New Payment Option

[hottotrot]

Just an FYI (sorta selfish one, I admit). A fellow forum member turned me on to a payment method called Zelle. Link: https://www.zellepay.com I pronounce it Zell-eee. Dunno if that's correct. I've used to two or three times with members on here, and it's been very easy.

Anyway, it's basically just a direct bank transfer using an email address or phone number. It's included in my Wells Fargo bank account, so very easy there. If your bank has it, there's no fees or delays or any of that. I don't know how much buyer/seller protection there is, but it's surely no worse than the F&F deal with evil PayPal.

I'm anti-PayPal, because they're anti-gun and thus anti-me. I don't know where you stand on that, but if you agree, try giving Zelle a shot.

 

[mikeinct]

Thank You

 

[TAJ45]

I'll have to check w my banks. Thanks for the potential option.

 

[Ranger007]

Yes TY for sharing.

 

[Bill Norris]

I ve used it several times but not here on the site. It is fast no doubt.

 

[Dusty Stevens]

Do both parties have to be signed up and linked to their accounts?

 

[Blackthorn]

Use caution when using Zelle:

Is Zelle safe to use?
Zelle is designed and marketed as a tool to send money to people you know and trust — such as family, friends, a babysitter or a neighbor. The company does not recommend using its service with people you do not know personally, and cautions that “neither Zelle nor the participating financial institutions offer a protection program for any purchase or sale conducted using Zelle.”

 

[hottotrot]

Do both parties have to be signed up and linked to their accounts?

Never assume.

 

[hottotrot]

Use caution when using Zelle:

Is Zelle safe to use?
Zelle is designed and marketed as a tool to send money to people you know and trust — such as family, friends, a babysitter or a neighbor. The company does not recommend using its service with people you do not know personally, and cautions that “neither Zelle nor the participating financial institutions offer a protection program for any purchase or sale conducted using Zelle.”

My understanding is that this is the same as the very common F&F option with PayPal. Do you see it differently?

 

[dfrosch]

Do both parties have to be signed up and linked to their accounts?

Yes, linked to your bank account, that is.

Zelle has been around for some time. I used it to buy a trigger from DennisH and a barrel from Northlander. No fees, but I think there's a $1000 limit.

 

[The boogalorian]

Do both parties have to be signed up and linked to their accounts?

No. The account holder starts the transfer. All they need is an email or a phone number. Once the bank knows that they (the bank) then send a text or email with a link. The receiving party follows the link and enters the appropriate information and the transfer is completed.
The person that initiates the transfer never sees anything but the email or phone number of the person receiving the money.

 

[Lefty Trigger]

Zelle is also the preferred way that Northland Shooters Supply likes to get paid. Boils down to the CC fees for them, makes since. My bank has it available and I have sent my son in California money for Christmas several times, hit send and the money is in his account. Paypal is a "third-party" that provides this very same thing but they have fees because they offer storage for your money as well... think another account.

 

[300_whisper]

I use zelle all the time. Just make sure you’re on the same page with the seller, aka a trusted person. It’s better than PayPal for sure.

 

[Whisky Tahoe Foxtrot]

In addition to Zelle, there is another P2P app called Venmo. If you haven't heard about it, don't worry. You probably aren't part of their target market, Millennials and other social creatures.
I'm not advocating for either Zelle or Venmo though I have used both. Here's a quick comparison:

1) Zelle can usually be accessed via your bank or credit union's app where Venmo requires you always install their app

2) Zelle transfers between bank accounts which are FDIC insured; Venmo holds a balance that is not FDIC insured. You can transfer from your account to Venmo then to someone.

3) Zelle doesn't charge a fee but check with your bank if they have fees. Venmo can charge a fee for instant transfers.

4) Zelle doesn't offer much social media where Venmo has support for comments and emojis. You can decide how important that is

5) Financial institutions support Zelle whereas Paypal owns Venmo.

 

[carlsbad]

my son uses it. (he's in college). Apparently kids use it to send $10 back and forth to split dinner, pay off bets, or any small amount of cash.

One problem is the recipient has to "claim" the transfer or it goes back to the sender. My son was sending me scholarship money to pay for his housing last year and several i forgot to claim. I want it to just go into my account and sit there without any action from me.

--Jerry

 

[Blackthorn]

My understanding is that this is the same as the very common F&F option with PayPal. Do you see it differently?

That quote comes directly from their website. I believe it is the same for PayPal F&F. Scammers use the app regularly from what I’m told. They open a bank account then close it when the transaction goes through then never ship the item.

 

[Bamban]

Yes, linked to your bank account, that is.

Zelle has been around for some time. I used it to buy a trigger from DennisH and a barrel from Northlander. No fees, but I think there's a $1000 limit.

2K per day

 

[Bamban]

Used it numerous times as a sender and recipient. Better than PP, F/F. Since I don't maintain any balance on PP, I have to transfer money sent to me to my bank account immediately, if no fee paid or takes at least a business day to get the money. Zelle is instant to the account.

 

[Rdlningcltchdmpr]

Hard to believe i learned something new ! Now i must know it all. Hope i don't forget it !

 

[newbieshooter]

my son uses it. (he's in college). Apparently kids use it to send $10 back and forth to split dinner, pay off bets, or any small amount of cash.

One problem is the recipient has to "claim" the transfer or it goes back to the sender. My son was sending me scholarship money to pay for his housing last year and several i forgot to claim. I want it to just go into my account and sit there without any action from me.
--Jerry

If both sender and recipient both have Zelle enabled accounts - then the money is transferred immediately (no claim process). If the recipient doesn't have a Zelle enabled account - then there is a 'claim' process.

2K per day

The financial institution(s) set the single transaction/daily transaction/monthly transaction limits. It varies.