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Zelle 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
by ollien 5y ago
Zelle 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