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Zelle For Business: What Small Businesses Need To Know About The New Money Transfer App

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Hsin-Wei Luang

Hsin-Wei Luang

Hsin-Wei is a freelance writer focused on small business and technology writing. Before becoming a writer, she worked as a techie lawyer for many years until she came to her senses. Now, in her spare time, she plays frisbee with her Mini Australian Shepherd dog.

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7 Comments

Responses are not provided or commissioned by the vendor or bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the vendor or bank advertiser. It is not the vendor or bank advertiser's responsibility to ensure all posts and/or questions are answered.

    Phil Giorgianni

    There’s a website for a company called banxate that purports to offer a zelle gateway for payments online but it appears to be defunct. Disappointing I thought I was about to be liberated from processor bullshit.

      Tim

      USBank has never charged me for receiving or sending by Zelle. In the article it states that they do.

        Jessica Dinsmore

        Hi Tim,
        Sounds like you’ve been getting a good deal! This is what US Bank’s website says about Zelle fees on business accounts:

        Are there any fees to use Zelle with an eligible business account at U.S. Bank?
        Yes, there is a fee to receive money to a business account at U.S. Bank. The fee is 2.50% of transaction amount with a $15 maximum fee or a $0.25 minimum fee. There is no fee to send money with Zelle and no fee to request money with Zelle at U.S. Bank. However, there is a fee for the business account to receive money.

          Yvonne Grayson

          Two banks have informed me that they have implemented new rules governing HOW their businesses customers can use Zelle. For Wells Fargo, I was informed on 10/28 @8 am Eastern that “business accounts CAN ONLY receive Zelle funds from a Wells Fargo account – NOT from any other bank or financial institution”. For Bank of America, I was simply told that Zelle is not available to Business customers.

          Does anyone know if these changes or rules are the result of banking regulations OR if optional choices by the banks.

            Jessica Dinsmore

            Hi Yvonne,

            The Wells Fargo limitation is very likely an optional choice by the bank because we haven’t heard of any banking regulations that might apply. According to its website, Zelle continues to be available to Bank of America business customers. But take note of the small print at the bottom on restrictions.

              Tamara

              Here’s something to think about for business use: Even though they say it’s “for business,” the bank (I’m looking at YOU, US BANK!) might restrict the Zelle capabilities to the named account holder only (the business owner). This means that you can’t delegate the bill paying to, let’s say, YOUR BOOKKEEPER, who pays all the rest of the bills by other methods. Even being an authorized signer on the account is not enough.
              So sure, if the business owner wants to take on yet another responsibility that their employees ought to be doing, they could consider using this; otherwise, it’s of no use.

                This comment refers to an earlier version of this post and may be outdated.

                Rodney Warwick

                I’m a criminal investigator currently working a fraud case. The victim is a elderly gentleman that has been defrauded by someone using the Zellepay App. I have reached out to Zellepay’s legal department a number of times and received no response. The victim was partially reimbursed by his bank, BB&T however, their fraud unit has also reached out to me as they to perceive themselves to be a victim as well. Funny to after reading this article learn that they have ownership interest in Zellepay. Bottom line is their legal department should be available to assist victims of fraud…..

                  This comment refers to an earlier version of this post and may be outdated.

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