Zelle is a digital payment service that allows you to send and receive money quickly and securely between almost any U.S. bank accounts, typically within minutes
. It is integrated into the mobile banking apps or online platforms of over 2,200 participating banks and credit unions, so you usually access it through your bank’s app rather than a standalone app
How Zelle Works
- Enrollment : To use Zelle, you enroll with your U.S. mobile phone number or email address through your bank’s app or online banking platform
. After enrollment, your contact info is linked to your bank account.
- Sending Money : You send money by entering the recipient’s enrolled email address or U.S. mobile number, specifying the amount, optionally adding a memo, and confirming the payment. The money is deducted from your bank account and typically appears in the recipient’s bank account within minutes if they are also enrolled
- Receiving Money : When someone sends you money via Zelle, you get a notification by email or text. If you are enrolled, the funds are deposited directly into your linked bank account almost instantly. If not enrolled, you follow instructions to enroll and receive the money
- No Fees : Zelle does not charge fees for sending or receiving money
- Transfer Limits : Limits on how much you can send depend on your bank or credit union’s policies
Important Considerations
- Zelle transfers are irreversible once sent, so it is crucial to verify the recipient’s information before confirming the payment
- It is recommended to use Zelle only with people you know and trust because it does not offer buyer or fraud protection like credit cards do
- Zelle is owned by Early Warning Services, a consortium of major U.S. banks, which helps ensure its integration and security within banking systems
In summary, Zelle works by linking your bank account to your email or phone number, enabling fast, fee-free transfers directly between bank accounts through your bank’s app, with funds usually available within minutes to enrolled users
