Springboarding off LeePookie's post about PayPay... I saw that several of you use Zelle, and after some research it looks like you can use it at many more locations that in the past....possibly even ANY bank that has a debit card attached to it. So here are some questions for those of you who use Zelle

Caveat: if you don't use Zelle and/or want to give your opinion on a better method, I certainly appreciate and value your wisdom, so please write about it on your own custom thread so I don't miss it while focusing on this topic.....cheers and beers!

1) Can I use Zelle (the app version) even if my bank isn't on this list: zellepay.com/get-started

2) Is there a limit to how much you can RECEIVE from Zelle in a given day? I see there is a "send" limit...

3) Is it true there is NO CLAWBACK, once the transaction has gone thru (in a couple of minutes)? I saw you can cancel, but it usually only allows that option for a few minutes unless the receiver isn't registered.

4) Do you know what technology this relies on? Seems light years ahead of anything else.

5) If I'm understanding it correctly, there are no fees, no claw backs, it can be done at any time and it's almost instantaneous. Aside from the sender having to be the one who initiates it vs. me taking it (via slow poky, fee-laden ACH), why would I NOT do it? What are the cons....are there any cons?

Zelle is the nickname for -pushing- funds using routing numbers, ach is the pulling operation, so many have sweep account they use to move to correct property account, I thought this would make everything easier until I acquired 2 shacks with the same address.

1. No, the sending party must be able to use Zelle

2. The limit varies (first time is lower, increases as more established)

3. Not certain. But it would likely be quite labor intensive if possible

4. Zelle is a third party. Our bank chooses Zelle. Don't know how to answer that

5. Sometimes there can be a delay (generally caused by receiving bank)

1) Can I use Zelle (the app version) even if my bank isn't on this list: zellepay.com/get-started

One of the two must use a bank that integrated Zelle to their system. US Bank,USAA, BofA, Wells Fargi, and many more. I'm opening an account with one of them just to work with people who don't already do so

2) Is there a limit to how much you can RECEIVE from Zelle in a given day? I see there is a "send" limit...

I understand USAA established a $1000 daily limit.

3) Is it true there is NO CLAWBACK, once the transaction has gone thru (in a couple of minutes)? I saw you can cancel, but it usually only allows that option for a few minutes unless the receiver isn't registered.

Correct. No clawback

4) Do you know what technology this relies on? Seems light years ahead of anything else.

ACH system

5) If I'm understanding it correctly, there are no fees, no claw backs, it can be done at any time and it's almost instantaneous. Aside from the sender having to be the one who initiates it vs. me taking it (via slow poky, fee-laden ACH), why would I NOT do it? What are the cons....are there any cons?

If neither of you uses a member bank it does not work. I can send a request for funds once we are both on it.

It is working well for me so far. I have 3 residents or their parents paying holding fees with Zelle. I have a few paying rent with it.

I have several tenants using Zelle. They LOVE it. And the ones who use it pay early not late.

Some have to send rent in two payments, some seem to be able to send the total all at once, I don't actually know what determines that. Because I know who is sending it I'm okay with that. I get an email notice that money has been received and from who.

For instance, I got an email this morning at 5.08 am that I had received money from Jane Doe, memo line RENT, and it shows as a PENDING Transaction online - but it IS included in my daily balance, the money is available to me right now.

If they are using certain banks they can send to an account number - I don't know which banks. I know if they use my bank (WF) they can send to an account number. If they use another bank they can send using phone # or email address.

One tiny drawback: they cannot send to a business account, it has to go to a personal account. I don't want my tenants to know this, so I give them an email address to send to. You can use more than one, so one LLC's tenants send to that LLC's email and the other LLC's tenants send to that email, but everything is deposited in the same account. I then transfer the funds to the various operating accounts.

Question about accepting payments through Zelle.

I have my properties in an LLC and the Zelle account is attached to my personal checking.

If I use Zelle and rents go into my personal account, then transferred to my business account, would that be considered "co-mingling of funds"?