Alternatives: any Zelle users here?

[SpeedyChix]

Looking for PP alternatives for no or reduced fee transactions as well as for our non-profit memberships. Do many / any of you here use Zelle?

Looking for experiences and feedback.

Thanks

[Ozz]

Yes, I use Zelle...works great. I have access thru my bank, which I believe your financial institution has to offer the service...I don't think you can sign up directly.

All you need is receivers phone number or email address. They then sign up to receive money from you...pretty much in real time.

Oh, and it is free for both sender and receiver....

[FlashUNC]

Fair warning, Zelle doesn't have the fraud mechanisms and dispute resolution built into the system like Paypal. Each member bank applies those rules differently, and by and large, most banks treat it like a wire transfer. Once the money is gone, its gone.

So its great to use with trusted parties/family/friends. But I wouldn't use it to do deals with randos.

[Red Tornado]

What both Ozz & Flash said. I also use it through my bank to transfer money to my kids in college. Between trusted family members/friends it's convenient and so far has worked well. Outside of that group of people, I wouldn't use it as an alternative to other established money transfer options.

[SpeedyChix]

Thanks for the feedback and info. It's helpful. Might work for memberships.

[rnhood]

Originally Posted by FlashUNC

Fair warning, Zelle doesn't have the fraud mechanisms and dispute resolution built into the system like Paypal. Each member bank applies those rules differently, and by and large, most banks treat it like a wire transfer. Once the money is gone, its gone.

So its great to use with trusted parties/family/friends. But I wouldn't use it to do deals with randos.

That is good information.