Paypal and Payoneer oligopoly in the digital payments network is an old story now. Now they have got strong rivals like Zelle, which is growing popular with supersonic speed. That’s a moment of worry for both online money transfer tycoons. Our topic is to make users clear on how they can add Zelle to their Bank Accounts. But first, have a look at what is Zelle? Many random visitors are new to this name.
What is Zelle?
Zelle is the online fund’s transfer and digital payments networks. It is owned by Early Warning services. EWS is a private company based in the US. It is owned by multiple banks. Owners of the company are Bank of America (BOA), BB&T, Capital One, JPMorgan Chase, PNC Bank, US Bank, Citibank, and Wells Fargo. So you got your answer to why Zelle is becoming the best digital payments network. Zelle is backed by one of the most powerful banks and financial institutions.
The Zelle instant Payment service was launched in 2017. Zelle makes the users able to electronically transfer and receive money to or from other registered and On-pannel banks. Currently, this service is available only in the USA. Hopefully, the operators will serve Zelle services in other countries too very soon.
How Zelle Works?
Zelle sends and receives money through the user’s bank account. It is not a proper bank, it just plays the role of linked agent to initiate online payables and receivable transactions. But, you have to register with Zelle and than link it with your bank account to use this service.
Zelle elder sibling service was clearXchange which was also formed by Early Warning Services. Now they have limited the clearXchange service to only for Government entities and companies.
Which banks are currently using Zelle?
- USAA (Financial services company)
- Morgan Stanley (Investment banking company)
- BNY Mellon (Financial services company)
- S. Bank (Retail banking company)
- Chase (Investment banking company)
- Bank of America (Investment banking company)
- Navy Federal Credit Union
- SunTrust (American bank holding company)
- Wells Fargo (Financial services company)
- Capital One (Bank holding company)
- Ally (bank holding company)
There are more companies which are on Zelle Panel and the numbers are increasing day by day. The Aforementioned names are more noteworthy from all institues supported by Zelle.
How to Add Zelle to Your Bank Account?
We can’t specify the procedure of adding Zelle to a bank account. Because every bank has its own app and all are different from each other. They named the services and options differently. So, I can’t mention the procedure. For the basic guidance, we demonstrated an illustration below.
Use the Bank of America Mobile Banking app with Zelle:
Let’s suppose you have an account in Bank of America and you want to use Zelle service with that account, here are the steps you need to follow.
- Sign in on your Bank of America official app.
- Once the app home appears, tap on the transfer option.
- Here you will see the option of Zelle, Tap on it.
- Select the Request option.
- Choose the debtor name from the appeared list. If the name of that person doesn’t appear then enter the mobile number of that person. Remember that his number should be with +1 which means only US number is allowed to enter.
- Enter the amount carefully and recheck it twice, maybe you typed extra zeroes.
- Select the deposit account and tap on the Continue option. Review your request once more. Add any message if you want. The recipient will receive the email within a second.
That’s how you can add and use Zelle with your bank account. We tried our best to guide you as simple as possible. Still, if you are feeling any complication, don’t feel hesitate to ask us. Our team will reply to you as soon as possible.