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To be fair, Zelle is supposed to be competing with the likes of Venmo, where the irreversibility of the transaction is a feature, not a bug. It's supposed to w
by rootusrootus 4y ago
To be fair, Zelle is supposed to be competing with the likes of Venmo, where the irreversibility of the transaction is a feature, not a bug. It's supposed to work like cash, for better or worse.
Of course, in practice it kinda sucks. Zelle requires giving strangers way too much information about you. I won't use it. Much as I dislike PayPal, I use Venmo for this use case.
- lotsofpulp 4y agoThe only thing Zelle requires you to give is an email address (that you choose to associate with your bank account) or phone number. No different than PayPal. It is one of its features. The previous method of sending and receiving money involves giving out your bank account number (even if not to strangers, then to PayPal), which means anyone can pull funds from your account using ACH.
- rootusrootus 4y agoIt's better than ACH, I agree. But Venmo is not PayPal, just owned by them. Venmo works with usernames, not email addresses. I don't have to give a stranger anything other than that username for them to send me money.
- smileysteve 4y agoIt's the bank consortium trying to compete with Venmo with less technology budget; and fewer controls. It's terrifying that this is the best product the consortium could put out. No wonder VISA/Mastercard exist.
- deleted 4y ago[deleted]
- ROTMetro 4y agoI Zelle my kids money all the time and only needed to know their phone numbers.