None of the big Colorado credit unions like Bellco Credit Union, Public Service Credit Union, or Elevations Credit Union currently support Zelle. I can’t use Zelle to send money to my mom because she uses a credit union from work that isn’t a Zelle partner, and she certainly doesn’t have Zelle on her phone. In order to use Zelle you, and whomever is getting the money, both have to be setup and using Zelle. This brings us to the Zelle catch number one. With Zelle, the transfer works as withdrawal from your account to Zelle (which you authorized by setting up and using Zelle), and then a deposit from Zelle to the payee account (which they authorized by setting up and using Zelle). Traditionally, you can’t transfer money directly from your checking account to a friend’s checking account, even if you both have accounts at the same bank. How Does Zelle Work?Įssentially, Zelle works by acting as a middle man between you and whoever you are paying’s banks. However, if you have multiple banks, or if your bank or credit union doesn’t use Zelle, then the standalone app lets your play ball. If you already have a banking app on your phone and it already uses Zelle, you don’t really gain anything by getting the standalone Zelle app. Your Zelle account gets linked to a bank account and that bank account can send and receive money via the Zelle app. The idea for both products is roughly the same. The second piece of Zelle is a stand-alone money transfer app that isn’t inside of your banking app. This is the part that the commercials claim is “already on your phone,” or “already in your banking app.” Since Zelle actually works directly with various banks, they play nicer with Zelle than maybe with others including transferring money with no fees, and allowing “instant” transfers and withdrawals.Ĭheck out my Acorns app review for automatic investing. One version of Zelle is the behind the scenes payment system backed by, and used by, several American banks inside of their own banking apps.

Zelle is actually two products from the same company.

Quickpay zelle