Zelle vs. Paypal (not a canoe)

Does anybody use Zelle? from what I read there are no fees if it is bank to bank (or credit union) and the money is received in minutes.  Is there any transaction protection like paypal?

It is safe. Big banks use it. Small banks use it. You're good. Make sure you know who you're sending to like anything.

EDIT: Not able to say too much, but the company I work for is a vendor for Zelle. I'll just say that there should be no fear from using the service. Hell, it is integrated irectly into my banks website and app.

What's a Zelle?  I begrudgingly use paypal for ebay, but I refuse to view them as a real "bank."  Maybe after they've been around awhile. 

In reply to 1988RedT2 :

Paypal has been around since 1998. 

In reply to mtn :

When I mean protected as in, you send the money and seller doesn't send product, can you dispute or get the money back?

I use zelle/surepay/venmo/PayPal 

all are linked to my BofA account. If I use my credit union debit card, there is a charge for zelle and PayPal. For Bofa there is no charge at all .

My roommate pays rent to me via Zelle, I've had zero issues in the six months we've been using it.  

And yes, very fast transactions.

Cannot speak for buyer protection though

Beware of various scams involving Zelle.  It's not about it being unsecured, just was people get you to screw yourself.

I found one example:

https://www.wcpo.com/money/consumer/dont-waste-your-money/how-scammers-use-zelle-to-drain-your-bank-account 

I thought I heard of another one that sounded more similar to the sending money scam, something about sending you money and then having you refund it, but of course they never sent it (somehow, or recalled it, don't remember)

Shadeux said:

In reply to 1988RedT2 :

Paypal has been around since 1998. 

Exactly!

aircooled said:

Beware of various scams involving Zelle.  It's not about it being unsecured, just was people get you to screw yourself.

I found one example:

https://www.wcpo.com/money/consumer/dont-waste-your-money/how-scammers-use-zelle-to-drain-your-bank-account 

I thought I heard of another one that sounded more similar to the sending money scam, something about sending you money and then having you refund it, but of course they never sent it (somehow, or recalled it, don't remember)

This isn't a problem with Zelle though - you could say the same thing about debit cards or any ETF. 

DO NOT GIVE INFORMATION OVER THE PHONE UNLESS YOU CALLED THE BANK DIRECTLY. 

From the Zelle website: 

Zelle is a great way to send money to friends, family or others you trust such as your personal trainer, babysitter, or a neighbor. If you don’t know the person, or aren’t sure you will get what you paid for (for example, items bought from an on-line bidding or sales site), we recommend you do not use Zelle for these types of transactions, which are potentially high risk.

Zelle does not offer a protection program for any authorized payments made with Zelle - for example, if you make a purchase using Zelle, but you do not receive the item or the item is not as described or as you expected. 

Zelle has no protection for buyers/sellers of goods or services. It is intended as a means for people who know each other to exchange money without using cash.

I would not buy anything with Zelle as the payment method unless I already personally knew the other party.

1988RedT2 said:

Shadeux said:

In reply to 1988RedT2 :

Paypal has been around since 1998. 

Exactly!

Not that PayPal is "good" but it's been my life's experience that actual banks are some of the scummiest businesses on earth, not deserving of any trust other than trusting the fact they'll screw you over. 

But then again, using that metric, PayPal most assuredly could be considered a bank. 

In reply to RevRico :

Very true.  It's one reason that virtually the only banking entity that I regularly do business with is my local credit union.

 I’ve used Zelle for a couple years. Several large transactions. Worked flawlessly. I use it for transactions that involve more money than I’m willing to put into my PayPal account.

There’s a daily transaction limit of $2000. I have solve this by making multiple transactions over the course of several days.

I use zelle all the time. I'm happy with it. 

I use Zelle all the time to transfer money to my wife(separate bank accounts).  

Another option is the Cash app which is virtually the same thing.  It is backed by Square with is back by Twitter.  I use it too.