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NAGDABBITALL t1_j4yb3g6 wrote

I use Chase and not BoA, and have been using Zelle for a couple years now to pay for stuff done around the house. It used to be that I'd fill out the payment and it would transfer immediately. For the last couple months, I fill out the payment and it has an "i" prompt that says "in process" and says it may take 1-3 days. Just had a ceiling painted a week ago, and the transfer took a little less than 24 hours. Sounds like a Zelle thing...also payee was not BoA.

I also thought Zelle may be having a more heavy load from new users as it's not included in the IRS $600 reporting that has since been postponed.

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mtarascio t1_j50d2ug wrote

Australia mandated instant payments between banks and there hasn't been one issue since the day it was enacted.

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peterkeats t1_j507c45 wrote

Basically doesn’t Zelle work by fronting money on your behalf? It verifies both ends, that you have cash and the account transferred to exists. It’s just the appearance of instant transfer.

Otherwise it would be a form of wiring, which is still a separate option.

This means Zelle can only transfer based on cash in hand.

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