Megan Brooks
Zelle is a money transfer service that allows users to send and receive money directly to and from almost any US bank account. It is available on most banking apps and can be used to send money to friends, family, or other contacts. To use Zelle, users typically need to provide the recipient's email address or US mobile phone number. Transactions through Zelle are typically completed within minutes, and there are generally no fees associated with using the service. However, it is important to note that Zelle does not offer purchase protection, and funds sent through the service may not be recoverable in the event of unauthorized transactions.
| Characteristics | Values |
|---|---|
| Functionality | Send and receive money |
| Speed | Transfers are typically completed in minutes |
| Requirements | Sender and recipient must have a US bank account |
| Requirements | Sender and recipient must have a US mobile number or email address |
| Security | Treat Zelle payments like cash — once you send money, it's unlikely you'll get it back |
| Security | Zelle should only be used for sending money to friends, family, or others you trust |
| Security | Zelle does not offer purchase protection |
| Security | Zelle will never contact you via phone or text to ask for a security code |
| Cost | No fees to use Zelle in the Mobile Banking app or Online Banking |
| Cost | Third-party message and data rates may apply |
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What You'll Learn
How to send money with Zelle
Zelle® is a fast and easy way to send and receive money with friends and family, and it's available in most banking apps. It's important to note that Zelle® should only be used to send money to people you know and trust, as transactions typically occur within minutes and you're unlikely to get your money back.
To get started, you'll need to enrol your email address or U.S. mobile number through your mobile banking app. Here's how to do it:
- Open your mobile banking app and sign in.
- Navigate to the "Pay" or "Pay & Transfer" section, then select Zelle®.
- Follow the on-screen instructions to set up your Zelle® account. You may need to check your email or text messages for a one-time code.
- Once enrolled, you can send money to friends and family who are already using Zelle® by selecting their contact within the app. Look for the purple "Z" next to their name to confirm they are registered.
- Choose the account you want to send money from and enter the amount.
- If you want to make the payment recurring, tap the toggle and set the frequency.
- Review the details of your transaction and confirm the payment.
If you're sending money to a new contact, simply add their email address or U.S. mobile number, and they will receive a notification with instructions on how to enrol with Zelle®.
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How to receive money with Zelle
Zelle is a fast and easy way to send and receive money with friends and family. It is available in over 2,200 banking apps and works between U.S.-based banks. This means that even if your bank account is different from the sender's, you can still use Zelle to safely receive money straight into your bank account.
To receive money with Zelle, you must first enrol your U.S. mobile number or email address. The money will then be transferred directly into your bank account, typically within minutes.
If you bank with Bank of America, you can receive money with Zelle by following these steps:
- Log in to the Mobile Banking app.
- Select "Pay & Transfer" to get started.
- Select Zelle.
- Tap "Settings".
- If you are not already enrolled in Zelle, tap "Set up Zelle" and follow the prompts to get set up.
- Tap "Add another email/mobile #".
- Add the email address or U.S. mobile number the sender used to contact you and select the deposit account where you would like the money to go.
- Read and agree to the disclosures and select "I AGREE".
- You will receive a one-time authorization code.
It is important to note that Zelle is not available on Bank of America Advantage SafeBalance Banking for Family Banking accounts.
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Using Zelle to pay someone you don't know
Zelle® is a quick and convenient way to transfer and receive money, but it should only be used to send money to friends and family you know and trust. This is because Zelle® does not offer a protection programme for authorised payments. If you do not receive the item you paid for, or the item is not as described, your money will not be returned to you, and you will not receive a refund.
Scammers often request payment through Zelle® and pose as loved ones in distress. They exploit confusion around Zelle’s features and policies, targeting users who may not realise that Zelle doesn’t require upgrades or fees to receive money. For example, you may receive a message claiming you need to pay a fee to upgrade your Zelle® account or create a business profile to receive a pending payment.
If you send money to someone you don't know through Zelle®, you might receive funds from stolen accounts that later get reversed, expose personal information to scammers, or unknowingly aid fraud. Since Zelle® lacks strong buyer and seller protections, it may be safer to use more secure payment methods for transactions with people you don't know.
To avoid getting scammed on Zelle®, it’s important to understand how the platform works, be cautious when dealing with strangers, and stay wary of warning signs. For example, Zelle® will never contact you via phone or text to ask for a security code, and they will never ask you to send money to yourself or anyone else.
To use Zelle®, you need to have a bank account in the U.S., as well as a valid email address or U.S. mobile phone number. You can then log into your bank's mobile banking app or online banking and select "Pay & Transfer" or "Payments", followed by "Zelle®". Follow the on-screen instructions to start sending money or get set up to start receiving money.
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Cancelling a Zelle payment
Zelle® is a fast and convenient way to send and receive money with friends and family. It is available on most banking apps and all you need is a U.S. mobile number or email address to enrol. However, once you send money through Zelle, it is difficult to cancel the payment or get a refund.
Zelle payments are sent instantly and directly to the recipient's bank account, similar to handing over cash. Therefore, it is important to ensure that you only send money to people you know and trust, and always double-check that you have entered the correct recipient details before hitting the send button.
If you have accidentally sent a Zelle payment to the wrong person, or if you change your mind about a payment, you may be able to cancel it, but only under very specific circumstances. The only instance when you can cancel a Zelle payment is if the payment is still pending because the recipient has not yet signed up for Zelle. In this case, you can go to your Zelle page on the Zelle app or your mobile banking app, select the payment you want to cancel, and tap the "Cancel This Payment" option.
If the recipient is already enrolled with Zelle, the payment cannot be cancelled once it has been processed. In this case, you may try contacting the recipient and requesting that they send the money back to you. However, they are not obligated to do so. You can also contact your bank for assistance, especially if you believe you have been the victim of a scam or fraudulent activity.
It is important to note that Zelle does not offer the same level of protection as a credit card or other traditional payment methods. Once a payment is sent, it is difficult to dispute or reverse the transaction. Therefore, it is always recommended to exercise caution when using Zelle and only send money to trusted individuals.
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Zelle transaction fees
Zelle is a money transfer service that allows users to send and receive money straight between bank accounts. It is available as a feature in most banking apps and can also be accessed through online banking.
While Zelle does not charge the consumer any fees for using the service, they do charge a fee to the user's bank, which may be passed on to the consumer. This fee can be avoided if the bank has directly partnered with Zelle and integrated its features into their system.
There are no explicit mentions of transaction fees on the Zelle website or in the Bank of America app, where Zelle is offered as a service. Both sources state that there are "no fees" to use Zelle through their mobile banking app or online banking.
However, it is important to note that Zelle transactions are treated like cash, and once you send money, it is unlikely that you will get it back. This is similar to cash transactions, where it can be challenging to recover funds once they have been handed over.
Additionally, Zelle will never contact users to request that they send money or provide security codes. If someone unfamiliar requests this, it is likely a scam.
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Frequently asked questions
Zelle is a fast, safe, and easy way to send and receive money with friends and family who have a bank account in the US.
To set up Zelle, you need to enrol your email address or US mobile number through your mobile banking app. You can then start sending and receiving money.
No, Zelle is available in over 2,200 banking apps in the US. To find out if Zelle is available in your banking app, search for the bank or credit union where you have an account.
To send money, log in to your mobile banking app and navigate to the "Send Money with Zelle" or "Pay & Transfer" option. Enter the amount and the recipient's email address or US mobile number. The money will be transferred directly to their bank account.
