Reviews about Zelle
For United States users, soon a money transfer application is going to be launched which is Zelle. Zelle is a mobile payment application that can be easily connected to the users’ preferred banking institution or credit union. Basically it provides money transfer functionalities and it is mobile banking app different among others.
About Zelle-
Zelle's main interface is sleek and simple. Sending money through Zelle is very easy to your closed ones or else you can also request cash from anyone using Zelle, but the recipient will have to jump through a few hoops if they're not already signed up with the service. If the intended recipient of your cash or money request is a customer of a participating Zelle bank, they will need to register using the Zelle app, their bank's website, or their bank's mobile app. If your friend's bank does not work with Zelle yet, they will need to download the Zelle app, enter their debit card info, and then wait a day or so for the money to land in their bank account.
Zelle v/s Venmo
Zelle is considered as the banking industry’s response to Venmo, PayPal, Square, and other digital payment services or apps.
The thing that is revolutionary about Zelle in comparison to Venmo is that it provides for all near instant transfers between accounts rather than taking overnight or several days to process transfers between the recipients. Soon its launch, Zelle became available to 86 million Americans who bank with the institutions that helped creating it. The banks that partnered to launch Zelle currently process $55 billion in person-to-person transactions and they believe that, with the advent of Zelle, that number will rise.
Zelle’s History and Future
Zelle has been in the term for a number of years and still counting. It started with an initiative called Clear Xchange that started in 2011 when banks like Wells Fargo, Bank of America, and JP Morgan Chase came together and shared their thoughts to create a shared transfer network. Since then, banks have been experimenting with different forms of person-to-person transfers. Zelle is the product of that experimentation and work.
People who are not clients at the above banks can still receive money from Zelle, but cannot currently send it.
What Banks Currently Support Zelle?
Currently, there are around 30 banks and credit unions across the U.S. who are connected with Zelle. Some companies already have Zelle in their mobile apps while others will be rolling Zelle out to their customers over the next 12 months. There is a huge list of banks which include Ally Bank, Bank of America, Bank of Hawaii, Bank of the West, BB&T, BECU, Capital One, Citi, Citizens Bank, Comerica Bank, Connect One Bank, Dollar Bank, Fifth Third Bank, First Bank, First Tech Federal Credit Union, First Tennessee Bank, First National Bank, Frederick County Bank, Frost Bank, Home Street Bank, JP Morgan Chase, Key Bank, M&T Bank, MB Financial Bank, Morgan Stanley, PNC Bank, Schools First Federal Credit Union, Star One Credit Union, SunTrust Bank, TD Bank, USAA, U.S. Bank, and Wells Fargo.




What does it Cost?
While Zelle was originally considered as a revenue generating service, while many digital payment services are considered as free and so banks were forced to offer Zelle free of charge to customers when they pay using their checking accounts. If customers decide to use their credit card in order to make person-to-person transfers, they are charged 3% of the transaction.
Zelle’s Technology
Zelle functions using the technological platform of the money transfer network that banks previously created called Clear Xchange. This infrastructure allows them to process bank-to-bank transfers within minutes allowing for a faster form of digital payment than other platforms allow. Zelle’s interface is stripped down and easy to use, making sending transfers simple, but it lacks the social aspect some person-to-person payment apps like Venmo have.
Security Benefits
Because Zelle is a product offered directly from your bank, there are a number of security benefits to using Zelle versus using a third-party payment processing app like Square, Venmo or PayPal. Zelle has the same level of security that your bank app has which is usually considerable and involves complex encryption.
Also, because you’re using your banking app, remember you don’t have to share your financial details with another app which cuts down your exposure. Unlike most banking apps, apps like Venmo don’t automatically log you out – which could leave you exposed if you lose your phone or someone steals it. If you encounter fraud or if your money is stolen via Zelle, your bank will be more likely to replace that lost money than if you experienced theft via a third party service.