Zelle is a mobile payment app that streamlines the payment process and enables peer-to-peer transfers to take place in minutes. Zelle is an excellent way to send money to friends and family, even if they open an account in a different location than you. If you need to send money quickly, Zelle might be the way to go. Furthermore, the app is backed by thousands of banks.
If your bank supports Zelle, you can sign up for it via your mobile banking app. If you don’t have a Zelle account, you can get one by downloading the Zelle app.
How Does it Work?
Access Zelle
Begin by registering your email or mobile number in your mobile banking app or the Zelle app.
Select the person you have to pay to
Enter the recipient’s email address or mobile number. You can send money to nearly anyone who has a bank account in the United States.
Choose the account
Enter the amount you want to send. Your recipient receives an email with instructions on how to go about the payment quickly and easily.
How to Cancel Zelle Payment in Bank of America?
The cancellation policy for Zelle payments is universal across banks. Nevertheless, cancellation is only possible when a person hasn’t already enrolled with Zelle.
- Access your bank’s app or log in to its website.
- Navigate to the “Activity” tab.
- If the user has not yet signed up for Zelle, you will see the “Stop the payment” button. When you tap it, your payment is canceled. You will not see this option if the individual has enrolled.
- If your payment is scheduled for a later date, you could perhaps cancel it at any time by selecting “Cancel.”
Canceling the payment, on the other hand, will be impossible if the user has already signed up for Zelle. Keep in mind that Zelle immediately transfers funds to the recipient’s bank account. Your money’s gone the moment you press the “Send” button. As a result, it’s critical to cross-check the payment details and the recipient’s information at all times. If you discover that your money was given to the wrong person, you can try getting in touch with them and requesting the money back.
Is Zelle Safe?
Unlike the other peer-to-peer money transfers, getting your money refunded after making an undesired payment with Zelle is extremely difficult. This is because Zelle does not have security features such as buyer protection. This means that there’s no guarantee you’ll get your money back if you don’t receive an item you paid for. Likewise, because Zelle transfers are finished in minutes, you frequently do not have the option to cancel a payment. According to some sources, this makes it a popular platform for scam artists and conmen.
To be on the safe side, Zelle recommends not sending money to strangers or people you don’t know. In fact, Zelle’s website has an entire section dedicated to alerting users about fraud and scams. Having said that, Zelle still seems to be safe to use if you heed this advice. Furthermore, one of the most notable advantages of using Zelle is that your money is never held in a third-party location, meaning it is either in your bank or in the bank of your recipient. This means that your funds are always protected.
Conclusion
Overall, Zelle is a good option if you want to send money to a friend quickly and without incurring any additional fees.
In comparison to other transfer services, Zelle’s lack of fees is a significant advantage. But, as previously stated, the transaction’s speed and ease come at a price – security.
To avoid situations like unwanted or accidental transfers, you can delete the recipients that are no longer relevant in your recipient list.
If you’re going to be sending money with Zelle, make sure you know and trust the person to whom you’re sending money.
