Why You Probably Shouldn’t Use Zelle

[@MrAngenos]

At least Zelle isn’t trying to charge me $2500 for my different opinion

[@LogicallyAnswered]

Hahaha

[@rightwingsafetysquad9872]

No, but Chase is canceling people's accounts and changing a $500 fee to send the remaining balance. The good news is Zelle works with local credit unions.

[@Jeez001]

Zelle is a nightmare so many people especially older folks are falling for scams via Zelle and Zelle doesn’t do a damn thing. Smalller banks are bullied into using Zelle by big banks which own a stake so don’t care about cost of implementing or losses from fraud.

[@renownedfear187]

❤

[@thequantaleaper]

Wait, what?

[@mradamdsmith]

I run a small business and take PayPal payments. Unfortunately, PayPal will also hold payments until you have more history, leading to the money being tied up longer. And then there are fees on top of that. Zelle just moves the money and that's the end of it. Much, much better.

[@randomstuff-qu7sh]

Another downside of PayPal, unless they've changed it, is if the customer returns a product for a refund, the business doesn't get the fee PayPal charged back.

[@zionismisterrorism8716]

Paypal can freeze your account for misinformation too.

[@BigEightiesNewWave]

B of A Zelle users just LOST THEIR MONEY!

[@randygraham926]

I agree with your comments regarding PayPal -- have not tried Zelle.

[@thetimebinder]

Can you imagine the dystopian nightmare of banks creating cards that let you pay merchant instantly directly from your bank account? Crazy.

[@elymanic3497]

Like a Debit Card?

[@LogicallyAnswered]

Debit cards still go though visa or MasterCard usually

[@Apurvanotfound]

Yeah there is UPI in india

[@yuvrajprashar]

That's exactly what UPI do in India 🇮🇳

[@yuvrajprashar]

@@LogicallyAnsweredthere's upi too in India . You should definitely make a video on it

[@caladonius5132]

My last Landlord used Zelle. He found it very convenient with his tenants and other small business, like plumbers and such. No fees that I remember him speaking of and payments were instantly credited to the correct accounts. Also, Credit Unions use the network. Because mine does. That's all that I know about Zelle.

[@lucasrem]

He is not US, he is not understanding .... Google = online freaks !

[@codelessunlimited7701]

That's kinda like pretty dangerous of him using Zelle.

[@fuckthisksksjjksdfjd]

Dangerous how?

[@carthellkelly1599]

@@fuckthisksksjjksdfjd No dispute process if a service provider doesn't do what they're supposed to; no protection against fraudsters. Once the money goes to the other party, it is effectively gone.

[@MaxPower-11]

As long as you know who you are dealing with on the other side of the transaction, Zelle is fine to use.

[@pavelkoudelka8934]

This always surprises me. In the Czech Republic, we have had instant payments between most banks for years, and banks that do not participate in this system usually transfer funds on the next business day. For example, I always have to laugh if I hear about using checks in America TODAY, for example. In our country, they are practically no longer accepted by banks, and no one has been using them for decades.

[@valentinmoeller]

Yeah. Europe rocks in this way. I love this too!

[@Parciwal_Gaming]

Even GERMANY the champion of cash an technosceptezism in Europe has phased out checks

[@bdev5988]

Yeah US regulations screws financial tech innovation. I tried to create FinTech startup in the US and it was horrible. So much regulation that nothing actually new could be created

[@Srivishnu_S]

India has UPI, Which is even more cool! Seems america is still growing in it's transactional trajectory!😂🤣

[@funmilayotijani3119]

Same in Nigeria. We have a central bank management system that handles all bank to bank transactions so transfers are automatic. Imagine my shock when I heard the almighty America didn't have that. 😲 We can also top up our airtime from our bank apps and pay for most utilities

[@jadengrant]

This video didn't make me think Zelle is bad, and I use it fairly frequently; it's an outstanding service as well, so I need to know what you are on about.

[@LogicallyAnswered]

Fair enough

[@spankynater4242]

So you didn’t watch to the end?

[@sweytank]

Imo, India's UPI still stands out of any payment method. It would be wonderful if you cover it as its way ahead of Zelle or PayPal.

[@sustain6084]

Meanwhile UPI: You guys still charge transfer fees, That's ridiculous

[@MaxPower-11]

There are no transfers fees with Zelle.

[@Absol407]

In Venezuela Zelle is actually used and accepted almost everywhere, something like 95% of places accept it in one way or another. We basically adopt anything that allows us not to use our native currency.

[@alexandermeneses5688]

Háblalo Ciro

[@seanistheman7sk]

The one and only time I used Zelle to send my mom 1k, she never got it until 6 months later. When I called Zelle they told me to call the bank and when I called the bank they told me to call my moms bank. My moms bank told me they never got it. No one was able to help us and then one day 6 months later my mom saw it finally in her account. So I absolutely HATE zelle

[@Pcbane34]

Thats 100% not zelle but a bank issue cause i went through the same thing. Now with chase i can send 3k and they get it instantly

[@scottfranco1962]

Zelle always worried me, so I only use it to pay trusted persons. Thanks for the deep dive, I didn't really know much about Zelle.

[@portiasnowdon9443]

Hmmm as a Canadian I don’t understand this, we just interact e-transfer directly from our banking apps? We don’t really use 3rd party apps.. isn’t that just a money grab for fees?

[@LogicallyAnswered]

Yeah basically hahaha

[@viharsarok]

Do your Canadian banking apps offer you free multi currency accounts and currency exchange?

[@samueladams2340]

Transfer using PayPal takes a 1-3 business days. Zelle typically takes 30s. Ain’t nobody for time for that!

[@riteshyejju9509]

I really like zelle but UPI in India is my favorite, it works great. UPI changed lives of millions of people. I think eRupee will be revolutionary in terms of transactions/payments. Excited to see how it will work out.

[@blah2blah65]

"eRupee" sounds way cuter than other currencies like the boring dollar, euro, or yuan. I'm on board with this new eRupee revolution! And there's an "UPI" as in "up-ee" too? Cuteness overload! Please take my money!

[@jdubsfl5307]

Another major con of Zelle: it provides banks (and by extension the IRS) with a trail of transactions that otherwise could've normally been conducted in cash. As a consequence, when the IRS polls your bank they can retrieve a list of your Zelle transactions and include these when reconciling your returns. Businesses are now required to report any digital payments above $600 to the IRS.

[@edwardmartin8769]

Why is that bad? Don’t we want regulation and correct taxation?

[@jdubsfl5307]

And we can observe that the IRS is already monitoring the comments section.

[@eegernades]

@@edwardmartin8769 for the rich little guy already has their money taken eery other way

[@StuartcDundas]

Zelle has said they're not reporting transactions to the IRS, because the $600 rule is for goods and services and Zelle operates under the assumption that Zelle payments are personal transactions not good or services.

[@cris1735]

@@edwardmartin8769 Large corporations and rich individuals never pay the taxes they owe. They know every loophole and tax avoidance scheme they can take. On the other hand, poor and middle class people have to shoulder all the costs and be the honest ones.

[@balpreetsingh6834]

You can also cover NPCI's UPI, since it has started to go global now.

[@n2201]

This problem has already been answered by UPI used in India. total annihilation of credit card

[@deus_ex_machina_]

@@WitchMedusa Should we just keep quiet about it so other countries don't feel bad about being behind the times?

[@token3462]

@@WitchMedusa Once you use UPI, you’ll realise how laughable the payment industry is of the western world 😂

[@neilmarkcorre5524]

Coming from a "developing country" (or 3rd world), we've had instant transfers and easy transfers using phone numbers for years now. You can also make transfers using QR codes between banks. There are convenience fees but it's fine given the convenience of instant transfers. All bills are also accessed and paid in the same app, adding to the convenience.

[@justinfowler2857]

Zelle, helping scammers steal from your grandma since 2016.

[@cocoa1harrison]

THAT'S WHY IT'S BEST 2 SEND $1. TO B SURE WHO U R SENDING FUNDS 2 RECEIVE THAT 1ST B4 SENDING THE ACTUAL PAYMENT IF THEY RECEIVE THAT PAYMENT THEN IT'S OK 2 SEND WHATEVER U WERE PLANNING ON SENDING THEM

[@Anton-V]

In Mexico we have a system called SPEI, virtually all banks support it and most of the time transactions will go through within a few minutes or seconds, I think is really convenient but it's not very popular, a lot of people don't have a bank account and most people who have one withdraw all their funds on their payday and just use cash

[@jaspreet6075]

Upi is on another level

[@veernagda9203]

India has similar system regulated by GOI known as UPI, and which can be used using n number of apps not specifically Bank app or specific app. Just scan a qr or enter an ID or enter phone number and bank to bank transfer of money

[@DeltaDemon1]

Been using paypal for years. Never even heard of Zelle or Venmo. Even if I had heard of it, they mean nothing. Paypal is self explanatory. Naming should mean something.

[@freecuriousmind]

Only if you knew the power of UPI in India. We can pay instantly using mobile numbers and QR codes.

[@forkyfork]

I have never used Zelle, but when my Chase account was hacked, that’s what the scammers used to siphon money out of it. So I am a bit weary..

[@randygraham926]

Did Chase get your money back to you?

[@azyx100]

Well we are more interested in how your bank account got hacked. How?

[@Limerick502]

Chase seems to have a horrible issue with Zelle. But that's Chase, not Zelle.

[@InstinktzBTW]

I love Zelle. I only use it to transfer funds instantly from bank to bank or to receive payments from relatives

[@boredcryptek5513]

I have been using Venmo this far. I think I used PayPal once to pay someone for some collector's style purchase I once made. Zelle seems interesting for sure just haven't really needed to use it.

[@vekvideos]

Almost every Indian watching this video will smirk at least once for sure. “They are talking about hours & days to receive money in their account”

[@valentinmoeller]

I love this channel. You are great at explaining so man things. I love it! But please could you think about upgrading your microphone or used EQ? Your voice is way to compressed and should have more details in highs and mids. Thank you!!

[@LogicallyAnswered]

Thank you for the feedback Valentin! I don’t think it’s the mic because I use an mkh 416, but maybe something can be tweaked in eq.

[@SearchFinger]

@@LogicallyAnswered good content, but I have to crank up my laptop's volume because your bedroom voice is so soft... ;-)😁

[@SPDRAO123]

hi, a suggestion for next video UPI of India. Which is the free of charge payment medium. even without internet we can transfer funds

[@JP-vr7od]

I’d rather banks have the power than visa, Mastercard, and PayPal. Banks have a lot more competition, which is a great thing for the customer.

[@LogicallyAnswered]

Interesting perspective

[@FrankieHyman]

Ha ha ha the banks owns all the credit cards so that makes no sense.

[@reeceaberdeen-roberts1212]

Always weird seeing these videos because in Europe we've been able to do this with our banks for years with no extra apps

[@tomudom]

Instant money transfer between bank are everywhere in southeast Asia, it has a drawback in which scammers can get money easier and faster compare to what we have now in US. Also consumer protection are better with credit card purchase.

[@Mobius_Pizza]

Why dont bank in US just overhaul the ACH to be instantaneous. European banks have fee free instant transfer for a while now. It is mind boggling that it is quicker for me to write a check to myself and scan it to another bank via app than do an electronic ACH. Zelle is nice but not all bank supports it and the problem is it is tied to phone number and an email. If you have more than 2-3 banks there's a hassle.

[@jorgebours3691]

i dont agree with the international part, most countries already have a free instant transfer system, the US is just way behind on this which is why these apps are even a thing.

[@LogicallyAnswered]

Fair enough

[@oligarchy-usa]

Doing any sort of financial transactions/business on a smartphone is just asking for trouble.

[@SpringRubber]

Zelle is run by big banks yet there is no recourse for a mistake. If you are perfect good for you. I used Zelle once but it's a hard pass for me.

[@tohgaming69]

second nice i always make sure to watch your vids asap they are legendary

[@LogicallyAnswered]

Thank you so much John!

[@prathersmith4562]

I enjoy using zelle because since I joined my daughter's cellular plan, I can sent her my part of my bill with no fees. I also like moving money from one bank account to another bank account with no fees if I have a bill that I am paying with a particular card and don't have enough funds on the card to complete the transaction. I work two jobs and have my pay going to separate accounts. It allows me to manage my money better.

[@randomstuff-qu7sh]

I wouldn't say I'm a fan of Zelle, but I do use the service. I use it to transfer funds between my main bank account and another account that just exists so I can rent a safe deposit box. I don't have to do it often; just every few months to keep the bank from labeling the account "abandoned" and stealing my money (which they've tried to do a few times before I started using Zelle to create activity). I notice Zelle gives a giant warning every time I transfer funds, saying that once money is sent, its gone, make sure to send only to people you know and trust, etc. Not sure if that's standard for all users or if they see I'm sending to my own email and think I'm falling for a scam.

[@AbdelazizRashed--]

I am not from the US, but in Egypt we have a similar app called InstaPay made by Egyptian banks. Before this app, the only way to send and receive money was by E-Wallets which charged between 1-2% every time you want to withdraw money, and sending money from bank account to another was out of the question. After InstaPay, I could send and receive money to and from pretty much anything, E-Wallet, bank account, phone number, email you name it all of this free of charge. I don't care if the bank is controlling everything. I am not a banker or a rich person to care. All I care about the convenience and the fact that I am saving money.

[@pbilk]

It sounds like Zelle by the large banks in the USA is similar to E-transfers that pretty much all banks in Canada use.

[@tonymouannes]

Zelle is a direct transfer service. It's more like ACH than PayPal, even though it takes business away from it. Payment services are a useless middle man and require 2 additional transfers from and to a bank account. I use zelle to move money between my own accounts in different banks which would take too long using ACH. It's also useful when splitting large bills like rent.

[@aoarecruiter]

This aged well.

[@danielvasquez3758]

Thanks LA!! Another great video!! Hope you have a great weekend!!

[@LogicallyAnswered]

You too Daniel!

[@dimaisatree]

I love Zelle, it’s so quick and easy to use. I tried PayPal but it’s confusing and money doesn’t transfer instantly.

[@MacCrafter707]

Use case. Zelle is great for bank-to-bank transfers. Only so much as a payment option if you trust the person (club dues, reimbursement for lunch, etc.). With Paypal, unless you use them for a bank, you still have to pay to transfer that money to your bank. So you would want to avoid your roommate paying you via Paypal for their share of the rent.

[@andrewtaylor1256]

unfortunately the pharmacy I use for my cats only takes checks or Zelle. seeing they are in New Zealand, im stuck using zelle for my cats meds :(

[@kevalshah7977]

how does the pharmacy accept payment with zelle? do they just give you a phone number or email id to transfer bill money?

[@dang6102]

I would’ve preferred using an account number instead since having to share personal information is undesirable.

[@franciosdelamerdu9235]

But visa and Mastercard where started by banks aswell

[@kennedyatwood5364]

?Can you use Zelle to transfer money to/ from any US territory bank (i.e. PR) to/from US mainland bank?

[@pegcity4eva]

Canada has had interact for like twenty years.

[@BryanChance]

i m not using zelle for purchases. i m using it for large transfers between known people and businesses. Your usecase assumption is wrong.

[@TheGameStampede]

I am not a fan of zelle, because that's being used by any scammers seller from fb markets. I didn't get my money back, but reported them to the authorithies.

[@Limerick502]

Zelle is not meant for transactions. Don't ever use it that way unless you know and trust the person.

[@Marvelously888]

Just found you - appreciate the information! Thanks

[@jackwillemszoon6586]

Until it's established in the marketplace then suddenly it's no longer free and you have to pay for the service!

[@taoriq3632]

I am not a fan of Zelle I am a huge fan of it this because PayPal has screwed me over a number of times when I made transactions

[@LogicallyAnswered]

Hahah, glad it’s working for you!

[@lilshaunpicanto]

You know what else took 5 business days to complete?? My Mom 😂😂😂😂😂 3:20

[@Trojan0304]

Internet seller never sent my order & Paypal refunded my $$$

[@mkulak0]

Lol, in Poland every bank offers instant transfers via phone number for free

[@saibadam]

What's the problem with banks having power.

[@BigEightiesNewWave]

DO NOT USE , they are NOT the BANK !

[@jimmikaelson]

I used to work for one of those pioneering banks, I was there when CXC was created, until it was rebranded as Zelle, the real problem why money in the United States takes longer to get transferred than probably anywhere else in the world is because of the Anti-Money Laundering Law, if you include the Patriot Act, and the Bank Secrecy Law, you get the current US banking system. Banks can actually get penalized if they're proven to provide a way for people to use money that cannot be traced, an example of that is an incident with GE Capital which is now rebranded as Synchrony Bank,,

[@randygraham926]

Excellent point and absolutely correct. Americans are already half way to dystopia ... and just haven't gotten the memo yet. Now the IRS wants to know when you send or receive $600 over PayPal??!! I'm sure that will stop tax fraud among the billionaires.

[@SuperMurph1991]

Dude. This made you seem kind of out of touch. No one uses Zelle for anything other than paying rent or some other sort of payments to someone that they know. It's not for everyday transactions.

[@FatheredPuma81]

I used Zelle to transfer money between my bank accounts. Was convenient the first time because it worked instantly but sending money back took a couple days. Was also inconvenient because I added my email to 1 and my phone number and email to the other. The result was I could only send and ask for money from 1 of the accounts...

[@GarfieldRex]

Not from the US here. What's the difference with Cashapp ?

[@HennessyCG]

I know a few friends have to use Zell cause their bank acts like venmo and Cash App are out of circuit atms

[@mysteryspy7]

I think you should make a video on UPI and how it revolutionised the peer to peer money transfer in India

[@Footballzenis]

Interesting video Man. Very informative. Thanks for sharing this with us.

[@rightwingsafetysquad9872]

I don't think Zelle is necessarily a move against PayPal or Square (CashApp owner). Seems just as likely to be a preemption of FedCoin. If the Dollar and Euro go digital, no one has much need for a depository account at all,

[@PN-ve9lf]

You never disappoint!

[@Purplepimple]

Is it just me? The tone of this video is so robotic and I had a hard time listening to it…

[@weird-guy]

i´m from Portugal and we have a similar app called MBway, but people still use bank transfers if is between same bank is instant,if not takes a max of 3 days but most happens in the same day.

[@ZA-wm6mm]

The title is BS. It’s good for the consumer

[@Ford360CID]

Zelle is not protected, if you sent out money to a client and you misspell the email address you could be sending money to someone else and a 99% chance you will never recover your money.

[@digitialkonnections9954]

I use Zelle so I don't have to pay additional taxes if you spend over $600 dollars in a year (Venmo and Cash app issue)

[@Syncopator]

If you're buying stuff, you don't always have a choice-- sellers may only accept certain services, it's not always negotiable. And we've needed an alternative to Paypal for a long time, its services leave a lot to be desired. I started using Zelle because of a seller who didn't accept Paypal, and it's been convenient ever since. However, my average transaction is a lot lower than $300, by an order of magnitude. As a seller though, I wouldn't have to worry about scammer customers because if the money ain't there, I don't deliver the goods-- that's my transaction security...

[@kevalshah7977]

so how do you pay to the seller via Zelle? via mobile number like that?

[@Syncopator]

@@kevalshah7977 Either mobile number or email. But you have to do it through your bank's website. Many of the major banks support it.

[@MrTeff999]

Zelle tells you to send money to only those you know. Unlike the traditional credit cards, you have no protection from scammers.

[@akshaypendyala]

You must take a look at UPI technology being used in India, you would be surprised!

[@ranjeetsarker1304]

Come to India. And use UPI. You will forget Z... Something named.

[@spankynater4242]

I stopped using Zelle when the IRS announced the $600 threshold. I don’t use Zelle for business, but I don’t want to have to deal with another government form.

[@Justin_black_leviathan]

I get so many scams contacting me about zelle payments. I tried to sell a laptop on the marketplace, and it was a nightmare.

[@desert-fax-only]

I hope more credit unions start adopting Zelle also.

[@danielvasquez3758]

Zelle is that sneaky little brother!!

[@LogicallyAnswered]

Pretty much!

[@GET2222]

Zelle sucks.

[@elymanic3497]

Sneaky with what?

[@harrybhai05]

Ok, zelle is what India already using since 2015

[@kashyapchonekar5437]

Me using upi everyday 👀

[@elymanic3497]

Only reason I use zelle. Is my bank app. Td Bank and Citi has it. So my parents and brothers can send from one to the other instantly. Without a 3rd party

[@realRichHunting]

I've been using Zelle for a couple of years and it's completely replaced PayPal. I deleted the PayPal app from my phone and haven't logged into the account in over a year. PayPal has a bad habit of holding funds and since I travel a lot for my job, they always made me verify my information, since I am in a different location many times I take payments. PayPal was great 10 years ago, but now it's a burden.

[@456ashar]

I love Zelle. Makes everything so easy. I only use it for transactions below 200$. Above that is Wire transfer or Paypal.

[@LogicallyAnswered]

Glad you like it!

[@daveselbow9128]

Zelle's income is the payment data - the 'new oil'

[@cosmeticsandpurseswithevelyn]

Pay Pal has PROTECTION While ZELLE dose NOT. I started using it recently to pay my lanlord partial rent as Housing helps.

[@OriginalGrasshopper]

So crazy to see how many DECADES behind the times the United States is. In Sweden we’ve had free, instantaneous bank to bank transfers since the 1980’s. And everyday purchases are done with your phone through a system called Swish.

[@MOBMJ]

I don’t really use Zell that much, but it’s nice to have if you need it. I use more Venmo and Apple Pay with friends and family.

[@ytpremium7649]

Zelle has been targeted by the tax franchise board and is coming for everyone who transacted $600 or more

[@chrisbarry9345]

Huh? PayPal must have really changed from back when I used it more because I'm accustomed to it always assuming a fraud claim is valid and basically making the merchant prove that the funds shouldn't be taken from them

[@00mpa1oomp4]

consumer banking in USA belong to the middle ages, so old school

[@Limerick502]

Ancient, not old school.

[@IronMan3582]

My credit union based in Virginia doesn’t support Zelle as of yet, hate to be that guy. This was especially inconvenient when my new landlord only took Zelle, and I had to go through hoops of fire to get it set up because it required third-party authentication to make the transfers go through and my credit union didn’t know anything about it.

[@rockmusicman21]

How can they legally not accept checks or cash?

[@IronMan3582]

@@rockmusicman21 he does it’s just that I’ve never carry cash since the summer of 2001 when I got my first debit card, I haven’t used checks since 2009. Most banks charge for checks these days and they are no longer complementary. Being that I live in Pennsylvania and my credit union is in Virginia. It’s really hard to find a ATM that doesn’t have a transaction fee that will allow me to withdraw more than $300 at a given moment. So at present, and Zelle is my only option the guy doesn’t take PayPal Venmo cash app none of that stuff. And the reason why I have a credit union in Virginia and live in Pennsylvania is because I couldn’t afford to live in Northern Virginia by myself after I broke up with my ex girlfriend, and she wrecked my credit and checking account for my bank in Virginia so I had to use the credit union that I got the car loan from for my full-time use. It sucks and I hate it.

[@rockmusicman21]

@@IronMan3582 sorry to hear that. My landlord only accepts checks in the mail the old fashioned way so i had to pay to order checks from the bank and buy stamps and envelopes. Its really annoying. My last landlord i would just hand him cash after i cashed my paycheck

[@MagnusDreaMT]

No thank you, they don’t provide purchase protection, you want to get scammed use zelle

[@SimplyJack3]

Zelle doesn't report to IRS or issue 1099.

[@lollertoaster]

Why use Zelle instead of sending BLIK transfer to a phone number?