(Topic ID: 216625)

Payment through Zelle

By newmantjn

5 years ago



Topic Stats

  • 9 posts
  • 7 Pinsiders participating
  • Latest reply 5 years ago by newmantjn
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    #1 5 years ago

    I was looking into selling my Hit The Deck and my bank recommended using Zelle in lieu of a wire transfer, as there are no fees associated with it (yet anyway). I'm experimenting with it and sent my daughters some $$ just to see how it goes, but this appears to be a great alternative to paypal and all the BS associated with that.

    Thoughts?

    https://www.zellepay.com/how-it-works

    From the FAQ:
    Are there any fees to send money using Zelle®?
    Zelle doesn’t charge a fee to send or receive money. We recommend confirming with your bank or credit union that there are no additional fees.

    Can I cancel a payment?
    You can only cancel a payment if the recipient hasn’t yet enrolled with Zelle. You can go to your activity page within the Zelle experience, either within your mobile banking app or the Zelle app, choose the payment you want to cancel, and then select “Cancel This Payment.” If your recipient has already enrolled with Zelle, the money is sent directly to your recipient’s bank account and cannot be canceled.

    #3 5 years ago

    The biggest drawback is that it requires a bank account at participating banks. If you don’t have an account at one of the 30 or so banks and someone sends you money, your money is effectively trapped.

    #4 5 years ago

    ForceFlow - Regarding the NYT article, neither of those horror stories would apply. In my case, I'm getting the funds, then shiping the machine. The first story was about a hole in the system, but it was not a fraud of any sort. The second was a huge fraud, but a phishing scam that there was no goods involved.

    Regarding your comment in the second link, it appears that you are speculating what may happen if there is a chargeback to an empty account. The money would be coming from Wells Fargo, so I don't see how they would allow you to overdraft your account?

    Damonator - The money I sent to my daughters will be a test case. My bank has Zelle, thiers doesn't. In the case of this transaction, both banks involved have Zelle.

    I agree that there are less protections for the buyer, but I believe that is the main complaint about paypal - overly protective for the buyer. That, and fees. LOTS of fees.

    #5 5 years ago

    To me, Zelle is like getting a check, taking it to the bank used by the buyer, cashing it, and then taking cash to my bank and depositing it directly.

    Zelle takes all these steps and simplifies the process.

    Could it be abused or used as part of a scam? Sure. But there are a myriad of ways that each payment method could turn out to be part of a scam, even "cash on the glass".

    While it definitely has to mature, I feel that Zelle is a viable option to Paypal or wire transfer. I have used it 10+ times for pinball related transactions, both as a buyer and a seller. Money was available immediately for the seller and both parties benefited.

    Marcus

    #6 5 years ago

    I recently used Zelle. It went well and I had zero issues... but as the buyer I realized I was entirely at risk if something went wrong- it's like a wire- once sent there's no coming back. It seems pretty safe for the seller.

    #7 5 years ago

    Something like this is going to be the "Next big thing"to replace Paypal.D My shopping range is 300 miles (which isn't enough since there are no deals to be had) which I can drive to safely. Pay cash and research the address before you go.
    Don't go anywhere you feel the need to take a gun or a strong friend, especially if he is a relative.
    The only way I would have a game shipped is if I went to the location,packed it myself and loaded it.

    #8 5 years ago

    I receive payment via Zelle fairly regularly for splitting checks to people buying pinball machines. It’s very easy to know if you’ve got the money. That NYT article you could sub Zelle for PayPal, cash, check or whatever and if would still fit. For large purchases I will ask the buyer to send something small like $5 to make sure they get it right and understand the process.
    Zelle sends a text message to phones or email to confirm additons to an account so they Zelle unique scam about stealing a phone number mentioned in the NYT article probably would not apply anymore.

    #9 5 years ago
    Quoted from ypurchn:

    For large purchases I will ask the buyer to send something small like $5 to make sure they get it right and understand the process.

    I like that idea. Thanks.

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