Joint accounts are great and easy to transfer money from/to another account. If distance is a problem getting it set up, I have been using Zelle and never had an issue.

quote:

Originally posted by Aglifter:
If so, maybe open a joint account? (Schwab has great customer service, IME. Maybe Fidelity, etc)

Why would you add another conflict point in a familial relationship?

My wife and I does share an account and don't even bank in the same financial institutions

Been using Zelle to send farm profits to siblings once a year. No problems. When first getting started, I sent an amount between one and two dollars and had them tell me the amount they got. Confirmed it went to the right person and they got it.

kids, exwife and i use zelle all the time.

coworkers and i use zelle and venmo as well.
it's always to someone we know.

I've used both ACH and Zelle, no problems. The ACH took a business day or so to get set up, but once that was done the transfers were fast, under an hour. Zelle transfers usually get done within minutes.

I set up a Venmo account and used it successfully once, but their web site was kind of wonky and I had to go through the process about three times before it worked. Then later when I went to update my account, I couldn't get into it. I won't be using Venmo again.

Because I don't know.
What happens when someone's sibling walks into a bank and with
the other siblings acct. Information .

Bank A xfer's the funds electronically to the siblings bank b .?


Is there a risk, flaw or danger of some sort ?

Zelle is what I and my friends use. it's built in to your banking app already.

How about writing a paper check? I've never had a problem with this.

quote:

Originally posted by tatortodd:
Banks are the ones who created Zelle to combat the fraud and money laundering that was occurring through PayPal, CashApp, etc.

I've been using it for years without a hiccup. In fact, just paid the lawn guy with it this morning.

I really don’t think it’s to combat fraud. I don’t know how using Zelle would do that.

I, too, have been using Zelle for many years without any problems.

The weakest link in the system and the most vulnerable for fraud is the user itself. Zelle warns you to make sure the person you’re sending to is 1) who they say they are, 2) that you haven’t just met them, and 3) that you actually do know them.

To the OP, your parents or whoever you’re sending money via Zelle needs to set up a Zelle account connected to their phone number. (I don’t know if you can Zelle via email.) if they don’t have a Zelle account and you Zelle them money, when they get a text, they’ll get a link to set up their Zelle account. (I’m assuming.)

Again, the system is secure but once you send money, the money is sent to whoever you sent the money to. So the phone number you are sending the money to, you must be sure the phone number belongs to the right person.

The one other risk, unfortunately, may be your parents if they can be scammed or conned into sending money via Zelle to a scammer. I think that may be a bigger risk if they’re halfway technologically competent in being able to use Zelle.

quote:

Orginally posted by Rey HRH:
To the OP, your parents or whoever you’re sending money via Zelle needs to set up a Zelle account…

The option of using Zelle directly for transferring money between parties no longer exists. Zelle is integrated into the financial institutions that use it. So, one just sets it up with their bank for sending/receiving money. It’s not a Zelle “account”.

quote:

Originally posted by Rey HRH:

quote:

Originally posted by tatortodd:
Banks are the ones who created Zelle to combat the fraud and money laundering that was occurring through PayPal, CashApp, etc.

I've been using it for years without a hiccup. In fact, just paid the lawn guy with it this morning.

I really don’t think it’s to combat fraud. I don’t know how using Zelle would do that.

They designed it so every single user had to be registered through a bank and all accounts had to be in the US (i.e. big difference from PayPal). The bank does the verifying of all of the users and has to follow .gov rules for verifying accounts. This is the major difference between it and PayPal/Venmo.

Unlike Venmo, they actually have bank grade security and haven't had to settle with the FTC for false representation of security.

I used Zelle to loan my nephew a good chunk of money so he could pay off his CC accounts. I don’t like family members paying interest to the CC companies.

I had to send the money over several days because of the daily limit. I think it’s 5k a day.

There was absolutely no problems with the transactions.

The good news is he is paying me back. He uses Zelle to make his payment every month on the 1st without me having to chase him down.

quote:

Originally posted by 12131:

quote:

Orginally posted by Rey HRH:
To the OP, your parents or whoever you’re sending money via Zelle needs to set up a Zelle account…

The option of using Zelle directly for transferring money between parties no longer exists. Zelle is integrated into the financial institutions that use it. So, one just sets it up with their bank for sending/receiving money. It’s not a Zelle “account”.

That’s true — the Zelle app no longer exists. But you do have to enable it in your bank app, right? I can’t imagine it’s automatically enabled for every bank app user.

Yes, you do have to enable it through your bank's online banking or app. It's already included at participating banks, but it's not automatically active.

quote:

Originally posted by 12131:
Been using Zelle for years. Never a problem.

Same here.

quote:

Originally posted by Rey HRH:
...the Zelle app no longer exists. But you do have to enable it in your bank app, right? I can’t imagine it’s automatically enabled for every bank app user.

Right. The Zelle icon is already there. Click on it and enter your cell phone and email address to be a recipient. To send money to another party, enter their name, cell phone and email address. But there's no setting up a Zelle account.

Not that I care to use it, but I cannot use Zelle. It will not work for bank/credit union accounts registered in a trust. I tried once; they told me no.

quote:

Originally posted by Rey HRH:

Zelle account connected to their phone number. (I don’t know if you can Zelle via email.)

Yes, email works just fine. My Zelle account can receive funds directed to either my email address or my cell phone number.

Turns out that xfering $ from one bank to a different bank gets expensive fast.
Both will charge you xfer fees

I've never had any problems using Zelle.

I've also never paid a fee.