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0 pointslotsofpulp4y ago0 comments

You can send money via Zelle instantly, but I would stick to check or ACH purposes for legal dispute reasons in the case of conducting business, especially paying rent.

0 comments

jedberg4y ago

Zelle has a few thousand dollar per day/week/month limit, which, at least in the Bay Area, is too low for rent.

toomuchtodo4y ago

I can send $5k per day to seasoned Zelle contacts who I’ve sent funds to previously (Chase).

lotsofpulpOP4y ago

I see $20k in 30 days, $10k in 7 days, and $3.5k in 24 hours in my BoA account:

https://i.imgur.com/he9PXTn.png

I can see $3.5k/day would be a problem for paying rent easily in some places. I guess this is the best we have for instant online payments until FedNow goes live.

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jedberg4y ago

It depends on your bank and your credit and your relationship with the the bank. They basically have to loan you the money to send so it’s a question of what their credit risk is.

ollien4y ago

Zelle is actually not supposed to be used for anything other than personal payments, despite that rule not being followed by many, many people. My bank told me that Zelle will ban people for it

Also, the "instant" limit on Zelle is too low for any reasonable rent in an urban area. It's $1000/day for my bank

lotsofpulpOP4y ago

Bank of America has a column for small business limits on its Zelle website:

https://i.imgur.com/he9PXTn.png

There is a whole FAQ section for using Zelle as a small business:

https://www.bankofamerica.com/online-banking/zelle-faqs/

ollien4y ago

Sorry, I should clarify that I mean Zelle on a personal account. Maybe the rep was bluffing or clueless, but it's what I was told. Perhaps it's permitted if you have the proper business account, but a small-time landlord may not have this

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0 comments

jedberg4y ago

Zelle has a few thousand dollar per day/week/month limit, which, at least in the Bay Area, is too low for rent.

toomuchtodo4y ago

I can send $5k per day to seasoned Zelle contacts who I’ve sent funds to previously (Chase).

lotsofpulpOP4y ago

I see $20k in 30 days, $10k in 7 days, and $3.5k in 24 hours in my BoA account:

https://i.imgur.com/he9PXTn.png

I can see $3.5k/day would be a problem for paying rent easily in some places. I guess this is the best we have for instant online payments until FedNow goes live.

1 more reply

jedberg4y ago

It depends on your bank and your credit and your relationship with the the bank. They basically have to loan you the money to send so it’s a question of what their credit risk is.

ollien4y ago

Zelle is actually not supposed to be used for anything other than personal payments, despite that rule not being followed by many, many people. My bank told me that Zelle will ban people for it

Also, the "instant" limit on Zelle is too low for any reasonable rent in an urban area. It's $1000/day for my bank

lotsofpulpOP4y ago

Bank of America has a column for small business limits on its Zelle website:

https://i.imgur.com/he9PXTn.png

There is a whole FAQ section for using Zelle as a small business:

https://www.bankofamerica.com/online-banking/zelle-faqs/

ollien4y ago

j / k navigate · click thread line to collapse