Looking for information on Zelle and Zelle Limit Per Day? Then you are in the right place… Take out time to read this article as we give you all you are looking for on Zelle limit per day with ease. With Zelle, it has never been easier to send and transfer money directly from your mobile device.
Applications like Zelle can be used for a variety of services from shopping with friends to making split-second money transfers to friends or business partners, applications like Zelle, Venmo, and Cash App have revolutionized how consumers move money, all this can be done without a checkbook or handling cash.
Continue reading on to learn how this payment app can make safe, quick money transfers, Zelle limit per day, and other security features to ensure it is safe to use.
What Is Zelle
Zelle is a mobile payment application that uses modern technology such as peer-to-peer (P2P) money transfers, making the process of paying for things simple and making it easier to move around without holding cash or visiting the bank to withdraw money. It was reported that users transferred $187 billion in 2019 using Zelle, this was an increase of 57% from 2018.
Zelle was developed by more than 30 major U.S. banks and has a standalone app that users can download to their smartphones. The service is also integrated within the mobile banking apps of major participating banks, including Bank of America, Chase, Citi, and Wells Fargo. Consumers who already have their bank’s mobile app can start using Zelle right away.
How Does Zelle Work?
Worthy of note is the fact that money transferred using Zelle moves directly from one bank account to another, unlike some other payment apps. Most banking transfers between accounts require account numbers to initiate transactions, and these transactions can take up to several business days. Zelle eliminates this need, allowing users to transfer funds from one checking account to another in a matter of minutes.
To initiate a transfer, all you need is the email address or phone number of the person you’re sending money. Zelle sends the recipient a text or email indicating there’s a payment waiting for them, along with a link to accept it. If the recipient’s bank is a participating partner, the recipient simply needs to register for the service through their bank’s website or mobile app with an email address or phone number.
Once registered, the recipient can accept the payment, though first-time users may have to wait up to three days to receive payment. If the recipient’s bank is not a participating member, they can still receive the funds by downloading the Zelle mobile app, registering with an email or phone number, and entering a debit card to receive the funds.
You might be wondering which banks work closely with Zelle. Ok, let’s dive into this…
Banks That Are Compatible with Zelle
Zelle is compatible with nearly all major banks, and most even have the service integrated into their mobile banking app. Before a User who downloads Zelle’s standalone app can access it, you will be required to provide a phone number or email and debit card information to be able to receive and send funds.
However, if you are a Visa or Mastercard debit card user, you can download Zelle and use the application to send money. If your bank already works with Zelle, you’ll be directed to your bank’s mobile app, as long as you have it downloaded on your device.
Does Zelle Charge a Fee?
Unlike certain other P2P transfer services, Zelle does not charge any fees. Other payment apps like Venmo and Cashapp charge fees if users send money using a credit card, and if users want to immediately deposit funds into their bank account. These fees can range from 1.5% to 3% and can make the transfer of large amounts costly.
Zelle’s Transfer Limit?
If your bank doesn’t offer Zelle, your limit for sending money is $500 per week. If your bank does offer Zelle, you may be able to transfer larger amounts; contact your financial institution to find their spending limits. When it comes to receiving funds through Zelle, however, there are no limitations to how much you can accept.
Zelle Limit Per Day
Below we show you some of the major banks that offer Zelle and their Zelle limit per day and weekly limits which they allow users to transfer using the service.
Bank Daily Limit Monthly Limit
Ally Bank $5,000 $10,000
Bank of America $2,500 $20,000
Chase Personal Checking $2,000 $16,000
Chase Business Checking or Chase Private Client $5,000 $40,000
Citibank Account, Basic Account, and Access Account $2,000 $10,000
Citibank Citi Priority, Citigold, and Citi Private Bank $5,000 $15,000
Citizens Bank $1,000 $5,000
PNC Bank $1,000 $5,000
U.S. Bank $2,500 $10,000
USAA $1,000 $10,000
Wells Fargo $2,500 $20,000
Is Zelle Safe?
One of the improved safety measures on Zelle is the funds never sit in a third-party location, therefore your money is always insured. When you compare this with handling cash and sending bills or checks in the mail, Zelle could be considered a safer option for moving money quickly.
It is very important to note;
When using Zelle you need to be sure you’re sending funds to the correct recipient and a recipient is a person who is trusted, As said at the beginning of this article as long as you are within your Zelle limit per day, transfer of money moves so quickly, if the person you send money to has a Zelle account, the transfer will be completed in minutes and thus cannot be canceled once it’s sent. That means you’ll want to double-check your transfers to ensure that you don’t make a mistake and send the funds to the wrong person.
This speedy rate of the transaction also makes Zelle a prime target for criminals, some experts warn. If you’re transferring money in exchange for goods and services, a scammer could take your money and not complete the exchange.
If your account is hacked and money is transferred without your authorization, Zelle recommends you contact your financial institution to see if you can report the fraud and get your money back. You can find out more information about fraud and scams on Zelle’s website.
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