For most of the 20th century, one of the most reliable ways to send money across the country or even oceans was to use something like Western Union. To give you an idea, they used telegraphs to keep track of money movements. We’ve come quite a long way since then.
Now, Zelle is quickly becoming a favorite method of moving money around or even just paying people back for little things like a cup of coffee. Let’s explain why.
Zelle is a service that allows you to send money to and receive money from friends. Generally, the recipient and sender only need to have a U.S.-based bank account, though there are a few exceptions which we’ll explain later.
That is a simple description, but there is more to it than that.
Other peer-to-peer money transfer services like Venmo have a road bump in the process. You usually have to transfer between accounts held on the service’s platform. Then, withdrawing the funds back to your bank account can take some time.
With Zelle, money received is deposited directly into your bank account within minutes. Money sent is deducted from the other account at the same time. It provides perhaps the fastest method of transferring money across the country.
It is a digital payments network owned distantly by some of the top banks in the U.S., such as Bank of America, BB&T, Capital One, JPMorgan Chase, PNC Bank, U.S. Bank, and Wells Fargo.
Here’s a quick guide of the steps to take to send money.
To receive money, use steps 1 and 2 above but pick the request option. The rest of the steps are the same.
Zelle is a huge step forward in making money transfers for small things between friends. You don’t have to keep cash on you; the process is so simple, fast, and secure that, as long as you double-check the phone number or email address for the contact, it’s a solid method to move money around. Our Accounting firm accepts it as a method of payment, contact us if you need more information.
You may also call us to discuss any tax problem , payroll reporting or business accounting issues you may have and we’ll let you know how we can help you.