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Zelle has significant limitations for gross settlement and relies on a security model that leaves much to be desired. Zelle also is a product of TCH, hence why
by Qworg 4y ago
Zelle has significant limitations for gross settlement and relies on a security model that leaves much to be desired.
Zelle also is a product of TCH, hence why "major banks" carries a lot of water. You can't leave behind rural and low income Americans.
- dogman144 4y agoYes, the platform is arbitrarily limited to $500 transfers and significant disclosures on why/how you want to use your money. ACH, checks and Venmo still win out
- paxys 4y agoNo it isn't. All of the major banks allow Zelle transfers of anywhere between $2500 to $5000 a day.
- notch656a 4y agoActually you're both right. The last 3 banks I've had have had the $500 limit because if your bank doesn't 'natively' support zelle, Zelle themselves limit it to $500 per week taken via your debit card. If your bank integrates zelle, then the limit seems to be up to the bank up to the $5000 or whatever you quoted. This can be a major problem, because some landlords only take their rent by Zelle and if you accidently zelle someone at the wrong time and your whole household runs out of Zelle limits you're fucked for paying the rent.
- jandrewrogers 4y agoMy bank put a Zelle limit of $5,000 per day and $40,000 per month on my account. I didn't ask for it and am a nobody at that bank.
- lupire 4y agoZelle works in 1000 banks and credit unions.