The biggest banks in the US have launched “Zelle”, a new Person-to-Person (P2P) payment service that works faster than Venmo. Zelle is now integrated into the mobile banking apps of the participating banks.
With Zelle, account holders can send and receive the money within minutes. The P2P process has been designed to transfer funds from one account to another, quickly and hassle-free.
To send money, all you must do is to provide the email address or mobile phone number of your recipient.
Although the process is the same as Venmo’s, Zelle’s edge lies on its wide coverage since the service has been backed by over 50 major banks such as Chase, Bank of America, Wells Fargo, and more. The service is now open to 86 million account holders.
Initially, Zelle cannot function on its own because it was created to live within the mobile banking apps but now, a standalone app is available. With the introduction of Zelle, new players on the field are coming out too, which will take a chunk off Venmo’s market share.
Zelle bank list:
Here is the current list of banks that us Zelle pay at the date of publishing:
Bank of America
Bank of Hawaii
Bank of the West
Fifth Third Bank
First Tech Federal Credit Union
First Tennessee Bank
First National Bank
Frederick County Bank
JP Morgan Chase
MB Financial Bank
SchoolsFirst Federal Credit Union
Star One Credit Union
Why is Zelle better than Venmo or Apple?
If your recipient’s bank is one of Zelle’s partner banks, it will only take a few minutes for the transfer to be completed. With Venmo, your transfer takes one to two business days.
With Apple, the money sent to you will be credited to your Apple Pay cash card that is integrated into the Wallet app. You can then transfer your cash card balance to your bank account.
Apple launched a new version of Apple Pay that supports P2P payments in iOS11, updated software for iPhones and iPads. iPhone users will be able to send money via text message because the new P2P service has been integrated into iMessage. To ensure the security of each transaction, you need to verify your identity through Touch ID.
Frequently Asked Questions About Zelle
Below we answer the most commonly asked about the zelle service. If you cant find what you are looking for please email us and we will get you an answer.
Does Zelle Work With All Of The Banks Globally?
Zelle is the best way to send money with more banks already on board and a standalone app for people who want maximum convenience. Zelle has been around since 2016, but it’s only in recent months that major banks like jp morgan chase have partnered up with Zelle which means your cash will be used even faster because there are now many ways you can use its service. They say this new partnership makes sending funds easier than ever before. However not ALL banks offer the service currently. Refer to the list at the top of this page to see all banks that participate.
If My Bank Doesn’t Offer Zelle Can I still Use It?
You can be a part of the Zelle® Network®, even if your bank is not! You’ll need to download and enroll an eligible Visa or Mastercard debit card in order to use it. You don’t have to wait for your old-fashioned bank account, you could join the 21st century with Zelle®.
Why Doesn’t Zelle Connect To My Personal Bank Account?
First check the list above to see if your bank supports You may need to contact your credit union or bank to verify the debit card information they have on file. Once you’ve verified that, please try again.