 | |
| Formerly | clearXchange |
|---|---|
| Company type | Private |
| Industry |
|
| Founded | 2016 |
| Headquarters | , United States |
| Services | Electronic funds transfer |
| Parent | Early Warning Services, LLC |
| Website | zellepay |
Zelle (/zɛl/) is a United States–based digital payments network run by a private financial services company owned by the banks Bank of America, Truist, Capital One, JPMorgan Chase, PNC Bank, U.S. Bank, and Wells Fargo.[1][2][3][4] The Zelle service enables individuals to electronically transfer money from their bank account to another registered user's bank account (within the United States) using a mobile device or the website of a participating banking institution. There is no fee or charge on the transaction.[1][3]
The Zelle service was launched in June 2017,[1] as the successor to the clearXchange payment service. Zelle has expanded, and as of 2022 eighty percent of the US population could connect to Zelle through their banking app, with support by over 1600 financial institutions.[5] It has been criticized for being a platform that has facilitated online financial fraud in the United States. In 2022 at a Senate Banking Committee hearing it was censured for not giving refunds to people who were tricked by criminals using Zelle.
- ^ a b c Cowley, Stacy (April 22, 2018). "Zelle, the Banks' Answer to Venmo, Proves Vulnerable to Fraud". The New York Times. ISSN 0362-4331. Archived from the original on October 17, 2018. Retrieved October 1, 2022.
- ^ Cite error: The named reference
EWSoverviewwas invoked but never defined (see the help page). - ^ a b By. "Here's What You Need to Know About Zelle". www.experian.com. Archived from the original on January 16, 2020. Retrieved October 1, 2022.
- ^ "17 Best Online Banks That Use Zelle - A Complete List!". All Finance Deals. May 5, 2022. Archived from the original on May 6, 2022. Retrieved June 9, 2022.
- ^ Cite error: The named reference
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