Sending money virtually has benefited many people around the world. From splitting checks at restaurants to paying the babysitter, online banking tools make finding and carrying cash nearly obsolete. Online banking tools have different features, interfaces, and security protocols. From Venmo to Cash App, you have options for sending money virtually.
One of these payment apps is Zelle. It’s available on iPhones andAndroid smartphones. Zelle partners with banks and financial institutions. You can use your mobile banking app to access the service to send and receive money. This guide details how to get started with Zelle, access the service through your bank account, and use it instead of your debit card.
How to set up a Zelle account
The first step to setting up your Zelle account is determining if your preferred bank or credit union supports the payment system within its banking app. Because it operates in tandem with banks, you must enroll in the service through a mobile banking app rather than the Zelle app if your bank is supported. There are a few easy ways to check.
First, download the Zelle app from the App Store or Google Play Store and begin the setup process. If your bank or credit union works with the service, you’ll hit a wall in the setup process. You’ll need to continue using the mobile banking app. Another way to check if your bank supports it is togo to the Zelle websiteand search for your financial institution. More than 1,700 banks and credit unions have these peer-to-peer payments built-in, so there’s a chance you’re covered.
If your bank is supported, you’ll receive a notification to set up an account through your bank’s mobile app. You’ll do this with your contact information, an email, or a US mobile number. After agreeing to the privacy and security terms and conditions, you’ll receive an email or a text message with a verification code to confirm and verify your identity. You’re now ready to send and receive money.
How to send and receive money with Zelle
Now that you’re set up, it’s time to send and receive money with the app or your mobile banking app. Accessing Zelle via your banking app isn’t complicated. It’s easy to use from app to app, whether on an Apple iPhone or an Android device.
Many banks, including US Bank and Wells Fargo, have this functionality built into their mobile banking apps, and the process is similar across the board. In the Chase app, for example, follow these steps to send money with Zelle in a few minutes.
Receiving money is simple and easier than payment tools like Venmo. Zelle is connected to your bank account, so you only need to set everything up, and payments to your email or mobile phone number go into your US checking account or savings account. You don’t have to access the app to take out your money. It’s automatically sent, so there isn’t an issue with forgetting your balance on the app.
Even if you send money to someone who doesn’t use a bank supported by Zelle, the recipient receives an email or text message that prompts them to set up an account with a debit card. Then, the money goes into the recipient’s account without connecting with the recipient’s bank. It’s all about getting money directly into your account, without an intermediary.
One of the best parts about Zelle is that you won’t wait business days to get your money. It’s connected to your bank account, and you’re able to head to an ATM and grab your money that day, not later in the week.
Is it safe to use Zelle?
If you think that sending money online is a high-risk activity, we have good news for you. Zelle and most other payment apps are safer than your average online experience. It only allows users to move money between banks that are FDIC member banks, so they are insured by the federal government, no matter what type of transaction.
The service doesn’t require much personal information to get started, so you aren’t putting yourself at too much risk for data leaks. Only your mobile phone number or email address is required to send and request money. The service has several security policies, which include authentication and monitoring features to protect your data and prevent unauthorized access to your bank account.
Zelle purchases can be refunded, but there isn’t a protection program like with a credit card. You don’t get an immediate refund if you send money to someone who didn’t send the desired product or service. However, the money can be refunded if you file a claim with your financial institution and they approve it.
Get started with Zelle today
Those are the basics you need to know to set up and use Zelle. Head to the Apple App Store or the Google Play Store to download the app or check out your mobile banking app to see if your bank is supported. For other FAQs about payment apps, check out our guide to thebest money transfer apps. If you need help managing your money, look at our guide to thebest budgeting apps.
