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Zelle payment system (replaces paypal & postal money orders) Instant bank to bank transactions

drobs
I recently bought a complete Glock 23 / 19 frame for a slide I assembled on my own.

The seller stated the following:
"I accept electronic payment via Zelle or Venmo. Just an FYI - Venmo does allow you to pay with a Credit Card. Sorry, NO paypal. I also accept check, MO, certified check. I will ship immediately if paying electronically or via USPS MO. All others I will wait until it clears."

I have a couple banks I use. Turns out Chase is set up for Zelle. Looks to be a paypal replacement allowing you to instantly send funds among banks without giving all your banking info away. To send a payment I just needed this seller's email address and phone number.

Venmo looks to be a cell phone only system. Call me old fashion but I don't do anything financial on my cellphone.

You guys that only do USPS money orders (Nunn) might want to see if your bank is setup for Zelle.

Edit: It's an instant transfer of funds. No waiting 2 to 3 days for an electronic wire transfer like when transferring funds between banks. 




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Comments

11 comments

Date Votes
  • Grasshopper
    My bank is set up with it Zelle, for some time although I don't use it. Yes, we are fast becoming a world of "no cash" and nothing but air money. My son who is in the banking system says it's a matter of time because their are many cashless systems in place and others poking their head up. USPS MO s for payment is fast becoming a dinosaur, IMO, only.
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  • nmyers
    I have 2 banks that offer Zelle, & I have used it several times.  You use the other person's email address OR his phone number (his choice).  Your bank contacts you electronically before executing any request, & you must agree.  Works really well.  Unlike Paypal, your bank doesn't care what the money is being used for, but there is a line that you can use if you want.  Great system, I keep finding new places to use it.
    Neal
    3
  • chiefr
    Anything is better than PayPal. PayPal sucks.
    PayPal is whats wrong with EBay. 
    6
  • scooterdriver
    Cash will always have its place, but electronic payment options are a convenience with little downside for purchases that will show up on the grid anyways.
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  • mac10
    i will die with cash in my pocket
    6
  • Warbirds

    interesting - I thought Wells Fargo “owned” Zelle and it was only for instant transfers between WF accounts.

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  • Smitty500mag
    I've been using eCheck for several years. It's cheaper to pay with the electronic check than it is to use a credit card and it's instant. 
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  • mohawk600
    Zelle works..............and I think it is pretty secure. Only a matter of time though, before they prohibit transactions involving guns and ammo, as Paypal did.
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  • drobs
    Warbirds said:

    interesting - I thought Wells Fargo “owned” Zelle and it was only for instant transfers between WF accounts.

    Here's what Chase says about Zelle:

    A friend of mine uses Zelle through Wells Fargo to receive his rent payments from a renter in Indiana.
    I know he mentioned that he had to recently set up a Wells Fargo account as his local bank didn't support it.

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  • drobs
    Here's a FAQ from Chase on Zelle / Quickpay:

    Are there limits to the amount of money I can send and receive?

    There are no limits to the amount of money you can receive.

     The limits on how much money you can send depend on the type of account you’re using:

    • From personal Chase checking accounts, you can send up to $2,000 in a single transaction, up to $2,000 a day and $16,000 in a calendar month.
    • From Chase Private Client or Private Banking client accounts, you can send up to $5,000 in a single transaction, up to $5,000 a day and $40,000 in a calendar month.
    • From Chase business checking accounts, you can send up to $5,000 in a single transaction, up to $5,000 a day and $40,000 in a calendar month.

    Keep in mind: These transfer limits are for your combined accounts and may be subject to change.

    Participating Zelle member banks and out-of-network banks set the limits on transfers sent to or received from Chase accounts.


    Downside or Upside is this:

    Is Chase QuickPay® with Zelle® secure?

    When you use Chase QuickPay® with Zelle®, your recipients won't see your account number, and you won't see theirs. Make sure you send money to people you know and trust in order to help avoid scams and protect your account. We don't protect or cover purchases if you use QuickPay to pay for goods or services.


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  • drobs
    Here's a list of banks that are members with Zelle:
    Looks like 3 of my 4 banks are on there.



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