Zelle is a safe, convenient way to send money back and forth. It comes in handy when dining out with friends, sharing household expenses and a variety of other scenarios. You no longer need to have cash on hand or write checks to pay people back — it can be done at the push of a button on your smartphone1.
Your Zelle account is directly linked to your bank account with The Federal Savings Bank, resulting in speedy transactions2.
Due to this, you should practice these safety measures while using Zelle:
Once you send money through Zelle, you won’t be able to cancel the transaction if the recipient already has an account on the app. The beauty of Zelle is that it facilitates the fast movement of money. That being said, you have to take extra precautions to ensure you are sending the correct amount of money to the person you intend to receive it.
First, check that you’ve entered the recipient’s email address correctly. If you and the recipient are together, show them what you typed and get an affirmative confirmation that it’s correct. If you’re working off of an email address that was written down, double- or triple-check that you typed it in correctly. If you send money to the wrong person, the best you’ll be able to do to remedy the situation is email them asking for the money back and hope that they are kind enough to return it to you.
You should also double check the amount of money. If you accidentally send someone significantly more than the agreed upon amount, you’ll have to hope that they send you back the difference — otherwise, it’s theirs to keep. A misplaced decimal point can be hard to catch and significantly alter the payment. Confirm the amount with the recipient before entering it, and then check to make sure it’s correct.
Zelle recommends only using their service with trusted friends, family members and colleagues. Even if you take the precautions mentioned above, mistakes happen. You could send someone too much money or send them multiple payments by accident. When this happens, you want to know that the recipient is someone you trust to be honest and send your money back, rather than calling it a happy accident and keeping it for themselves.
When using Zelle, there will never be a scenario where you should give out your account information. If you get a call or an email for a special deal, and the caller asks you to provide your Zelle account information to claim it, don’t fall for it — it’s a scam. Zelle will also never contact you asking for your account information. Phishing scams can look remarkably legitimate sometimes. Keep in mind that if someone is asking for your account information, for any alleged reason, they are likely a scammer trying to steal your identity or money.
For more information on using a Zelle account safely, get in touch with us at The Federal Savings Bank and visit our website today.
1 Mobile Banking requires that you download the Mobile Banking app and is only available for select mobile devices. Mobile carrier fees may apply.
2 Transactions typically occur in minutes when the recipient’s email address or U.S. Mobile number must already be enrolled in Zelle. Must have a bank account in the U.S. to use Zelle. Neither The Federal Savings Bank or Zelle offers protection program for any authorized payments made with Zelle.
Zelle and the Zelle related marks are wholly owned by Early Warning Services, LLC and are used herein under license.