Using Zelle in place of ACH...Game Changer

[UncleB]

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@DaveInAZ wrote:

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@UncleB wrote:

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To me using Google Pay seems even more confusing!    With Zelle you don't have to worry about different browsers, etc... as long as each bank/CU has a different email (or phone) you're good.  Both Google Pay and Zelle seem to have this in common.

That's why it's good to have options... we can each use what works best for us.  As long as the solution works that's all that matters.

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Well,  I thought I'd give Zelle a try. I downloaded the Android app, I don't have any accounts at banks that support Zelle so it told me "no problem, enter a debit card". I tried 3 different debit cards from 2 credit unions and Memory Bank and each time it said "we have issues, contact Zelle". No thanks.

It is good to have options, I'll stick with Google Pay - a little work to setup, but then you just switch default debit cards for the account syour want.

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Ahh... yeah, if your bank/CU doesn't support Zelle natively I would probably avoid it as well. 

For those banks/CUs who are member institutions Zelle works really well (and is baked-in to the bank's own app) but for those who have to download the separate Zelle app the reviews tend to be more mixed. 

[Turbobuick]

I can Zelle into my BofA business checking, but I can't Zelle out. Sucks. 

[Anonymous]

Thanks for the info.  I just signed up for Zelle in my Bank of America account.  I still need to figure it out, but it seems easier than the methods I have been using previously to transfer money.  Just to understand, is it classified as an ACH transfer or does it not go through the Automated Clearing House network?

[UncleB]

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@Anonymous wrote:

Thanks for the info.  I just signed up for Zelle in my Bank of America account.  I still need to figure it out, but it seems easier than the methods I have been using previously to transfer money.  Just to understand, is it classified as an ACH transfer or does it not go through the Automated Clearing House network?

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It does use the ACH framework, but it's (usually) instant, unlike a "regular" ACH transfer. 

One possible caveat would be if you're used to taking advantage of incoming ACH transfers 'counting' as direct deposits to avoid a monthly fee... that most likely won't work if you use Zelle. 

On the front-end, the big difference other than the speed is you don't have to bother with routing numbers or account numbers... just make sure you register either your email address or cell phone number with your bank to work with Zelle.

[Snipper117]

Zelle is how I always transfer funds between accounts.  Currently banking between BOA, CHASE, CITI, and now that NFCU supports zelle as of 2 weeks ago it is great for INSTANT $$ transfers.  I've been using zelle for about 2 1/2 years and never an issue.  I have different emails (work related) set up to each account.  Never had an issue - highly recommended and their are no fees, no application, nothing to sign up for.  Plain and simple.

[Anonymous]

We shouldn't even need something like Zelle. 

ACH should just be a real time transfer. 

[Revelate]

Nice, thanks for the information!

[Anonymous]

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@UncleB wrote:

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@Anonymous wrote:

Thanks for the info.  I just signed up for Zelle in my Bank of America account.  I still need to figure it out, but it seems easier than the methods I have been using previously to transfer money.  Just to understand, is it classified as an ACH transfer or does it not go through the Automated Clearing House network?

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It does use the ACH framework, but it's (usually) instant, unlike a "regular" ACH transfer. 

One possible caveat would be if you're used to taking advantage of incoming ACH transfers 'counting' as direct deposits to avoid a monthly fee... that most likely won't work if you use Zelle. 

On the front-end, the big difference other than the speed is you don't have to bother with routing numbers or account numbers... just make sure you register either your email address or cell phone number with your bank to work with Zelle.

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Thanks UncleB.  I was curious about this for several reasons, one of which is that to fulfill the requirements of a banking bonus for an online bank account I recently opened, I need to make three ACH deposits.  I was wondering if doing it with Zelle would count.  I agree that it seems like it would not work for that (or for counting as a direct deposit so as to avoid a monthly fee).  Thanks for your input!

[Anonymous]

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@Snipper117 wrote:

Zelle is how I always transfer funds between accounts.  Currently banking between BOA, CHASE, CITI, and now that NFCU supports zelle as of 2 weeks ago it is great for INSTANT $$ transfers.  I've been using zelle for about 2 1/2 years and never an issue.  I have different emails (work related) set up to each account.  Never had an issue - highly recommended and their are no fees, no application, nothing to sign up for.  Plain and simple.

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Hi Snipper227,
Are the different emails you created for each account used JUST for use with Zelle, or does each one actually need to be affiliated with the accounts as well?  I assume the answer is yes, but just making sure.  Zelle seems great, but given all the credit unions and banks I belong to...that's a lot of email addresses to create, and I like receiving all my account info at one email address.  I might have to follow DaveInAZ's lead and go with Google Pay.

[Anonymous]

Wow. I've seen Zelle forever but never tried it until now. Total game changer. Thanks!