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Zelle is a convenient way of sending money straight from your bank account to another U.S. bank account in just minutes. If you want to send your money to your nephew for his birthday, you don’t need to know his bank account number or where he banks. All you need to transfer money from your account to his account is his mobile phone number or email address. An even better feature, Zelle doesn’t charge a fee.
Zelle is a subsidiary of Early Warning Services, LLC, which is a fintech company jointly owned by seven major U.S. banks. And it has become a popular service. According to the company, consumers and businesses sent 1.8 billion payments worth $490 billion through Zelle in 2021. Nearly 10,000 financial institutions participate with Zelle.
Can you get scammed with Zelle? In a review of the service, Forbes said Zelle is “generally considered a safe, secure way to send money because it doesn’t require the sender and recipient to share anything other than a phone number or email address.” But read on to learn just how safe your money really is when Zelle is involved.
Be on the Lookout for Scams
Despite Zelle’s safeguards, scams can occur, and as a consumer, you should watch for suspicious activities like these five common scams:…
