What is zelle?

Zelle is a digital payment service that allows users to send and receive money quickly and securely via their mobile device or computer. It is a peer-to-peer (P2P) system that enables direct bank-to-bank transactions between individuals. Zelle was launched in 2017 as a joint venture by several major U.S. banks, including Bank of America, JPMorgan Chase, and Wells Fargo. As of 2021, more than 1,000 banks and credit unions in the United States offer Zelle as a payment option. To use Zelle, users first need to download the app and link it to their bank account. Once set up, they can send money to anyone with a US bank account by entering their email address or phone number. The recipient will then receive a notification directing them to claim the funds. Zelle transactions are typically completed within minutes, and there are no fees for sending or receiving money. However, some banks may charge fees for using Zelle, so it’s important to check with your bank before using the service.