Zelle
Digital payments network / From Wikipedia, the free encyclopedia
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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]
Formerly | clearXchange |
---|---|
Company type | Private |
Industry |
|
Founded | 2016; 8 years ago (2016) |
Headquarters | , United States |
Services | Electronic funds transfer |
Parent | Early Warning Services, LLC |
Website | www |
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.