4 ms·
I like Zelle, but this is not comparable to the system I've used in the UK. - Limits how much you can send - Identity is based on email or phone number (what?
by mbesto 4y ago
I like Zelle, but this is not comparable to the system I've used in the UK.
- Limits how much you can send
- Identity is based on email or phone number (what?!) that then needs to be managed/tied to the bank account. If you switch banks or whatever, you need to re-active with the new bank.
- For awhile, I could only associated one email with one account in Chase (despite having 4 checking accounts for business, etc.)
- Recipient also needs a Zelle account setup.
UK system is simple: give me your sort code + account #. Done.
- andrewaylett 4y agoThe UK equivalent to Zelle isn't BACS/Faster Payments, but https://paym.co.uk/ https://paym.co.uk/ As I understand things, the US equivalent to BACS would be ACH. Which is also sort code and account number, but allows pulling money without further authorisation as well as pushing money. Obviously doing that when you're not supposed to would be very illegal, but unfortunately that's not enough to stop everyone.
- mbesto 4y agoYup, that was my point. The OP thinks "we already have this in the US" and its not nearly the same.
- dndvr 4y agois pulling via ACH basically a direct debit in UK terms?
- andrewaylett 4y agoMinus all the safety precautions that make DD generally safe to use.