6/12/2023 0 Comments Do no harm but take no bull![]() ![]() Transactions are instant and irreversible once complete, making Zelle very attractive to criminals. Zelle allows users to send money electronically to anyone: All you need is a recipient's email address or US phone number to transfer funds. Customers whose banks don't support Zelle can connect a debit card with the Zelle app. In 2021, people sent $490 billion through Zelle.Ĭreated to compete with other electronic payment services like PayPal, Venmo and Cash App, Zelle lets banks handle casual electronic transfers without paying any fees to third parties. Zelle charges no fees and works with about 1,700 banks and credit unions. Zelle is available to 100 million banking customers (whether they know it or not). Launched in June 2017, Zelle is a peer-to-peer, or P2P, payment service owned by Early Warning Services - a consortium of major US banks, including Bank of America, Chase, Capital One and Wells Fargo.
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