Zelle at non-participating Bank/CU

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Topic Author
jmorgans
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Zelle at non-participating Bank/CU

Post by jmorgans » Mon Aug 26, 2019 5:19 pm

I am thinking about breaking up with Chase and switching to a credit union that does not participate with Zelle. The CU does have PopMoney and I may be able to use this sometimes but most of my friends/family/colleagues use Zelle to reimburse each other. I was looking at the Zelle app and it looks like it gives most of the functionality of having it "built-in" to your bank other than a $500/week limit and a delay in getting the funds. I am wondering if anyone has made this switch and can comment as to whether it has been easy or a PITA!

In particular,

1) how long does it take for payments from others to show up in my account?
2) I assume recipients still get my payments instantly?
3) Does the app notify you when a payment is "on the way" to me?
4) any issues de-registering my phone number or email with old bank and registering it with the Zelle app to use with new bank?

Thanks!

mervinj7
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Re: Zelle at non-participating Bank/CU

Post by mervinj7 » Mon Aug 26, 2019 5:26 pm

We recently switched to Fidelity for our primary checking needs, which is not currently a participating Zelle institution. However, we decided to leave our Zelle account linked to our CapOne360 checking account. We keep very little money in it and thus it limits our liability issues. Would you consider doing the same with Chase?

Swimmer
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Re: Zelle at non-participating Bank/CU

Post by Swimmer » Mon Aug 26, 2019 6:48 pm

What’s the difference between Zelle and PopMoney?

Topic Author
jmorgans
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Re: Zelle at non-participating Bank/CU

Post by jmorgans » Mon Aug 26, 2019 7:37 pm

Swimmer wrote:
Mon Aug 26, 2019 6:48 pm
What’s the difference between Zelle and PopMoney?
One is Betamax and the other VHS but we don’t know which is which yet.

Topic Author
jmorgans
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Re: Zelle at non-participating Bank/CU

Post by jmorgans » Mon Aug 26, 2019 7:38 pm

mervinj7 wrote:
Mon Aug 26, 2019 5:26 pm
We recently switched to Fidelity for our primary checking needs, which is not currently a participating Zelle institution. However, we decided to leave our Zelle account linked to our CapOne360 checking account. We keep very little money in it and thus it limits our liability issues. Would you consider doing the same with Chase?
I might end up doing that but was hoping to keep it simple and use one account for everything.

bogleboy
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Re: Zelle at non-participating Bank/CU

Post by bogleboy » Mon Aug 26, 2019 8:16 pm

Have the same problem. Currently at fidelity but need access to Zelle. Can’t enroll their debit card yet in the service via the Zelle stand alone app either. Looking at opening an account in BOA or Ally

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Bulldawg
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Re: Zelle at non-participating Bank/CU

Post by Bulldawg » Mon Aug 26, 2019 8:17 pm

mervinj7 wrote:
Mon Aug 26, 2019 5:26 pm
We recently switched to Fidelity for our primary checking needs, which is not currently a participating Zelle institution. However, we decided to leave our Zelle account linked to our CapOne360 checking account. We keep very little money in it and thus it limits our liability issues. Would you consider doing the same with Chase?
+1

Clark Howard is wary of Zelle and recommends this strategy you’ve outlined here
" IN GOD WE TRUST " ( official motto of the United States )

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jmorgans
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Re: Zelle at non-participating Bank/CU

Post by jmorgans » Mon Aug 26, 2019 8:38 pm

bogleboy wrote:
Mon Aug 26, 2019 8:16 pm
Can’t enroll their debit card yet in the service via the Zelle stand alone app either.
Why not? I thought any bank’s debut card would work.

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Vulcan
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Re: Zelle at non-participating Bank/CU

Post by Vulcan » Mon Aug 26, 2019 8:41 pm

Switch to Ally. A superb checking with Zelle support.
If you torture the data long enough, it will confess to anything. ~Ronald Coase

edge
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Re: Zelle at non-participating Bank/CU

Post by edge » Mon Aug 26, 2019 8:50 pm

We already do. Zelle has way more scope/scale/volume than pop money. Or Venmo for that matter. Way more.
jmorgans wrote:
Mon Aug 26, 2019 7:37 pm
Swimmer wrote:
Mon Aug 26, 2019 6:48 pm
What’s the difference between Zelle and PopMoney?
One is Betamax and the other VHS but we don’t know which is which yet.

bogleboy
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Re: Zelle at non-participating Bank/CU

Post by bogleboy » Tue Aug 27, 2019 7:16 am

jmorgans wrote:
Mon Aug 26, 2019 8:38 pm
bogleboy wrote:
Mon Aug 26, 2019 8:16 pm
Can’t enroll their debit card yet in the service via the Zelle stand alone app either.
Why not? I thought any bank’s debut card would work.
Needs to be bank enabled for these systems. Fidelity is working on it.

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alpenglow
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Re: Zelle at non-participating Bank/CU

Post by alpenglow » Tue Aug 27, 2019 7:24 am

Vulcan wrote:
Mon Aug 26, 2019 8:41 pm
Switch to Ally. A superb checking with Zelle support.
+1
I use the Fido CMA, but opened an account at Ally for Zelle support. I keep little to no money there.

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jmorgans
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Re: Zelle at non-participating Bank/CU

Post by jmorgans » Tue Aug 27, 2019 8:09 am

I was going to try out the Ally app but I looked at the reviews and they are abysmal! Seems it is much better to use a bank that supports it.

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RickBoglehead
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Re: Zelle at non-participating Bank/CU

Post by RickBoglehead » Tue Aug 27, 2019 8:13 am

I can't conceive of picking a bank based on how their app works.

Been with Ally since 2008, primary bank used to be ING Direct until Capital One destroyed it. Ally app works fine for us.
Avid user of forums on variety of interests-financial, home brewing, F-150, PHEV, home repair, etc. Enjoy learning & passing on knowledge. It's PRINCIPAL, not PRINCIPLE. I ADVISE you to seek ADVICE.

Carson
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Re: Zelle at non-participating Bank/CU

Post by Carson » Tue Aug 27, 2019 8:14 am

mervinj7 wrote:
Mon Aug 26, 2019 5:26 pm
We recently switched to Fidelity for our primary checking needs, which is not currently a participating Zelle institution. However, we decided to leave our Zelle account linked to our CapOne360 checking account. We keep very little money in it and thus it limits our liability issues. Would you consider doing the same with Chase?
This is what we did. We have a credit union for our primary (which works with Venmo and Paypal), and keep a little bit of junk money in Zelle to use as needed.
30-something personal finance enthusiast, just get getting started on this whole portfolio thing.

finfire
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Re: Zelle at non-participating Bank/CU

Post by finfire » Tue Aug 27, 2019 8:20 am

jmorgans wrote:
Mon Aug 26, 2019 7:37 pm
Swimmer wrote:
Mon Aug 26, 2019 6:48 pm
What’s the difference between Zelle and PopMoney?
One is Betamax and the other VHS but we don’t know which is which yet.
Betamax ? VHS? What are these things you speak of? :D

jbuzolich
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Re: Zelle at non-participating Bank/CU

Post by jbuzolich » Tue Aug 27, 2019 8:44 am

I'm a big technology fan in general but have not had any need or interest in activating Pop money or Zelle at any of our banks. No one has ever asked us if we're able to use those services even once. I personally have transferred money to friends and family using Google pay and like that it's integrated already with my devices. Same thing though, no one has asked or even understood the Google transfer but they figured it out when the email arrived. What I have been asked for multiple times though is Venmo. Seems any transfers I've had with college kids or families with kids in sports, only wanted Venmo or cash.

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Ice-9
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Re: Zelle at non-participating Bank/CU

Post by Ice-9 » Tue Aug 27, 2019 9:41 am

Popmoney is not on par with Zelle, Venmo, Cash App, or even Google Pay / Apple Pay.

Popmoney charges the sender $1 every transaction. All of the other above options are free unless the recipient decides to pay extra for an instant transfer to their bank account (and instant is actually free for both Zelle if participating bank supports it and Google Pay.) It seems silly to pay a dollar to do this, hence Popmoney has a very small part of this market. I have never encountered anyone who wants to transact via Popmoney, and even if I did, I would bet they have other, free options available.

I'm in a little bit of a similar situation as the OP in that, if FNBO Direct would use Zelle instead of PopMoney, I would be perfectly happy and switch most of my banking there. I tried Ally as a substitute, but am unimpressed with a few things, including slow ACH transfers and poor performance of some parts of the website on Mac and Linux at random times. Like another poster, I'm leaning towards leaving a small sum at Capital One 360, which seems to have everything I want except paying a reasonable interest rate, just so I can participate in Zelle. I actually have a few payment services pointed there, so doing this would limit my liability, as another poster pointed out.

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jmorgans
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Re: Zelle at non-participating Bank/CU

Post by jmorgans » Tue Aug 27, 2019 9:50 am

jmorgans wrote:
Tue Aug 27, 2019 8:09 am
I was going to try out the Ally app but I looked at the reviews and they are abysmal! Seems it is much better to use a bank that supports it.
Sorry, not Ally app, I meant to say the Zelle app which is supposed to work with any bank including those that don’t support it natively. However the Zelle app has reviews stating delays and disappearance of funds, horrible customer service.

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Vulcan
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Re: Zelle at non-participating Bank/CU

Post by Vulcan » Tue Aug 27, 2019 10:48 am

jmorgans wrote:
Tue Aug 27, 2019 9:50 am
jmorgans wrote:
Tue Aug 27, 2019 8:09 am
I was going to try out the Ally app but I looked at the reviews and they are abysmal! Seems it is much better to use a bank that supports it.
Sorry, not Ally app, I meant to say the Zelle app which is supposed to work with any bank including those that don’t support it natively. However the Zelle app has reviews stating delays and disappearance of funds, horrible customer service.
Just get an Ally account. Srsly. Everyone should have one.
(I also have Fidelity CMA, Schwab, and DCU. All are great for some niche uses. Ally is best overall)
If you torture the data long enough, it will confess to anything. ~Ronald Coase

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jmorgans
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Re: Zelle at non-participating Bank/CU

Post by jmorgans » Tue Aug 27, 2019 11:47 am

Ice-9 wrote:
Tue Aug 27, 2019 9:41 am
Popmoney charges the sender $1 every transaction.
I don’t think this is true anymore, at least according to my CU.

mervinj7
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Re: Zelle at non-participating Bank/CU

Post by mervinj7 » Tue Aug 27, 2019 1:42 pm

jmorgans wrote:
Tue Aug 27, 2019 11:47 am
Ice-9 wrote:
Tue Aug 27, 2019 9:41 am
Popmoney charges the sender $1 every transaction.
I don’t think this is true anymore, at least according to my CU.
Still listing a charge on their website: https://www.popmoney.com/how-it-works.html
Straightforward pricing
Flat $0.95 per transaction to use it here at Popmoney.com
Maybe some CUs and banks eat the costs themselves.

Incognito
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Re: Zelle at non-participating Bank/CU

Post by Incognito » Tue Aug 27, 2019 2:03 pm

I've used popmoney in the past with my CU to pay my daughter when she was in college. Recently I setup Venmo linking it with my CU account where I keep less than 1000 balance.

Swimmer
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Re: Zelle at non-participating Bank/CU

Post by Swimmer » Tue Aug 27, 2019 3:05 pm

jmorgans wrote:
Mon Aug 26, 2019 7:37 pm
Swimmer wrote:
Mon Aug 26, 2019 6:48 pm
What’s the difference between Zelle and PopMoney?
One is Betamax and the other VHS but we don’t know which is which yet.

Hilarious and, oh, so helpful. :annoyed

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Ice-9
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Re: Zelle at non-participating Bank/CU

Post by Ice-9 » Tue Aug 27, 2019 4:39 pm

mervinj7 wrote:
Tue Aug 27, 2019 1:42 pm
jmorgans wrote:
Tue Aug 27, 2019 11:47 am
Ice-9 wrote:
Tue Aug 27, 2019 9:41 am
Popmoney charges the sender $1 every transaction.
I don’t think this is true anymore, at least according to my CU.
Still listing a charge on their website: https://www.popmoney.com/how-it-works.html
Straightforward pricing
Flat $0.95 per transaction to use it here at Popmoney.com
Maybe some CUs and banks eat the costs themselves.
Thank you both for pointing this out to me. Apparently, the PopMoney fee can vary with their participating banks. I called FNBO Direct, and the rep told me that FNBO Direct doesn't charge a fee when an FNBO Direct customer uses PopMoney but PopMoney does. Disappointed, I did a quick Google search and found a blog article on FNBO Direct from a little more than a year ago saying "Popmoney Transfers Are Free in Both Directions. FNBO’s person-to-person Popmoney transfers are free to send and receive. This isn’t always the case with other banks that partner with Popmoney." Possibly the rep I spoke with misunderstood my question?

Anyway, I was not up to date with PopMoney fees on my earlier post. It appears to be more correct to say PopMoney charges $0.95 to the sender via their website, but participating banks can vary and possibly even offer free PopMoney transactions.

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