Zelle® FAQs - Security, Sending, & Receiving Money (2024)

FAQs

Is there any danger in receiving money from Zelle? ›

Accepting Zelle payments from strangers can be problematic due to scam potential, money laundering, and personal information risks. Zelle's instant transfer of funds means it leaves no money trail. Scammers can withdraw funds instantly compared to money transfers from banks and financial institutions.

Zelle sells itself as a secure money transfer app because it doesn't store your personal information. Your details stay secure with your bank and are never visible to Zelle. However, the downside to instant money transfers is that you may not be able to cancel transactions once they are made.

How To Keep Your Funds Safe When Using Zelle. To keep your funds safe when using Zelle, only use the service to send and receive payments from people you know and trust, link your credit card rather than your debit card, and secure your Zelle account with a strong password and Multi-Factor Authentication (MFA).

If you have a pending review on Zelle, it means that your transaction is being reviewed for potential fraud or suspicious activity by the system. While this can be frustrating, it's important to remember that Zelle takes security very seriously and wants to ensure all transactions are safe.

If scammers send Facebook Marketplace payments via Zelle with fake accounts, stolen credit card information, or using other deceptive methods, sellers may ship products or provide services believing they have received payment, only to find out later that the transaction was fraudulent.

How to Get Your Money Back. Zelle is processing each scam claim they receive on a case-by-case basis. If you haven't already done so, file a claim directly with Zelle through their app or by phone (844-428-8542). You'll also need to file a claim with the bank or credit union your funds were taken.

With access to your Zelle, threat actors can drain your bank accounts. There's no guarantee that you'll get your money back, which is why you must take the necessary steps to secure your Zelle and other financial accounts.

Both of the payment services are decently safe, have user-friendly interfaces, and allow you to conveniently send money when you need it. Zelle stands out from Venmo with its absence of instant transfer fees, but it also cannot be used as a wallet. So, if you need a wallet function, you should go for Venmo .

The reason? Money is transferred directly from bank account to bank account, so sending money with Zelle is essentially paying cash to someone. That makes it an easy way for scammers to steal from unsuspecting victims and leave you with little recourse for getting your money back.

One of the easiest ways to protect yourself is to only send money to people you trust. 1. Update your security settings: Change your security settings to enable multifactor authentication — which is a second step to verify who you are, like a text with a code — for any accounts or services you use that support it.

How can I avoid getting scammed on Zelle? ›

No, Zelle^® payments cannot be reversed. With Zelle^® money moves into an enrolled recipient's account within minutes and cannot be reversed.

Is There a Risk to Using Zelle? While Zelle is convenient, it has limitations. One of the biggest risks is that it doesn't offer purchase protection. The company's website emphasizes that the service should only be used to transfer money between friends, family, and people you trust.

When sending money with Zelle^®, if the recipient has not enrolled the U.S. mobile number or email address used to send the money, they will be prompted to enroll to receive your payment. The recipient has up to 14 days to enroll to receive the money before it expires.

If your bank or credit union does not yet offer Zelle^®, your weekly send limit is $500 and your weekly receive limit is $5,000 in the Zelle^® app. Please note that you cannot request to increase or decrease your limits.

If you have been a victim of fraud or scam you may use the form below or call us at 1-844-428-8542 to report your experience. It is important that if you are enrolled in Zelle^® through your bank or credit union to report the transaction directly to your bank or credit union.

Inform the bank via email or obtain the bank's acknowledgement to a letter that states that this is an unknown credit and ask for more details on the sender. Also inform the bank that you are not touching the money. If you have a large balance in your account, you might want to move it into another account.

PayPal: Offers buyer & seller protection for goods/services transactions between strangers. Transfers can be reversed. Venmo: Popular for peer transfers though limited fraud protection or anonymity.