Last Updated on September 11, 2022 by Babette Sasha
The new Zelle Transfer Limit Guidelines have just been released, and they may surprise you. This article will discuss the guidelines and what this means for your business.
What is Zelle?
Zelle is a digital platform for sending and receiving money. It is a safe secure and faster way of transferring money to friends, family, or relatives which is why this app has become popular with time among the people of the U.S.
Zelle helps you transfer certain amounts of money to the people you want to. However, you cannot just transfer any amount of money you want.
There is a limit to how much you can transfer.
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Zelle transfer limit guidelines:
Zelle is integrated with dozens of banks in the U.S but all the banks have different transfer policies hence, it is better to know the transfer limits of your banks.
There is no limit to the amount of money you can receive. That wholly depends on your recipient’s bank limits.
This table shows the daily and monthly limits of some of the major banks which support Zelle.
|Bank name||Daily Limit||Monthly Limit|
|Bank of America||$2,500||$20,000|
|Chase Personal Checking||$2,000||$16,000|
|Chase Business Checking or Chase Private Client||$5,000||$40,000|
|Citibank Account, Basic Account, and Access Account||$2,000||$10,000|
|Citibank Citi Priority, Citigold, and Citi Private Bank||$5,000||$15,000|
Now some basic knowledge before you begin transferring money:
Safety and security:
Zelle is a P2P transfer service the money never sits into a third-party app hence, it is a safer more secure way of transferring money. Your personal financial information is always secure.
However, there’s a catch: neither Zelle nor your financial institution provides you security from scams or fraud. Moreover, all Zelle transfers are irrevocable which means once you transferred the amount of money to someone, you have little to no chance of getting it back. Therefore if you sent money to the wrong person by typing the wrong mobile phone number or email address, you cannot retrieve the money from that person until your recipient agrees to transfer the money back into your account.
One way to avoid this mistake is to always double or triple-check the email address or the mobile phone number to whom you’re transferring the money.
You can also try sending money only to the people you trust, i.e. your family and friends.
The speed with which Zelle transfers money has also made it a target of criminals and it’s easy to get scammed.
Hence, you should always be careful when making purchases online. Make sure it’s a trusted site to buy things from.
If you are a victim of fraud, you should file a dispute immediately or contact Zelle services for that matter.
A tip to be aware of fraudulent transfers of money from your bank account is to keep a frequent check on your Zelle transactions.
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Here is how you can check all your transaction history:
Follow the simple steps:
You can view all your transactions at any time on Zelle. Although you won’t be able to view Zelle transactions on the app or website, you need to visit each bank you use with Zelle to view your transactions.
To view your Zelle transaction history, follow the steps below:
- Open your mobile banking app or online account and log into it.
- Go to “Send Money with Zelle®.”
- Press on “Activity.”
- Select “Past” under the view tab.
The above steps will provide you a list of all Zelle transactions processed through just one particular bank.
Why use Zelle?
Instant transfers: transfers with Zelle occur typically within minutes.
Integrated with more than 30 banks: Zelle is supported by a large number of banks in the U.S hence it’s easy to transfer with banks integrated with Zelle.
No transfer Fees: transfers made with Zelle do not cost you anything. It is completely free of cost.
Easy transfer: transfers with Zelle do not require any information other than just the U.S mobile phone or email address of the recipient.
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For unresolved queries:
You can contact Zelle’s customer support.
Conclusion about Zelle Transfer Limit Guidelines
Zelle is a great way to transfer money quickly and securely, but before you update your business with this new information, make sure that all of the guidelines are followed. It’s important for everyone involved in these transactions to know what they need to do in order to use Zelle safely.
If you have any questions about how best to take advantage of this amazing service, please give us a call! We’re happy to help answer any questions or concerns you might have.
Zelle is a fast and straightforward way of sending money directly from your bank account. It’s simple and easy to use and transfers money to anyone in the U.S.
Bear in mind if you don’t have a bank account supported by Zelle then your transfer limit becomes $500 per week.