Zelle is a fast, user-friendly platform for making financial transactions between two users. The system allows users to send approximately $2,500 a day, depending on their bank’s limits. You might send a larger amount of money to a landlord for that month’s rent. Or just a couple of dollars to a partner who’s run out of money while shopping.
Whatever the amount, it’s important to know how exactly Zelle functions and how to check transactions. If you’re interested in finding out more, keep reading.
How to See My Zelle Transactions
Zelle users can see all their transactions at any point. This is especially useful if you tend to forget about the payments you made to some people. To view the transaction history, you need to open a bank’s mobile app or their online banking portal. Then, follow these steps:
- Depending on the bank, you might see different options. Usually, it’ll be “Send Money with Zelle” once you open the app. Tap on it.
- You’ll get a window with two options – “Send” and “Request.” However, below that, there’ll be an “Activity” tab. Click on it,
- Hitting “Activity” will open your transactions. If there are any pending transactions, they’ll be under the tab “Pending.” All other transactions will be under the tab “Past.”
- If you click on any past transaction, you’ll see the receiver’s name, the dollar amount you sent, and the reason of payment. Furthermore, the status will show the payment was completed.
Being able to open past transactions at any point is an excellent feature. It offers Zelle users a record of their transactions and reminds them of payments they might have forgotten about.
What If I Sent Money to the Wrong Person?
So, you need to send money to a person, but get suddenly distracted by your pet or something on TV. The next thing you know, you realize you’ve accidentally transferred money to the wrong person. What can you do if this happens? And can you have the money returned to your account?
The answer depends on whether the person you send money to also uses Zelle. If they use Zelle, then the money you send is immediately transferred to their bank account. That said, the only thing you can do is ask them to send it back. If that’s your friend or a relative, this shouldn’t be an issue.
But what if you’ve been scammed into making a payment to an unknown person? Unfortunately, there isn’t much you can do. For now, Zelle states that all payments users make are final. This means that they can’t help you in case you send money to the wrong person.
You can contact your bank to see if they can help you. Sometimes if you can prove this was a fraud, there’s a chance of receiving money back. To make sure you know your rights, check the Electronic Funds Transfer Act.
All of these are worst-case scenarios, but there’s a catch if you’ve sent money to the wrong person. If that person hasn’t enrolled with their email address and phone number, the transaction will automatically go to “Pending.” Until the person registers, the money will stay there until they access it through their financial institution. That said, it’s possible to cancel this payment. Here’s what you need to do:
- Launch the bank’s mobile app or their online banking website.
- Click on “Send Money with Zelle.”
- Then, you’ll see “Send,” and “Request.” Below that should be “Activity.” Click on it.
- Once you do this, you’ll see your transactions. There will be a “Pending” tab. Tap it. Here, you’ll see the receiver’s name and the amount you sent.
- Click on “Cancel” to cancel this transaction.
That’s it. You’ve now successfully cancelled the payment.
Are There Transaction Fees?
Most similar services require their users to pay a fee when they transfer or receive money. For that reason, it’s no wonder many potential users think the same holds true with Zelle. However, the situation is a bit different. Zelle doesn’t dictate the transaction fees, but rather your bank does. In most cases, these transactions are free, meaning there aren’t any additional costs. But to be on the safe side, make sure to check with your bank about their transaction fees. That way, you can know for sure if you’ll be spending extra money when sending a payment.
Is There a Transaction Limit?
Users can’t send unlimited amounts of money via Zelle. However, the amount of money you can transfer depends on your bank. For example, Wells Fargo and Bank of America let its users send $2,500 daily and $20,000 monthly. On the other hand, Chase has different limit options for business and private accounts. Business accounts have a daily limit of $5,000 a day, while private accounts have a limit of $2,000. Moreover, businesses can send $40,000 per month and private accounts can send up to $16,000 monthly.
Making Payments via Zelle
As you can see, Zelle is a fantastic way to transfer money within seconds. It also allows its users to be in the loop about their past transactions. Although there’s a limit to how much money users can send, the daily sum is usually more than enough for most people. How about you? Which bank do you use? Are you satisfied with Zelle? Share your experience in the comments section below and ask any questions regarding the Zelle payment.