This is a phishing scam where the scammer spoofed the bank phone number and attempted to convince the individual to provide their personal information, not a breach of the bank’s or Zelle security.
Zelle’s network operator, Early Warning Services
Treating a Zelle transfer like cash is a great way to make sure you stay safe. We would not send a cash envelope without double-checking the address, so we should always double-check the mobile phone number or email before confirming the transfer.
When you receive a call claiming to come from the bank or any financial institution asking for validation or more recently, asking you to perform a transaction on your account, hang up immediately and call back yourself, most numbers can be spoofed.
Heads up!
A victim gets her money back after speaking with 7 On Your Side
Money transferred using Zelle is moved directly from one bank account to another. Most wire transfers require account numbers to initiate transactions, and 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 are sending the money to. Zelle sends the recipient a text or email message stating that there is a payment waiting for them, along with a link to accept it. If the recipient’s bank is not a participating partner, the recipient simply needs to register for the service through their bank’s website or mobile app. Once registered, the recipient can accept the payment, although new users may have to wait up to three days to receive the payment. In this way, Zelle represents benefits for both the user and the recipient.
Zelle is compatible with almost all major banks and most even have the service built into their mobile banking app. Consumers downloading the standalone Zelle app must provide a phone number or email and debit card information to receive and send funds.
Unlike other P2P transfer services, Zelle does not charge any fees. Instead, Venmo and Cashapp charge fees if users send money with a credit card or if users want to immediately fund their bank account. These fees can range from 1.5% to 3% and can make transferring large amounts expensive.
What is the Zelle transfer limit?
If your bank doesn’t offer Zelle, the limit to send money is $ 500 per week. If your bank offers Zelle, you can transfer larger amounts. However, when it comes to receiving funds through Zelle, you don’t have any limitation on how much you can accept, which is one of the benefits to consider.
Zelle is similar to the Venmo payment app. Both Venmo and Zelle allow you to send money instantly, but there are some key differences between the two services: money sent through Venmo can be transferred instantly with Venmo’s “instant transfer” feature, but Venmo charges a 1% fee. of the transfer amount if you choose that route. Money sent through Zelle is transferred to your bank account automatically, free of charge.
This feature may have contributed to why Zelle has become so popular. According to data from eMarketer, after just one year on the market, Zelle was overtaking Venmo as the most widely used payment app in the U.S. In the first quarter of 2019, Zelle processed $ 39 billion in payments, while Venmo processed $ 21 billion in payments during the same period.
