I thought Zelle was supposed to be instant. Why is...
# generala
abundant-psychiatrist-22252
02/21/2023, 11:23 PMI thought Zelle was supposed to be instant. Why is my bank saying that the funds will take 3-5 business days?
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thousands-sunset-8939
02/21/2023, 11:39 PMI think it depends on the amount or how often you use it or who you are sending to. It might really take a day or two. *or if it’s from a biz account. I’ve seen that happen before
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abundant-psychiatrist-22252
02/22/2023, 12:33 AMSo what's the advantage over the other methods of transferring?
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mysterious-tomato-10057
02/22/2023, 12:34 AMFor me the only advantage is I can use someone's cell number to send money directly from my checking account. Nothing else has that simple of an experience from what I've tried.
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thankful-angle-58448
02/22/2023, 1:28 AMalso if you already have the funds in zelle (meaning someone transferred to you, but you haven't deposited it yet) I think it's instantaneous. At least I'm like 99% sure that's how it works with venmo
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mysterious-tomato-10057
02/22/2023, 1:30 AMActually zelle works differently than venmo in that regards. There is no “in zelle”. Zelle connects directly to the account so there is no zelle landing zone. It is just a protocol through which two checking accounts can speak
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thankful-angle-58448
02/22/2023, 1:34 AMoh interesting. Then it makes sense it takes a few days, no way zelle is gonna float the money before they know it clears. Its essentially just an echeck
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mysterious-tomato-10057
02/22/2023, 1:36 AMi think when zelle says its immediate, they mean that the recipient sees the pending trasnfer on their end immediately, which is true
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acceptable-angle-23240
02/22/2023, 1:47 AMIn my experience it was always immediate, even from business accounts. The only exception was if the recipient didn't have zelle set up yet. It might also vary from bank to bank.
It's not an echeck. It's a new payment network co-owned by a few major banks.
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thousands-sunset-8939
02/22/2023, 2:05 AMThe advantage is that 99% of the time it’s instant. I’ve only had 1 experience wheee it took over a day.
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rich-insurance-32675
02/22/2023, 3:02 AMI have seen money from checking going instantly and from savings 3-5 days
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witty-engineer-80805
02/22/2023, 1:22 PMI usually find it to be instant enough that I can do transactions with strangers and verify that it came through while we are standing there. (Like if I sell something through a peer to peer network and they want to pay with Zelle, when they come to pick it up I can verify the payment before handing over the item)
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thankful-angle-58448
02/22/2023, 2:19 PM@witty-engineer-80805 verify the payment as in you get the notification that the payment has been received? or verify the payment as in it actually hits your bank account? Or is that the same thing with zelle?
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rich-insurance-32675
02/23/2023, 1:49 AMZelle has serious fraud issues, BTW. Unlike other payments methods its non-trivial to get the money back.
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mysterious-tomato-10057
02/23/2023, 1:49 AMIt's near impossible to get it back. Be careful when sending!
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witty-engineer-80805
02/23/2023, 1:43 PM@thankful-angle-58448 I get an email from my bank that says we received a Zelle payment. Within minutes.
But yes, sending Zelle payments needs to be done very carefully. Make sure you are absolutely certain that the recipient uses the handle that you are sending to.
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