Author: Lisa Kim
Zelle is a peer-to-peer money transfer platform that allows users to send and receive money in seconds. Their service is easy to use with no monthly or hidden charges whatsoever.
To broaden its reach, Zelle collaborated with major banks and related financial institutions. With Zelle, millions of people now have a better way to transact, rather than handling cash, sending cheques, or going to the bank.
The Zelle network facilitated $307 billion on 1.2 billion transactions in 2020 and up to 62% in 2019. Recently, the company announced the addition of roughly 500 new financial institutions to its network.
How Does Zelle Work?
Zelle allows its users to transfer money from one account to another. Compared to traditional bank transactions that use account numbers, and often take days to be completed, Zelle requires no account number, and transactions are approved in minutes.
Sending Money With Zelle
To send money with Zelle, the beneficiary must provide you with their email address and phone number. After you have sent them money, they will receive a notification message from Zelle. However, they will need to create a Zelle account to access it. In a situation whereby the recipient has an existing account with Zelle, the money will be accessible immediately.
How to Receive Money With Zelle
To receive payment via Zelle, you need to provide your sender with your email address and phone number. If you don’t have an account with Zelle before the money is sent, you will receive a text or an email explaining how you can get the funds faster.
Banks Associated With Zelle
Zelle works with several banks and related financial institutions. The list of financial institutions in Zelle’s network can be found here.
To open a Zelle account with your bank details, select the bank or institution where you have an existing account from the list above, and enroll.
However, if your bank is not on the list, you can still use Zelle to send and receive money.
Is My Money Safe With Zelle?
There is no risk-free payment method. To ensure safe transactions, Zelle implemented authentication and monitoring methods. Additionally, your money is insured by the Federal Deposit Insurance Corporation if you link your bank details with Zelle
Zelle may be a safer way to send and receive money than dealing with physical cheques or cash. Your money is safe since it does not pass through a third party. Your financial data is also protected by the bank you linked to your Zelle account.
Zelle Referral Bonus
Zelle referral program is created to reward customers who invite their friends and family members to join the Zelle platform. For every successful invite, the referrer and the referee will receive $5 each.
Conclusion
If you want a free, fast, and safe network to send money to your friends and family, you may consider opening a Zelle account. Zelle allows its users to send and receive money swiftly, without any charges whatsoever. Furthermore, funds on Zelle are safe and insured by the Federal Deposit Insurance Corporation.