Tag Archives: Zelle

PSA: Do NOT Use Zelle or Venmo to Pay People on Craigslist, eBay or Strangers Online

Good afternoon everyone, I hope your Presidents’ Day Weekend is off to a great start.  I just spent the last hour or so reading about horror stories where people were scammed on Craigslist when they paid with Zelle (Tech Crunch and Reddit). Since I wrote a post on how to send money to friends (or other bank accounts) with Zelle, I felt that it was my duty to inform my readers about this scam.

After reading the Tech Crunch and Reddit posts, here is how the scam works. The buyer sees tickets on Craigslist and reaches out to the seller. The seller says they can transfer the tickets to the buyer immediately after payment is received and recommends using Zelle, since that is their preferred way to be paid. Luckily, the buyer has used Zelle in the past and *thinks* that since the service is offered by their bank and other big banks, that all transactions are protected. After the buyer pays the seller via Zelle, the seller disappears and stops responding to calls, texts, and emails. The buyer complains to their bank, but since Zelle is set up to pay friends and family members, there is no purchase protection offered through Zelle, therefore, their bank cannot help them recover their money.

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Which Peer-to-Peer Payment App is the Best?

If I used the term peer-to-peer payment app, you’d probably know what I meant. I’m no tech dinosaur, but I’ll admit to finding all the peer-to-peer payment app options a bit confusing. I wanted to find out how many there were, what the differences were, and who the services might work best for. Here’s what I discovered!

When we travel, splitting the costs of things like meals, car rentals, admission to events, and hotel rooms, just to name a few, can be complicated. In the old days, maybe a friend would keep track of costs using a note app on their phone. Or maybe you’d use a notepad and pen! But now, digital wallets and peer-to-peer payment apps are making this process easier by allowing people to pay one another back without needing cash or checks. These peer-to-peer methods have become a part of everyday life.

I’ve found though, that using them isn’t as simple as just downloading an app. There are conditions to consider. In some cases, using them means you’ve shared your bank account information. Most of them are only available in the U.S. and you need an American bank account. They also function differently, have differences in privacy and security, and differences in how long it takes to get paid. Let’s take a look at the top 6 choices.

Google Wallet

Google’s payment service allows you to receive and send money using Google Wallet. You do this via Gmail or on the web. You’ll need a debit card and Google account to sign up. There is no charge. Depending on your default payment method, you’ll either receive your money within 24 hours or in the case of using a bank account as your default method, you’ll be paid within 3 days. Google Wallet does encrypt your financial information and you can add a PIN to the app for an extra layer of security. If security is a top issue for you, then Google Wallet is a good choice. Daily send limit: $10,000 USD.

Image source: https://www.google.com/wallet/

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Send Money to Friends (or Other Bank Accounts) Instantly with Zelle (Formerly Chase QuickPay / clearXchange)

Good morning everyone, I hope your week is off to a great start.  Over the weekend, I had some free time on my hands, so I experimented with Zelle, the rebranded Chase QuickPay / clearXchange money transfer service being used by all the big banks.  Enrolling in Zelle is really easy and the feature is built into most bank apps.  In my 2 tests, I transfered $5 from my Chase checking account to my US Bank checking account, and then I decided to send $1 from my US Bank checking account back to my Chase checking account.  I did everything with the help of the Chase and US Bank iPhone apps.  Here are instructions for sending money from one account to another, or from one person to another with Zelle.  If you have Zelle with a different bank than Chase or US Bank, the process should be almost identical.

With Zelle, you have to have to enroll/link a phone number or email address.  Only one phone number or email address can be used per Zelle account.  I decided to use my email address with Chase and my phone number with US Bank.  I signed into my US Bank app, clicked the menu icon in the upper left corner, clicked Send Money, and clicked Receive with Zelle.  I made sure my phone number was listed and my US Bank checking account was linked.

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