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Furthermore, I don't think Zelle is "instant" like most people would expect. Behind the scenes, one bank is reducing your balance in a database and another is i
by DavidPeiffer 6y ago
Furthermore, I don't think Zelle is "instant" like most people would expect. Behind the scenes, one bank is reducing your balance in a database and another is increasing the recipients balance.
I initiated a payment on 7/25 which didn't get deposited until 7/27. I'm not sure if the recipient had access to some funds prior to the transaction clearing.
If Zelle is intended to take on Venmo, banks are going to have to do better.
- toomuchtodo 6y agoZelle is instant in many cases. I send funds to Chase and PNC customers from a Chase account frequently, and the funds (thousands of dollars) is available to the recipient immediately. Your bank’s UX should indicate if the transfer is immediate or not when you create a contact. Zelle is already doing substantially more volume than Venmo, as its a consortium of the largest banks in the US who have baked it into their user interfaces for domestic P2P money transfers.