Charles Schwab Now Offers Zelle (Natively/In-app)

[simplynoir]

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@UncleB wrote:

I can't do a screen capture (app won't allow it) but my Zelle transfer limits are:

Daily limit:  $2000

30 Day limit:  $5000

• Number of transactions allowed:  15 per day, 30 per month
• The 30 days limit includes activity within the last 30 days, including today

I don't know if this is the same for everyone or if it's adjusted based on customer type/relationship (like some other banks do).

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D'oh, of course they meant probably Zelle limits 🤦😂

I imagine if someone could raise the limits on their default ACH limits then someone could call Schwab and do it

[inlvnv]

Great news!

Schwab is already my primary bank and investment firm.  I have two separate accounts, each with $2k daily ATM withdrawal limit and $100k daily mobile deposit limit.  No bank could offer me this. It also doesn't hurt that Schwab customer service is one of the best. 

Now, if they could just waive that pesky international wire transfer fee, I would gladly close out my sapphire checking account. 

[jmw1]

Now we just need Fidelity to get their butts off the chair and do the same thing. 

[UncleB]

Just a note for posterity... I noticed Schwab has (slightly) increased their Zelle transfer limits:

• Daily limit:  $2500
• 30 Day limit:  $5500

The daily/monthly transaction limit is the same (15/day, 30/month).

It's possible some customers might have higher limits, but I'm assuming these figures are the new 'minimum', since my own account is rather modest.

This isn't a huge change, but for those who do regular monthly Zelle transfers (such as paying rent, etc.) this higher limit could be helpful.

[xenon3030]

Is Zelle reliable? In case of an unexpected issue and if by chance, a large fund goes to a wrong person for any reason, I guess the money is lost. I heard that in such cases, the bank would provide the contact info of the recipient and noting else. Not sure what happens, if the guy refuses to return, because it was not his mistake

For issues with ACH, I know that you can dispute the transaction.

[UncleB]

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@xenon3030 wrote:

Is Zelle reliable? In case of an unexpected issue and if by chance, a large fund goes to a wrong person for any reason, I guess the money is lost. I heard that in such cases, the bank would provide the contact info of the recipient and noting else. Not sure what happens, if the guy refuses to return, because it was not his mistake

For issues with ACH, I know that you can dispute the transaction.

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At the risk of derailing this thread for Schwab... yes, Zelle is reliable - it works exactly as advertised.

It's like cash, though... if you mistakenly hand cash to the wrong person, it's up to them to return it to you.  Zelle is the same way; one must simply be careful when entering the phone number/email address of the intended recipient. 

When I have a new recipient I generally first send $1 as a test to make sure everything is working as expected, which prevents the wrong person issue you mention above.