You shouldn’t have to slow down to send money to friends and family. Zelle works with banks and credit unions to make it fast, free, and easy to send money to almost everyone you know, even if they bank somewhere different than you do.
Zelle is in more than a thousand banking apps already. To find out if Zelle is in yours, look in this list from Zelle for the bank or credit union where you already have a bank account. If Zelle is already part of your bank app, sign up so you can send and receive money. If it isn’t, you can still use this great way to send money if you get the Zelle app.
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What Is Zelle?
Some of the biggest banks in the US work with Zelle, a Person-to-Person (P2P) payment service that works faster than Venmo. Zelle is now built into the mobile banking apps of the banks that are part of the service. With Zelle, people with bank accounts can send and receive money in just a few minutes. The P2P process is set up to make it easy and quick to move money from one account to another.
Zelle connects to a checking or savings account in the United States and sends money to another bank account in the United States. Both the payer and the payee don’t have to have accounts at the same bank, but they do need to be signed up for Zelle. Users can send money to each other through their bank’s app or the Zelle app, and the money goes straight into the bank account that the recipient has linked to their Zelle account.
Zelle makes it easy to send money to other people and doesn’t charge any fees. Note that Zelle doesn’t work with business debit cards, credit cards, international accounts, or gift cards.
To send money, all you need is the email address or cell phone number of the person you want to send it to. Even though Zelle works the same way as Venmo, it has a wider reach because it is supported by over 50 major banks, including Chase, Bank of America, Wells Fargo, and more.
Largest US Banks That Operate Internationally
Here is a list of the big US banks that do business abroad and support the Zelle service:
Other Big US Banks That Support Zelle
- Ally Bank
- Associated Bank
- Bank of Hawaii
- Bank of the West
- BECU
- Capital One
- Charles Schwab Bank
- CIT Bank
- Citizens Bank
- Comerica Bank
- ConnectOne Bank
- Discover Bank
- Dollar Bank
- Frederick County Bank
- First National Bank
- First Tennessee Bank
- Fifth Third Bank
- Frost Bank
- Home Street Bank
- Huntington
- KeyBank
- M&T Bank
- MB Financial Bank
- PNC Bank
- Regions Bank
- Santander
- TD Bank
- TIAA Bank
- Truist
- U.S. Bank
- USAA
- Webster Bank
See the complete list from Zell
Who Is Behind Zelle?
Early Warning Services owns Zelle. Early Warning Services is a fintech company that makes solutions for payment and risk management.
The fintech is owned by seven of the biggest banks in the United States:
How Safe Is Zelle?
Just like other P2P payment services, Zelle keeps your information safe by encrypting it. If the service is used through a bank app, the app may offer extra security features like multi-factor authentication and alerts for suspicious activity.
When you give your personal information to fintech apps, there is always a small chance of something going wrong. Zelle admits that it collects personal information and shares it with third parties for research and analysis.
Scammers will sometimes call people and say they are from their bank. It’s not likely that a real bank will call you up and ask for personal information. Don’t give out personal information until you’ve called the bank’s official number on its website or on the back of your debit card to make sure it’s real.
How To Use Zelle
Zelle is mostly an app, so to use it, you’ll need a smartphone. If it’s offered by your bank, you may be able to use Zelle through the online portal for your bank.
If your bank’s app doesn’t already have Zelle built in, you can download the Zelle app from the Apple or Google Play store and use it on its own.
1. Add Your Phone Or Email
When you use Zelle for the first time, either through a banking app or the Zelle app on its own, you’ll need to sign up with either an email address or a phone number (or both). So, other users can make sure they’re sending money to the right person.
If you signed up for Zelle at a different bank or credit union, you will need to remove your email or phone number from that account before you can use it to sign up again at a new institution.
Users of the standalone app who don’t have Zelle through their bank will also need to enter their debit card information for the card they want to pay from. It must be a debit card from the United States.
2. Enter The Payment Details
Once you’ve joined Zelle, you’ll be able to send or ask another Zelle user for money. After you choose “send” or “request,” you can add the recipient’s first name, last name, and email or phone number to make a new contact for them.
It’s important to get the recipient’s email address or phone number because everyone who uses Zelle must sign up with either one of these to prove who they are. This helps make sure that the right person gets your money.
Make sure to double-check the information about the recipient, because if you send money to the wrong person, you probably won’t be able to stop the payment. Payments can only be stopped if the recipient hasn’t signed up yet.
Once you’ve verified and chosen a contact, you can enter the amount you want to pay or ask for.
3. Double Check Everything
Before the money or request is sent, the app will ask you to review the transaction details. Check the amount of the transaction, the contact information for the recipient, and the account from which the money will be taken.
There is also an optional memo text box where users can type a reason for the payment before sending it.
If everything is correct, click “Send.” Money sent through Zelle is usually in the recipient’s account within minutes, but if the recipient hasn’t signed up for Zelle yet, it may take a couple of days. Before getting the payment, the person will have to sign up.
Bottom line
Zelle is a good way to send money to someone else’s bank account, even if that person has an account with a different bank. Many banks and credit unions offer it, and there are no costs to use it.
Zelle is a faster, safer, and easier way to send money than sending cash or a check through the mail. All you have to do is follow a few steps on your phone.
Check the recipient’s contact information to make sure you know who you’re sending money to, and keep an eye on your account activity to see if anyone sent you money without your permission.
READ MORE: SEE THE BEST BANK BONUSES HERE AND THE BEST INVESTING BONUSES HERE.
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