You Need to Know About Zelle, the New Player in Peer-to-Peer Payments


There’s a new kid on the digital payment block. Zelle, a person-to-person payments network from bank-owned Early Warning Services, could give Venmo, a subsidiary of PayPal, and Apple Pay a run for their money.

This marks the start of Zelle’s year-long rollout to more than 86 million U.S. mobile banking customers at 30 financial institutions, small and big, including Bank of America, Wells Fargo and others. What’s the appeal? There’s no additional app to download. It’s fast. Money can be sent from one bank account to another in minutes, with merely the recipient’s email address or cell phone number. It’s being touted as safe, easier than hitting up the ATM to get cash, and makes you wonder once again why you need checks that seem to be edging toward extinction.

If you think this is a passing fad, the numbers tell a different story. A recent Javelin Strategy & Research report, Making Payments Faster: The $20 Trillion Opportunity, by Michael Moeser, showed significant growth in digital P2P payment use, from 62 million customers in 2013 to 84 million 2016. An estimated 129 million consumers will use P2P in 2021.

What’s the appeal? There’s no additional app to download. It’s fast. Money can be sent from one bank account to another in minutes, with merely the recipient’s email address or cell phone number.

According to the company’s prepared statements, in the first quarter of this year, more than 51 million transactions flowed through the Zelle Network, totaling more than $16 billion. The network, built on the foundation of the clearXchange Network, experienced 39% year-over-year growth in volume transaction volume. Last year, $55 billion in P2P payment transaction were processed by financial institutions participating in the Zelle Network. The numbers are only going to get bigger. On the horizon there’s a standalone Zelle app that millions of customers can use, including those at non-participating financial institutions.

Can you call Zelle a market disruptor? It’s too soon to say. Don’t expect competitors to lie down. Just recently Apple got the word out about its P2P money transfer function. The digital space is undoubtedly hot. What’s all this portend for consumers?

“I happen to like the idea of being able to transfer money directly and quickly to a friend.  I have used Square Cash with a friend in another city whereby he can quickly reimburse me for things I may have ordered for him online and paid for with my credit card,” says Edgar Dworsky, founder and editor of Consumer World.

The advantage of Zelle is speed. “Venmo can take a few days,” says Hamed Abbasi, CEO of Plooto, a digital payments platform for businesses.

For sure though, P2P is still a growing industry and working out the kinks. Then, some services only work with limited groups. “The new P2P service from Apple only works on Apple devices, for example. Ensure that you use a service that you and the recipient can easily access. In addition, not all services are equal when it comes to how they secure information. For that reason, it is best to seek out a service from a financial institution or ensure the service utilizes bank-grade security,” says Steve Shaw, vice president of strategic marketing, digital banking at Fiserv.

Dworsky wants to know a few things about Zelle. “Other services have dollar limits, Zelle is silent on their limits, as they are on their website about fees, though their old website clearXchange says no fees.” He points out that Zelle appears to check your credit when applying to use their service. “That could result in a ‘hard pull’ of your credit report. Too many inquiries can ding your credit score.”

Abbasi says Zelle has another limitation, “It’s only available between U.S. financial institutions.”

But what can be said -- Zelle wants to change the way money moves.

moneysaver   |     |   Comment #1
“Other services have dollar limits, Zelle is silent on their limits, as they are on their website about fees, though their old website clearXchange says no fees.”

If someone's going to take the time to write and post this kind of article, how difficult would it be to actually contact and ask the company involved just what their limits and fees are, and why they're not publicly disclosed on their current site??? Before posting the article!!!

Or, perhaps, the company's fees and transfer limits aren't part of, to quote the article's headline, "What You Need to Know About Zelle."
Marylou   |     |   Comment #19
Each bank will set their own fee and limits for P2P.
trollfactor   |     |   Comment #33
Good idea: calling the company. You should get on it. Chip chop chip!
rhutnik   |     |   Comment #2
The only detractor that I can see of other P2P apps is that they hold a balance that must be transferred into the account. Usually these transfers happen by the next business day, which is fine for me. However, holding a balance in the account can also be viewed as a positive if you pay and receive money frequently using your mobile device. Also, I don't like the idea of a credit pull to use Zelle, and not everybody has compatible banks that currently are aligned with the Zelle system.
Dragon   |     |   Comment #106
i've used Zelle a few dozen times already, once you are set up, the transfer is instant, My bank PNc doesn't charge a fee and I've sent a thousand to my daughter with no issues so the limit if there is one is at least a thousand. I love Zelle, hope it becomes the new standard
Martin   |     |   Comment #3
There are always some kind of fees to cover the cost. If the fees are in adds or giving personal info to Zelle or make you expose your financial info to third parties, does not makes difference. Yes, there are limits set by SEC, FDIC, the underlined transfer (holding) bank or your own account type.
I think this service is Government controlled to expose many illegal activities and or the government to pursue your money for easy forfeiture. Please read this bill:
S. 1241 — 115th Congress: Combating Money Laundering, Terrorist Financing, and Counterfeiting Act of 2017
Bozo   |     |   Comment #4
I need three things from any P2P outfit: (1) FDIC or NCUA insurance,  (2) an interest rate greater than 1.5% (annual), and (3) immediate liquidity.. Too many of these disruptors just seem to muck up their chances by clouding the skies with page after page of fine-print.

So, here's the deal. Let's assume I have (fill in the blank) thousands of dollars sitting somewhere at 1.05%. It's NCUA insured. It's liquid. If I need it tomorrow, I can get it tomorrow. Can you beat that by 45 bps?

I seem to recall, several years back, when P2P was all the rage. Then, the issue of "who bears the risk of default" raised its ugly head.
Bozo   |     |   Comment #5
Default is a huge issue, and one P2P outfits try to dance around. For example, if you lend a bank or credit union "X" thousands of dollars, and their loan department makes a bad loan, the borrower defaults,, it's their problem, not yours. You still get paid, even if they don't, In P2P, it gets fuzzy.

When P2P lending first got started, I chuckled at the pitches. Folks would post their pictures, their life histories, you name it. See, I'm a nice guy. Lend me money at (fill in the blank) %. I promise to pay you back. Yeah, right.

That said, if a website with folks with access to cash (DA) can marry with a website with folks who need same (Lending Tree), that's a different situation. Lending Tree can vet prospective borrowers, just like any bank or CU.

Am I ready to P2P? I suspect you know the answer.
Ann   |     |   Comment #13
I don't think this is intended for that kind of situation, just for giving money to people you already know when you don't carry checks or enough cash to do so (e.g. splitting dinner) or aren't in the same place (e.g. sending money to adult children).
Martin   |     |   Comment #6
Bozo #4, you wrote:
"It's liquid. If I need it tomorrow, I can get it tomorrow." I guess the answer is maybe. If you can claim that, you have not read the disclosure of availabilities of your funds in any bank or CU.
They all state in the disclosure as: "....we may disallow any withdrawal without prior notice or in certain circumstance when we get disputes against that account or by Government notices of pending action against the account holder....and so on..."
I have a list of hundreds excuses by the bank not to allow you the money back at your own will. If there is fraud at management level, it may be months or years before you see the money. FDIC does not cover fraud losses.
Bozo   |     |   Comment #7
Martin, your points, while technically valid, verge on paranoia.

I am 70 years old. I have had bank accounts since I was 8 years old. That's 62 years. Never, ever, over the course of 62 years was I ever denied access to my money.

The most rational alternative to a bank is money under the mattress. Problem being, after a few years of serious saving, the mattress gets a bit lumpy, you can't sleep, you lose your job, and start harvesting the mattress money. So, the mattress gets flatter, you begin to sleep again.

But, oops, you still don't have a job.
Martin   |     |   Comment #8
Bozo #7 reply, My next door neighbor got suit by a passer by who fell on his property and injured himself. He had no idea when and by whom the lawsuit was filed in court, but all his bank accounts were frozen by a Lis Pendens order by the court.
He has over $300K in the banks, but can not touch them. It has been 6 months since then and still all his accounts are frozen by the order. He filed complain that he was never served by the court, but the service marshal stated that he left the papers on the front door.
The litigation may be frivolous, but it shows what can happen to a good person and his money out of nothing.
The suing party wants compensated for the injury, but both sides attorneys will reap the benefits. I do not believe that he will ever see his money back.
Same thing can happen while driving on the road, there are opportunistic persons who will drive their bicycle onto you or pedestrians who jump on the hood of your car and so on. They have an attorney number in their pocket, and while you are trying to help, they take picture of you and claim they were knacked on the ground by you, while injured and calling for help.
Next morning you hear from a law firm of many attorneys filing lawsuits and getting info of your assets and bank accounts. If you withdraw the money after the fact, you admit that you are trying to abscond and allude which makes you criminal in any court of law for trying to protect yourself from the injured party.
There could be many, many cases like this one, my caution of advise is, people should not get ****y and think I have money and I'm untouchable, the poor house is just one staged lawsuit.
Bozo   |     |   Comment #9
Martin, "lis pendens" was abolished years ago, at least here. Where are you reading this stuff? What state has "lis pendens" these days?

Mind you, as a retired attorney, I feel your pain. Many lawyers game the system, of that there is no doubt.

Many others do a fine job, represent clients well, uphold their oaths. The trick, as always, is finding the honest lawyer. Last I checked, I could find no webpages for "honest lawyers".
Bozo   |     |   Comment #10
PS: as I recall, as a bit of trivia, "lis pendens" was French, for the concept of pending lien. It would give the right of a person claiming damages, without further proof, a lien (a "lis pendens") on the person being sued. As I remember, this concept of extra-judicial confiscation was found unconstitutional.

 By the way purists will note "lis" is pronounced "leee", en francais.
Martin   |     |   Comment #11
Bozo, comment #9, from the legal dictionary definition:
"Lis pendens is Latin for "suit pending".[1] This may refer to any pending lawsuit or to a specific situation with a public notice of litigation that has been recorded in the same location where the title of real property has been recorded. This notice secures a plaintiff's claim on the property so that a sale, mortgage, or encumbrance of the property will not diminish plaintiff's rights to the property, should the plaintiff prevail in its case. In some jurisdictions, when the notice is properly recorded, lis pendens is considered constructive notice to other litigants or other unrecorded or subordinate lienholders.

The recording office will record a lis pendens upon request of anyone who claims to be entitled to do so (e.g. because he has filed a lawsuit). If someone else with an interest in the property (e.g. the owner) believes the lis pendens is not proper, he can then file suit to have it expunged.

Some states' lis pendens statutes require the filer of the notice, in the event of a challenge to the notice, to establish that it has probable cause or a reasonable likelihood of success on the merits of its case in the underlying lawsuit. Other states do not have such a requirement.[2]"

The state rules are irrelevant when a lawsuit is files in a US district court. It has precedence over any local or state statutes.
Martin   |     |   Comment #14
Bozo, in your comment #9 you wrote:
("Martin, "lis pendens" was abolished years ago, at least here. Where are you reading this stuff? What state has "lis pendens" these days?")
I spoke with an attorney in Palo Alto, CA and he confirmed that Lis Pendens is live and still being used by many cleaver attorneys in California. I did some statute research and found that:

"The purpose of the Lis Pendens is to give constructive notice to the public at large that this property has a lawsuit pending that could affect whether or not the owner of record has the right to sell it, lease it, put it up as collateral for a loan or otherwise transfer it. The technical aspects of filing and recording Notice of Pendency of Action are enumerated under §§405–405.6 of the California Code of Civil Procedure.

As recently as 2004, the California Supreme Court concluded that Code of Civil Procedure section 405.20 provides that, “a lis pendens may be filed by any party in any action who asserts a ‘real property claim’ (Kirkeby v. The Superior Court of Orange County (2004) 33 Cal.4th 642.) In that particular case, the plaintiffs had alleged a fraudulent transfer of the property had occurred."
Some counties like Alameda county and San Francisco county make their court documents and all Lis Pendens available Online for instant access and without charge. However, most counties in California do not have such a service and it is very easy to overlook a Lis Pendens document has been filed.
As an attorney I hope you may know that, but a little reminder now and then will serves us well.
caligurl   |     |   Comment #70
Sorry Martin, should have read your comment before posting my reply to Bozo. In family law we use the Notice of Liz Pendens quite often:)
caligurl   |     |   Comment #69
California still has liz pendens (proper spelling) least in family law
Dan   |     |   Comment #115
Then I just find out where the person who sued me lives and trip and fall on his property and sue him and get all my money back plus some for all the pain and suffering he caused.
Nancy   |     |   Comment #40
It's not the same as when we were in this tech world of banking. ( I am close to your age) it's not paranoia. I know someone who could not pull out large sums. World has changed and not for the better
Roger   |     |   Comment #83
If you have $5mm in an account, try going to a branch and withdrawing a million if your own money: you certainly will not get it the same day and may have to wait up to a couple of weeks.
!!!   |     |   Comment #84
So how long did it take you?
cumulus   |     |   Comment #12
FWIW, this month (June) CapitalOne is switching its' P2P payments (from clearXchange) to Zelle.
Marylou   |     |   Comment #18
clearXchange changed their name to Zelle
TRUST EXPERTS!   |     |   Comment #16
Yes, I see...
Yes, I see...   |     |   Comment #20
john sweney
john sweney   |     |   Comment #21
Indeed, banks appear to set their own limits. I have Zelle on my personal Bank of America account, and the limits are BURIED in the fine print of their Terms & Conditions. For BoA, this is what they say: "Consumers participating in the Email/Mobile Transfer Network Service may send up to 10 transfers with an aggregate dollar limit of $2,500 and receive up to 10 transfers with an aggregate dollar limit of $5,000 during any 24-hour period, and may not send or receive in excess of 30 transfers with an aggregate dollar amount of $20,000 in any 30-day period. If you are a U.S. Trust or Merrill Lynch Wealth Management client you may have higher limits for this type of transfer. Please contact your advisor for more information on your limits. Small business customers may receive up to 10 transfers with an aggregate dollar limit of $25,000 during any 24-hour period and 30 transfers with an aggregate dollar amount of $100,000 in any 30-day period. Receiver limits may not apply to transfers from customers of other banks participating in the ZelleSM network. The minimum transfer amount under the Email/Mobile Transfer Service is $1.00."
dds   |     |   Comment #22
check out their BBB rating. It's terrible.
ksk   |     |   Comment #23
do they charge service fee/transaction fee if we transfer form one bank to other ?
wazntme   |     |   Comment #24
Just finished reading the 10-pages of legaleez re Zelle and I gotta tell you, I'm running for the hills. Just know the consumer has NO rights, NO control, NO opting out, you give up your rights to a jury trial as well as your right to enter class-action lawsuits (interestingly, this following the 2007 lawsuit and the 2011 hacking job - both through FIS - their stated software standard. And, they don't have to tell you anything - they can arbitrarily deny or stop whatever they choose, you of course have to give up all your information as well as for those you do business with, and, if they deem something might be illegal, abusive, unwelcome, etc., they stop the transfer of funds. This includes a consumer asking another consumer for child support, alimony payments, or other court-ordered payments. Don't even think of trying to repay a loan shark! Long story short, this took six years involving over 30 financial institutions and countless lawyers, AND THE GOVERNMENT to come up with this in order to sniff out money-laundering schemes. Unfortunately, it's costing the consumers even more in the end.
Nothing   |     |   Comment #25
For those mere folks that have ONLY a checking with a financial firm...pull your credit report and see if/when it looked at your credit report. Why, if you are the creditor to the bank, that is what you are since it is the debtor in the checking account relationship, then why is a credit report being pulled? Especially if no overdraft, opt out of all promotions, etc. Complain to the local bank manager in a letter, you will find that they don't know what to do! When they finally respond note the time for them to act. You can then escalate if you want but for this thread the issue spotted someone on your report that purports to be your bank...but you don't know for sure since you opted out, etc. i.e. why would your bank, in fact, do that. It could be Wells all over! The bank manager will normally not know what to do...but note the response time...weeks. That time frame is what "you" get when you suspect fraud and they did nothing! You shouldn't be prejudice if...later you report, as it turns out, actual fraud b/c they do nothing and their response time should be the same as you! They set the norm in their delay/inaction!
Mike   |     |   Comment #26
Tried sending money to my daughters BOA account with Zelle - didn't work - she received the text but the click through to receive the funds on the BOA app - simply didn't function. Need to work on this fast as I cancelled the transfer today after two fruitless days trying to solve this issue.
Teresa   |     |   Comment #27
I just signed up for Zelle through Wells Fargo, and a friend sent me some money a few minutes later (through Chase). I wasn't sure what I would have to do to receive the money, but 10 minutes later, I logged onto my Wells Fargo account and the money was already in my account.
Nothing   |     |   Comment #28
Trust and verify!
Dragon   |     |   Comment #107
I've sent money from my PNC Zelle to BOA, Chase and recently Key bank with no issues or charges, the transfer was immediate
Consumerage   |     |   Comment #29
Zelle zucks. Don't use it. Boycott the bogusness. It isn't simple and a 3rd party controls your money. Just try getting it back.
Citi problem
Citi problem   |     |   Comment #34
How my Citi checking account was successfully hacked....
I had NOT created a Zelle account, but, it was a 'baked in' feature with the checking account. In order to set up a Zelle account, you need the email address associated with the account, (not hard to find if you've hacked the account) the password, again easy, the user name (can also be found within), bank account number (which should not be found online, even within the account, per security measures), and date of birth. (This should NOT be accessible on the account, but, with the recent Equifax hack, could leave you exposed). That being said, the creators thought they set up adequate safeguards. They didn't. Someone calling themself 'Carlos pose' was able to drain my account of over $1,000.00. A class 6 felony. I suggest you do what I did, demand that this feature leaves you vulnerable, and if your institution refuses to remove it from your account, go to a credit union that does not use this! Good to know BBB complaints have been filed already. Mine will be next!
Citi problem
Citi problem   |     |   Comment #35
Should read 'demand this feature be removed as it will leave you vulnerable'
TigerLily   |     |   Comment #38
Had the same exact thing happen to me, only to the tune of $9,000. Bank can do NOTHING about it. Never had a Zelle account, someone created one and stole from us.
AA_Anonymous (jerk who replied to your comment): You should shut your trap.
#108 - This comment has been removed for violating our comment policy.
TigerLily   |     |   Comment #39
Had the same exact thing happen to me, only to the tune of $9,000. Our bank can do NOTHING to help us. Only just say, this feature is too new to know all the ins and outs of it yet. That's complete crap. We didn't even know what Zelle was until we were stolen from. There seems to be no way to opt out of this insecure feature.
AA_Anonymous below: I'm neither 65 OR paranoid. This is a felony. So shut it.
consumer   |     |   Comment #37
Just used Zelle to transfer money from my BOA account to my wife's WF account and it worked like a breeze. In less than 2 minutes my wife's account showed the deposits.
moneysaver   |     |   Comment #41
I just had a family member try to send me a test transfer via Zelle, and I quickly found out I basically couldn't receive it. And the reason is pertinent especially to many of those reading this site who do their banking business with smaller, higher interest paying banks.

The reason I couldn't receive the Zelle funds transfer is, I don't have any checking accounts with any of the U.S. MEGA banks (because they generally have lousy rates and high fees) and those are mostly the only banks that Zelle has partnered with thus far. (I do have an old savings account with one of the MEGA Bank Zelle partners, but sorry, can't use saving accounts to receive funds either.

The only other option, apparently, is for me to install the Zelle app on my smartphone, and provide my banking credentials for one of my other non MEGA bank accounts via their Zelle app, and then I could be enrolled with Zelle. But I don't use any banking apps on my mobile phone, and I'm not anxious to be entering any personal banking info to Zelle's app.

For me, they're a FAIL!
BH McNultey
BH McNultey   |     |   Comment #42
Interaction with Citi is a disaster. Account blocked for 14 days anytime you change persona info such as phone number or password. No one at the bank knows a thing about how Zelle works. Just a horrible experience that hasn't allowed me to make a P2P transaction for almost a month.
Lynn   |     |   Comment #43
I do not trust this app period from what I have read. Its not BBB Acredited either. Do your home work instead of following the masses.
T-Rex   |     |   Comment #44
Complete rubbish!!!! I have already had to deal with the stress of fraud through Zeele and it was a fight with my bank to get my money back. They kept insisting I had to have made the transactions since nobody else had access to my account. After two stressful days, fighting with fraud on the phone and finally getting together with someone physically at the bank, they could see I am not even registered with Zelle so there was no way I could possibly have made those transactions. Avoid it like the plague. It's very, very unsecured. I will be petitioning my bank to get rid of it.
frustrated and broke
frustrated and broke   |     |   Comment #45
Not being a customer of the participating banks, I have been trying to download and activate the app one my phone (the ONLY way to get money sent by Zelle if not a member of participating banks). I have had nothing but problems. I even got a different and more current phone to fix the issue.
When signing up, the new user must either take a photo of his/her debit card (automatic scan by app) or hand enter the information from the debit card. The autoscan will not read and there is no way to post a photo of my card (not that I would really want to) and attempting to input/register my card information, I continually get an error message. I deleted the app, updated my android software, reinstalled the app and STILL have the same problem.
I called customer service. After some discussion, the CSR submitted a trouble ticket and transferred me to second level help. After waiting on hold for about 45 minutes, I opted to "hold my place in the que and leave a message." After 4 hours of waiting, I figure that I will not get a call back.
My issue is that the company I work for provides only this method for direct deposit of my pay. My employer has issued a payment to me, but I cannot access my money. When I ask what other alternatives there are for me to access my money, I am told that there are no other alternatives.

I do not like being forced to use products and services, especially in the early stages of kinks. And if there is no work around for the kinks, this will lead to mis-trust, aggravation and unpopularity.
I really think this company needs to do more R&D before the major players such as Wells Fargo, Bank America, USAA, ect are conned into taking as the end all and be all of P2P.
I also believe that the major players have all been very lax in researching the pitfalls in a new service before offering it as the SOLE option to their customers.
frustrated and broke...
SimpleSimon   |     |   Comment #46
If you do not have an account with a participating bank, the weekly limits for making payments with Zelle are unnecessarily small, in my case only $300 per week. I used clearXchange before and the limits were more reasonable at $2000 per day. I just heard Chase is ressurecting it's old QuickPay service so it can be used for P2P payments as long as one person has an account with Chase. Not a complete solution but 1000% better than Zelle. Now, just waiting for Chase to announce an activation date.
jlm   |     |   Comment #47
Someone was able to hack into my checking account using zelle and withdrew 1000 dollars without my permission. Be cautious with this app. I have a samsung galaxy S5 that cannot run the zelle app and they were able to hack my account.
Nothing   |     |   Comment #48
Thus, how does one prove it was fraudulent and have the bank be on the hook? And, in the future what does one "tell" their bank to preclude this type of activity? Lessons learned?
Lilith   |     |   Comment #109
Don't use the Zelle app, your issuing bank has Zelle built into their more secure mobile apps, for example, I log into my PNc mobile banking app and the Zelle options are built in it.
got nothing to hide
got nothing to hide   |     |   Comment #49
been using it when it launched and have not had any problems I love it it's easy and free thanks Chase app so much better than western union and pay pal that charge a fee and and take time to processes
Nothing   |     |   Comment #50
Trust but where is the verification? Everything good until something goes south? If so, banks love you!
gruntle   |     |   Comment #51
Capital One and its Zelle partnership failed to help me transfer funds after I made so many attempts to register and send money. I gave up and moved my money and my business to a banking institution that is customer friendly and functions as promised.
Lilia F
Lilia F   |     |   Comment #52
It's garbage. I had to register and download the app - even though I didn't want it. It's been over a week since I have "received" the money.
ElleS   |     |   Comment #53
ClearXchange is becoming Zelle. Do not be mis-led, they are the exact same company going through rebranding (likely to avoid the bad press ClearXchange has gotten). I am dismayed by the lack of safety protecting my bank data, and the company's lack of programming that means I CAN NOT DELETE MY BANK DATA from their software. Therefore I am at risk of theft and financial abuse from this organization. DO NOT USE THIS SERVICE!
moneysaver   |     |   Comment #54
It's one thing if people get a choice of whether or not to use Zelle. But the worst part about this is, a lot (perhaps all) of the Mega Banks holding hands with Zelle aren't giving their customers any choice at all. AFAICT, basically, whenever the various Mega Banks do a deal with Zelle, the Zelle service basically replaces (instead of supplementing) whatever inhouse or third party ACH service the bank had before. So it becomes a proposition of use Zelle, or they'll make it near impossible to initiate ACH transfers out of your Mega Bank/Zelle account. That SUCKS!!!
RaleighKinney   |     |   Comment #57
This was extremely difficult. I spent 45 minutes creating a PNC mobile app (virtual wallet) on my phone and then it didn't work with Zelle. (I followed the Zelle instructions for an android device with a PNC back account.) I called Zelle and they informed me I'd need to call the bank directly. The bank tells me that i don't have a "virtual wallet" account, even though I just spent 45 minutes setting it up. The bank tells me to download the Zelle account and select the 'my institution isn't listed" even though PNC bank is listed on the website. So, I set up the app and have to put in my debit card info (which I'm not very comfortable about doing).
Anyway, it was a lot of work for $145. Next time, we'll take a check.
Nestor   |     |   Comment #58
ZELLE stole my money!
Yesterday, my daughter sent me $200.00 and already the app told her the transaction was successfully completed. But I never receive the money! we called wells fargo, did the research and the only reason they gave us was that since I got more than one account, probably the money went to one of my other accounts, but it did not happen because I already checked all my accounts!

Since I have the same phone number for 15 years, I don't think the money went to some other account, so I can say it took my daughter $200 to learn she can not trust in some app (Zelle) taking her money! ... and we are supposed to embrace new technologies...
moneysaver   |     |   Comment #59
Can't Wells identify for you or your daughter what specific account the transfer supposedly went to, especially if it was to an account that supposedly belongs to you and she was the sender???
dancingprincess13   |     |   Comment #62
Receiving Zelle payments has been nothing but a pain for me and much time wasted trying to set it up. Their customer service is a joke. I don't bank with an affiliated institution and I have a prepaid debit (thank you ex husband for ****ing my credit) they won't allow. Inially I was able to get my cash through ClearXchang using a routing and account number even though it took an extra 5 days because of verification then first time, but only 1 day the 2nd time., Last month ClearXchang said I had to switch to Zelle and now I'm at over a week trying to get my money that we desperately need to feed and diaper our toddler and keep the power on. (NO I'm not a person sitting collecting assistance because I'm lazy like some out there. Just bad luck with a disabled husband and health issues, now resolved, causing me to lose my well loved/paid government IT job). In the last week Zelle has told me twice that my number is unblocked and it is not so I can't even begin to try to set anything up. Called again to have it unlocked and ask a couple questions ao I could try to set myself up at a new bank they were affiliated with and the barely english speaking person kept asking me what bank I had associated with my phone number and kept telling me no prepaid debit cards. Finally hung up on him after telling him for the 10th time I knew no prepaid, I had no associated bank with my number and that I needed my number unlocked and questions answered so I could get the right bank account. Then tried having it sent via another number and can't get it there due to no banking relationship with one of theirs and no debit card. I'm just at a loss for how to get my cash and by the time my real debit comes in the mail they'll have sent my payment back to the payee and I probably will have the power shutoff guys at my door. So frustrating! Use PayPal, Facebook payments oir Paytonic. Steer clear of Zelle!
bankjesus   |     |   Comment #65
Money laundering at it's finest!
RPB   |     |   Comment #66
As a replacement for ClearXchange Zelle simply does not work. It may function if both parties' banks have the app built in but despite claims that it will work with banks that are non-native by registering a debit card, those claims are pure bunk.

I attempted to open a Zelle account with my business account to replace a ClearXchange account which had been working fine (ClearXchange is shutting down.) First, after an hour of attempts and holds with Customer Service, I was told Zelle does not work with business accounts, I then opened a personal account to use with Zelle, activated the debit card, downloaded the app, etc., and tried again. Another hour lost in attempts to register and holds for customer service. Then got bumped up to upper level customer support and another hour of holds, finally told that I was permanently locked out of my account because of too many attempts to register my card (20) and Zelle will only work if my bank joins the consortium.

Looking at other comments it appears withholding information is what Zelle does best.
Aball972   |     |   Comment #71
You have to unlock all of your phone data to subscribe. Sounds like some very shady if not criminal activity. I will not use this app.
Nate Alexander
Nate Alexander   |     |   Comment #73
I tried to send money using this service and the money disappeared. The recipient never received it. My bank confirmed that the money was sent. Recipient's bank has no record of having received this money. Zelle is not offering any solutions. No one seems accountable. The money just VANISHED.
Disgusted   |     |   Comment #77
My bank does not use this company. Zelle allows money to be sent to a visa debit card if your bank is not part of their system. Problem is it only works through a mobile app if your bank does not participate. Furthermore, Zelle has worked hard to get their 1.6 (out of 5) review rating. My smartphone is two years old and is not compatible with the app. At two years old its not new enough. What's with that? Totally not backward compatible to handle the millions and millions of smartphones that are a couple of years old? At this point, to me, Zelle is nothing but a pain in the **** that has tied up my money somewhere in cyberspace. Zelle sucks.
Disgusted   |     |   Comment #78
On top of everything else, in order to use their crappy app and their BS service THEY PULL YOUR CREDIT. **** you Zelle. Why would I allow you to pull my credit? I'm getting nothing from you and you want to stick your nose in my business. My sender is going to use Pay Pal to send my money and you can take your 1.6 reviewer rating and stuff it where the sun doesn't shine.
jazz lady
jazz lady   |     |   Comment #79
horrible. I paid a person through a phone number not her email which is how her account is set up with them. I havent recieved my money back from them. if I send money to an account that doesnt exist then why isnt it back in my account 30 days later
Carolyn   |     |   Comment #85
This is the worst app I've ever used if you need your money right away I have Bank of America and I should have just use Walmart to Walmart MoneyGram or Western Union!!! I use this for the first time, please believe it was one week before I got money that was taken out of the person's account in less than 5 minutes. This is the fine print it doesn't tell you that I can actually take up to 1 to 5 days before you receive your funds.Zelle sucks!! I would never recommend it if you need your money right away you might as well use the Pony Express as to think you're going to get your money from zelle in a timely manner and when you call in the representatives a like oh yeah it's no big deal
Mr.L   |     |   Comment #86
The bank set limits and they totaly SUUUUCKK. For example, Wellsfargo limits it $4000/month. There is no longer the old method of transferring between Wellsfaro accounts. The model is doomed as its Anti-American and communist. Restricting peoples access to cash and the flow of money. Ask Venezuela how they like these kind of meaures. Zelle SUCCCCKKKKS
vlE   |     |   Comment #87
I sent money to a person using his cell phone number, The person has an account at Chase. He received a text message from Bank Of America saying he received money. He waited and waited . The money did not show up at Chase . that was when he forwarded me the message and we figured out Bank of America received money. I called my bank Wells Fargo to cancel the transaction. Wells Fargo said they cannot becuase the mpney was sent. I put in a claim for the money. .Wells Fargo investigated and talked to Zelle and confirmed that the money went to an account whose name is not the person I sent. Bank of America refused to return the money. So I am now out of $275.00. Wells Fargo claimed that thru an agreement with Zelle they cannot released the account number of Bank of America or the person that received the money. I called Zelle, Zelle said that was a matter between Wells Fargo and Bank of America. I called Bank of America, they cannot help me because I am not a customer of th?m This sure is not a reliable way to send money.
Nothing   |     |   Comment #88
Slam dunk...small claims court with the press being advised!
MoneyInLimbo   |     |   Comment #90
As if there aren't enough comments already here to scare you off. I have a small bank, no Zelle, someone sent me money, I signed up with my Visa Debit card associated with my small bank. They say there is a 3 day waiting period for first transfer. It's been 6 and I have't received the money. Called Zelle twice and all they could tell me is that the transaction showed up as 'failed' on the sender's end. But the money is gone out of the sender's account, and not in my account. She called her bank Wells Fargo (a Zelle participant) and they said all indications from there side were that the transaction went through. This was a $1000 transfer. I'm hoping as per some of the other comments I've read that this money just didn't disappear into thin Air.
Edward   |     |   Comment #91
My concerns with Zelle:
1) they do not provide an easy way to reach them in case of a problem. Their customer service line is a menu driven rat hole that if you manage to click the correct option you might reach a human.

2) when I expressed concerns about their accountability with my money, they explained that they were not a financial institution but rather a third party. I have no confidence that if something goes wrong that you will have any satisfaction from these folks.
kesh   |     |   Comment #92
But it doesn't seem that Zelle allows you to transfer between two accounts you own... When trying to register at Bank B, it states that the email AND/OR phone number is already registered somewhere else; i.e., you can't transfer between accounts you own at different banks. (Unless having 2 distinct phone numbers and emails...) Lame.
Lucia   |     |   Comment #94
Not sure if anyone had this experience someone tried to send me money through this app via chase and used my cell when entering the number one digit was off and went to someone else. Chase's response was that they were not responsible and cannot stop the transaction while it was pending. I never thought that a bank would say they cant retrieve funds and that it would be my job to contact the receiving end with hopes they would be honest enough to send the money back. I was so mad the moment I even tried reaching out to the person they blocked me and of course the money was lost so much for customer service....
Lucia, NJ
Hatechase   |     |   Comment #97
Article fails to mention that money isn’t always transferred in minutes. Chase holds your money for 1-2 business days. Another reason they suck!
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Broke   |     |   Comment #98
Be careful. Zelle is an open door for hackers and scams. Someone hacked my computer and transferred $2000 without any approval. I saw the transfer when it was pending, called the bank and closed the account. They said it was too late and the money was gone. My bank said they have no responsibility for this at will not even tell me where the money went. I am just out $2000.
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Ian   |     |   Comment #102
Does anyone know if they have a security policy for if you send money for a product or service and you never receive it? I sent $750 for an item I purchased after communicating back and forth with the seller, it's now nearly 2 weeks later and I haven't received my item and the seller isn't replying to my messages... wondering if Zelle or my bank will refund the payment and charge the account of the person on the other end. Any answers?
MarcoPolo   |     |   Comment #104
Sounds like u got scammed dude.
NewZelleUser   |     |   Comment #103
Zelle doesn’t charge a fee to send or receive money. We recommend confirming with your bank or credit union that there are no additional fees.
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Joe.   |     |   Comment #112
In a Child support dispute, will I be able to provide PROOF that i have Zelled lots of Child support money to the babys Mother? Thanks.
Nothing   |     |   Comment #113
What proof is needed to show it was received...isn't that really the question?
#114 - This comment has been removed for violating our comment policy.

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