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I just tried this, I opened my bank's app and it took me the whole of 2 minutes to set up a standing order to pay my friend £10 on the first of the month. It wo
by pdpi 5y ago
I just tried this, I opened my bank's app and it took me the whole of 2 minutes to set up a standing order to pay my friend £10 on the first of the month. It would be in his account on the 1st, or the next working day. I pay my cleaner via bank transfer when she leaves my place, and it's in her account by the time she's in the bus. My bank mailing cheques to my landlord is a concept that's just bizarre to me.
- jedberg 5y agoGiven that you are sending pounds instead of dollars, I'm guessing you live in a civilized place with modern banking and not a backwoods like the USA. The problem is not technology, it's the USA banking system. We have no way to instantly send money to someone over a few thousand dollars without huge fees. Oftentimes rent exceeds that limit in urban areas.
- lotsofpulp 5y agoYou can send money via Zelle instantly, but I would stick to check or ACH purposes for legal dispute reasons in the case of conducting business, especially paying rent.
- jedberg 5y agoZelle has a few thousand dollar per day/week/month limit, which, at least in the Bay Area, is too low for rent.
- toomuchtodo 5y agoI can send $5k per day to seasoned Zelle contacts who I’ve sent funds to previously (Chase).
- lotsofpulp 5y agoI see $20k in 30 days, $10k in 7 days, and $3.5k in 24 hours in my BoA account: https://i.imgur.com/he9PXTn.png https://i.imgur.com/he9PXTn.png I can see $3.5k/day would be a problem for paying rent easily in some places. I guess this is the best we have for instant online payments until FedNow goes live.
- deleted 5y ago[deleted]
- jedberg 5y agoIt depends on your bank and your credit and your relationship with the the bank. They basically have to loan you the money to send so it’s a question of what their credit risk is.
- ollien 5y agoZelle is actually not supposed to be used for anything other than personal payments, despite that rule not being followed by many, many people. My bank told me that Zelle will ban people for it Also, the "instant" limit on Zelle is too low for any reasonable rent in an urban area. It's $1000/day for my bank
- lotsofpulp 5y agoBank of America has a column for small business limits on its Zelle website: https://i.imgur.com/he9PXTn.png https://i.imgur.com/he9PXTn.png There is a whole FAQ section for using Zelle as a small business: https://www.bankofamerica.com/online-banking/zelle-faqs/ https://www.bankofamerica.com/online-banking/zelle-faqs/
- ollien 5y agoSorry, I should clarify that I mean Zelle on a personal account. Maybe the rep was bluffing or clueless, but it's what I was told. Perhaps it's permitted if you have the proper business account, but a small-time landlord may not have this