Anyone used Zelle?

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
Post Reply
arsenalfan
Posts: 456
Joined: Mon Dec 09, 2013 12:26 am

Anyone used Zelle?

Post by arsenalfan » Thu Oct 12, 2017 6:59 pm

Was wondering if anyone has successfully used Zelle, the P2P cash transfer app sponsored by Chase/BoA/other big banks?
In collecting rents, my BoA small biz account has been terrible and renters cannot ACH push funds to me, even if they have BoA accounts. And then there are weird limits.
Was hoping Zelle would solve all this - but haven't seen much discussion of its use. Thanks!

User avatar
Sandtrap
Posts: 1695
Joined: Sat Nov 26, 2016 6:32 pm
Location: Hawaii😀 Northern AZ.😳

Re: Anyone used Zelle?

Post by Sandtrap » Thu Oct 12, 2017 7:04 pm

You mention "rental income" so I'll input in that context:

I have a commercial account. Each renter has an assigned account that corresponds to their address. The bank does not charge me for the accounts and there's no limit. A tenant can use their cell phone to make a payment to their bank account or stop by any branch and give their address to make a payment. The statements for each account, rental address, help me keep track of what's what.
AFAIK Zelle has a limit to transaction amount and so forth at Chaise. I think it was $2,000.
I did have a tenant use Zelle and Chase for a security deposit and lst mo. but that was only once. I'd rather have the setup I have now because I have multiple tenants and buildings. If you only have a few then perhaps the Zelle at Chase may work out fine.
Last edited by Sandtrap on Thu Oct 12, 2017 8:54 pm, edited 1 time in total.
Shared experiences to benefit all -- not an exspurt -- per forum guidelines :) Golf score allocation 50/50 swings vs putts.

rrppve
Posts: 795
Joined: Sun Aug 12, 2012 12:35 am

Re: Anyone used Zelle?

Post by rrppve » Thu Oct 12, 2017 7:05 pm

I've used it with Cap One 360
Venmo seems to be the preferred method for the younger generation to pay rent, especially as a group.

N10sive
Posts: 308
Joined: Thu May 05, 2016 6:22 pm

Re: Anyone used Zelle?

Post by N10sive » Thu Oct 12, 2017 7:10 pm

I just started using zelle to transfer between my bank accounts and my sisters.

Honestly it is fine for doing this however one annoyance is unlike paypal, each bank account/company is assigned a email/phone number.

For example if I use chase I have to have one email assigned to this. If someone pays me at this email it goes to my chase checking account or savings. etc. Meaning for multiple bank accounts youll need multiple email aliases. Same if you were to use a phone number.

Unless there is a way around this. I find this the biggest flaw. Where as paypal you get the money and can deposit it into any checking account you want. It may have a delay but if your not in a rush to receive the money this works great. I haven't used venmo so I cant comment on that, but is is owned by paypal which confuses me why they don't merge it.

User avatar
yukonjack
Posts: 467
Joined: Wed Feb 21, 2007 10:36 pm
Location: Rocky Mountain West

Re: Anyone used Zelle?

Post by yukonjack » Thu Oct 12, 2017 7:12 pm

I’ve used it to send money to my kids. It has worked well. It’s very simple and quick.

furwut
Posts: 1239
Joined: Tue Jun 05, 2012 8:54 pm

Re: Anyone used Zelle?

Post by furwut » Thu Oct 12, 2017 7:45 pm

Zelle is pretty new having only rolled out this Summer. It may be that the banks are doing a soft start before heavily advertising it.

I’m using it for small personal payments from my Capital One 360 account. Capital One has the Zelle Service baked into their P2P payment interface.

The issue with asking for payment thru any payment channel is does the payor’s bank and/or technology choices support it? With Zelle, even if their bank does not, one can download the Zelle standalone app, associate a debit card and still send and receive payments.

boglerdude
Posts: 440
Joined: Fri Jul 10, 2015 1:28 am

Re: Anyone used Zelle?

Post by boglerdude » Thu Oct 12, 2017 7:55 pm

If you want to move the email or phone# you use with Zelle to a different bank, you first close your Zelle account at the original bank.

another option fyi
https://cozy.co/for-landlords/collect-rent-online/

Isabelle77
Posts: 121
Joined: Thu Dec 17, 2015 1:43 pm

Re: Anyone used Zelle?

Post by Isabelle77 » Thu Oct 12, 2017 8:34 pm

I've used it with USAA, just on a small level between my siblings. Works great.

User avatar
whodidntante
Posts: 2098
Joined: Thu Jan 21, 2016 11:11 pm

Re: Anyone used Zelle?

Post by whodidntante » Thu Oct 12, 2017 9:00 pm

I'm happy to see some progress in the area of electronic payments even though it is far from perfect. Taking a picture of a check someone mailed you three days ago was always a silly stop gap

3dream3
Posts: 26
Joined: Wed Jul 26, 2017 2:53 pm

Re: Anyone used Zelle?

Post by 3dream3 » Thu Oct 12, 2017 9:50 pm

I have used it with Chase just to send/receive money from family, friends and even colleagues. It is quick and convenient and have not experienced any issues at all.

arsenalfan
Posts: 456
Joined: Mon Dec 09, 2013 12:26 am

Re: Anyone used Zelle?

Post by arsenalfan » Thu Oct 12, 2017 10:47 pm

Thanks all. Good to hear that zelle is starting to be used and seems efficient and safe. I'll give it a go - one renter has a kind of small bank in the midwest, I was surprised that it is on the Zelle network.

Thanks also for the cozy rent website. I guess they get their money because enough people sign up for the background check/other services they offer for a fee.

Momus
Posts: 210
Joined: Tue Feb 21, 2012 9:23 pm

Re: Anyone used Zelle?

Post by Momus » Fri Oct 13, 2017 12:44 am

Just waiting until ally starts rolling out Zelle... I always like online pay like PayPal, venmo, FB messanger, and pop money. I use them all.

aj76er
Posts: 326
Joined: Tue Dec 01, 2015 11:34 pm
Location: Portland, OR

Re: Anyone used Zelle?

Post by aj76er » Fri Oct 13, 2017 1:49 am

For collecting rents, check out cozy.co
"Buy-and-hold, long-term, all-market-index strategies, implemented at rock-bottom cost, are the surest of all routes to the accumulation of wealth" - John C. Bogle

soccerrules
Posts: 129
Joined: Mon Nov 14, 2016 4:01 pm

Re: Anyone used Zelle?

Post by soccerrules » Fri Oct 13, 2017 8:31 am

I have used Zelle to transfer money into my kids debit accounts. Zelle is fairly new with Chase. Their previous Chase "version" was not as good and it would take at least 1-2 day delay at times for the funds to hit the desired account. With Chase Zelle, it is instantaneous, now with other Chase Accounts. I am not sure about sending to another bank.

I use it for a recurring weekly amounts and then whenever I need to send/reimburse them money. Kids don't use cash really once they hit mid-teens.

I also use Venmo to send money/request money from various people. Again easy. I believe with Venmo you have to click a few buttons to have the money sent to your attached banking account. Not really a hassle, just different.

Once you have the app on your phone, it is easy and fast.
Don't let your outflow exceed your income or your upkeep will be your downfall.

Mr.Wu
Posts: 17
Joined: Mon Feb 27, 2017 3:02 pm

Re: Anyone used Zelle?

Post by Mr.Wu » Fri Oct 13, 2017 8:36 am

Not sure where the doubts came from, this is fairly old/mature technology. A while ago I used chase quikpay to pay rent to the landlord living overseas. I set up monthly auto recurring payment and just make sure the checking balance is not too low. The only nuisance was the daily transferal limit of 2k.

User avatar
Bradley37
Posts: 16
Joined: Tue Oct 03, 2017 3:30 pm

Re: Anyone used Zelle?

Post by Bradley37 » Fri Oct 13, 2017 8:43 am

I've been using Zelle thru my Chase checking account sending and receiving money from family and friends. So far, its good.

Small Law Survivor
Posts: 266
Joined: Tue Nov 17, 2015 5:36 pm

Re: Anyone used Zelle?

Post by Small Law Survivor » Fri Oct 13, 2017 8:44 am

soccerrules wrote:
Fri Oct 13, 2017 8:31 am
I also use Venmo to send money/request money from various people. Again easy. I believe with Venmo you have to click a few buttons to have the money sent to your attached banking account. Not really a hassle, just different.

Once you have the app on your phone, it is easy and fast.
I haven't used any of these phone apps - Zelle, Venmo ... I'd never heard of Zelle until now, and I only know about Venmo because a couple of people have mentioned it to me in passing over the last year or so.

I'd like to start using one of these, assuming it is secure. Is it?

Which one is best, and it least platform/bank independent?

soccerrules
Posts: 129
Joined: Mon Nov 14, 2016 4:01 pm

Re: Anyone used Zelle?

Post by soccerrules » Fri Oct 13, 2017 9:06 am

Small Law Survivor wrote:
Fri Oct 13, 2017 8:44 am
soccerrules wrote:
Fri Oct 13, 2017 8:31 am
I also use Venmo to send money/request money from various people. Again easy. I believe with Venmo you have to click a few buttons to have the money sent to your attached banking account. Not really a hassle, just different.

Once you have the app on your phone, it is easy and fast.
I haven't used any of these phone apps - Zelle, Venmo ... I'd never heard of Zelle until now, and I only know about Venmo because a couple of people have mentioned it to me in passing over the last year or so.

I'd like to start using one of these, assuming it is secure. Is it?

Which one is best, and it least platform/bank independent?
Zelle is embedded within the Chase app. You enter the individuals email address and send the money. They will receive an email that walks them through how to link to their account.
Venmo -- you and the sender/recipient will need to have a profile and user name (like twitter). You find the user name of the person you are sending/requesting money to/from and it's simple. There is a big button that says Send or Request money.

I have had no issues with either technology. I am not sure how I would feel if I was doing large amounts of money, but most of what i sent is less than $100 at a time.
Don't let your outflow exceed your income or your upkeep will be your downfall.

camich27
Posts: 3
Joined: Sat Jun 02, 2012 12:47 pm

Re: Anyone used Zelle?

Post by camich27 » Fri Oct 13, 2017 5:48 pm

I have used Zelle regularly to pay my babysitter through the Wells Fargo banking website. Works fine.

Post Reply