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Most banks support Zelle (formerly ClearXChange), which uses ACH on the back-end but delivers funds essentially right away. The problem is that (1) most consum

Most banks support Zelle (formerly ClearXChange), which uses ACH on the back-end but delivers funds essentially right away. The problem is that (1) most consumers don't know this is a thing, and (2) as you said, the UX of sending money through Venmo is generally far better than having to log in to your institution's mobile banking app, get past MFA, and then find the option to send money to someone. Zelle also lacks the concept of requesting money (I think), and that feature is a big QOL advantage in my experience.

fragmede 5y ago
Zelle is a fucking joke. I spent 2.5 hours between three departments because Chase locked my account because I tried to use Zelle to send money. They locked my account until I reached the right department, which had this very important concept for me, which I will now share with you: If you give someone money, the money is no longer yours. After sharing this mind-blowing concept, they unlocked my account. Bank of America was slightly less aggressive, and merely flagged the transaction as fraudulent (which required another phone call to complete - and they had the same concept to share with me). By owning both ends of the transaction, the UX of Venmo is so much better it isn't even funny. I will never use Zelle again if I can help it. Zelle's limitations (set by each bank) are as bad as Venmo's (eg can only send $2,000/month to a recipient), at which point I might as well just keep using Venmo.
- skinnymuch 5y ago
  Venmo is that limited. Either rules changed or Cash App allows much higher limits. I know their overall daily, weekly, monthly limits are factors higher than Venmo. Yes Zelle is so bad when it messes up. I hate it so much.
- politician 5y ago
  Banks are incentivized to hold your deposit and and disincentivized to provide you with straightforward ways of withdrawing funds. Zelle is an industry consortium of banks to offer instant payments, but even with this consensus they can’t change their nature. Hopefully, FedNow Instant Payments will force banks to provide better service and remove the need for workarounds like Venmo.
skinnymuch 5y ago
Zelle also has major issues like holding your money for undefined periods of times without any way to do anything. I’m talking about values like $1000. Under $2500. Have never seen this happen on a Cash App or Venmo.
- bubblethink 5y ago
  Yeah, zelle is terrible. They don't even have a cancel button. Once you start the transfer, they'll hold on to it, but the recipient won't get it and you can't cancel either. Terrible as a replacement for cash.
nwah1 5y ago
Zelle does allow requesting money on the apps that I have seen. But there is no one Zelle app, so I'm sure it isn't always the same.
antisthenes 5y ago
Last time I tried Zelle, it did not support my credit union, so it's a non-starter.

fragmede 5y ago

Zelle is a fucking joke. I spent 2.5 hours between three departments because Chase locked my account because I tried to use Zelle to send money. They locked my account until I reached the right department, which had this very important concept for me, which I will now share with you: If you give someone money, the money is no longer yours. After sharing this mind-blowing concept, they unlocked my account. Bank of America was slightly less aggressive, and merely flagged the transaction as fraudulent (which required another phone call to complete - and they had the same concept to share with me). By owning both ends of the transaction, the UX of Venmo is so much better it isn't even funny. I will never use Zelle again if I can help it. Zelle's limitations (set by each bank) are as bad as Venmo's (eg can only send $2,000/month to a recipient), at which point I might as well just keep using Venmo.

skinnymuch 5y ago
Venmo is that limited. Either rules changed or Cash App allows much higher limits. I know their overall daily, weekly, monthly limits are factors higher than Venmo. Yes Zelle is so bad when it messes up. I hate it so much.
politician 5y ago
Banks are incentivized to hold your deposit and and disincentivized to provide you with straightforward ways of withdrawing funds. Zelle is an industry consortium of banks to offer instant payments, but even with this consensus they can’t change their nature. Hopefully, FedNow Instant Payments will force banks to provide better service and remove the need for workarounds like Venmo.

skinnymuch 5y ago

Zelle also has major issues like holding your money for undefined periods of times without any way to do anything. I’m talking about values like $1000. Under $2500. Have never seen this happen on a Cash App or Venmo.

bubblethink 5y ago
Yeah, zelle is terrible. They don't even have a cancel button. Once you start the transfer, they'll hold on to it, but the recipient won't get it and you can't cancel either. Terrible as a replacement for cash.

nwah1 5y ago

Zelle does allow requesting money on the apps that I have seen. But there is no one Zelle app, so I'm sure it isn't always the same.

antisthenes 5y ago

Last time I tried Zelle, it did not support my credit union, so it's a non-starter.