How to Cancel a Zelle Payment
If you’ve sent money to your family or friends often, you’ve probably heard of Zelle. It’s a great app that allows a quick and easy transfer to the people you know.
What happens, though, if you accidentally send money to the wrong person or send the wrong amount? Fortunately, Zelle allows you to cancel your payment.
If you want to learn how to cancel a payment in Zelle, you’re at the right place. This article will discuss how and when you can cancel it and offer further insight into how the app works.
How to Cancel a Zelle Payment
Canceling a Zelle payment is possible, but not in every case. You can only cancel it if the recipient hasn’t enrolled with Zelle yet. If you’re unsure whether the person has enrolled, you can check within your bank’s app or website:
- Open your bank’s app or go to its website and log in.
- Go to the “Activity” tab.
- If the person hasn’t enrolled with Zelle yet, you’ll see the “Stop the payment” button. Tap it, and your payment is canceled. If the person has enrolled, you won’t see this option.
- If your payment is for a future date, you can cancel it anytime by tapping “Cancel.”
It’s good to know that Zelle doesn’t charge a fee for canceling the payment.
On the other hand, canceling the payment won’t be possible if the person has already enrolled with Zelle. Keep in mind that Zelle sends the money to the recipient’s bank account right away. As soon as you hit the “Send” button, your money is gone. That’s why it’s always important to double-check the payment details and the recipient’s information.
If you’ve realized your money went to the wrong person, you can try contacting them and request the money back.
Do the Same Cancellation Rules Apply to Capital One, Wells Fargo, Bank of America, Etc.?
The rules for canceling a Zelle payment are always the same, regardless of which bank you’re using. As previously mentioned, it’s only possible to cancel a payment when the recipient hasn’t already enrolled with Zelle. If the recipient has already enrolled, the money is sent directly to their account. The cancellation rules are universal for every bank in partnership with Zelle.
Can I Chargeback a Zelle Payment?
You can charge back a Zelle payment, but not in all circumstances. As previously said, if you’ve sent money to the wrong person, you can cancel the payment if the person hasn’t enrolled with Zelle yet, and the funds will be returned to you.
Fraud and scam victims are another story entirely. Here’s what happens if you suspect fraud or a scam:
If someone accessed your account without your authorization, made a payment using Zelle, and you weren’t involved in it in any way, this is considered fraud. If you suspect someone gained access to your account, it’s of utmost importance that you report it to your bank right away. Since you didn’t authorize and weren’t aware of any payments being made from your account, you’re generally able to get your money back – in most cases.
Although they have a similar meaning, there is a difference between fraud and scam. It’s considered a scam if you were involved and authorized payment but didn’t receive what you were supposed to receive. Even when someone tricked or persuaded you to make the payment, it’s also a scam. Since you were aware of the payment and authorized it, likely, you won’t be able to get your money back.
Scammers can often sound very persuasive. The best way to defend yourself from them is by saying “no.” Never give your SSN, account credentials, driver’s license number, or any personal information to strangers. If something doesn’t feel right to you, trust your instincts, and don’t let scammers get to you.
Whether you’ve been a victim of fraud or have been scammed, it’s always important to report it to the financial institution. Before doing so, you should prepare transaction details such as the recipient information, the date and time of the transaction, and any other evidence that could help you get your money back.
How do I protect myself when using Zelle?
Unfortunately, many people online might try to scam you by offering a product or a service and then disappearing. There are a few actions you can take to protect yourself and your money while using Zelle:
• Make sure you send money only to people you trust. That way, if you’ve sent money to the wrong person, or you’ve sent the wrong amount of money, you can always ask them to return it.
• Always double-check the recipient’s email address or phone number. If you don’t, the money could end up at the wrong address, and there is no way to get it back.
• If you’re new to Zelle, don’t send large amounts of money until you’re confident you know how the app works. It’s best if you start with smaller amounts.
• Update your security settings by adding multi-factor authentication, which will make it harder for intruders to gain access to your account.
• Sing up for notifications from your bank because these can warn you about suspicious activity on your account. If you notice any unauthorized activity, react immediately by contacting the bank.
• Don’t share your account information with anyone. Your bank will never require you to send them your personal information by email. In addition, they won’t call you and ask about your credit card number or other personal data. If someone requires this information via email or phone, they’re likely trying to access your account. Report this to your bank through the official website or via the number on the back of your bank card.
• Set up strong passwords for your accounts. Never use the same passwords for every website, and don’t share them with anyone.
• Be careful when using public Wi-Fi networks. If you are using public networks, it’s recommended not to log in to your bank app since hackers can gain access to it.
Always Be Careful When Transferring Your Money
Although Zelle is a great app that allows you to quickly transfer money to your friends or family, using it can impose risks if you’re not careful. Sometimes you can cancel the payment if you’ve made a mistake, but this isn’t always the case. That’s why it’s essential to only send money to the people you trust and always double-check the information.
Have you ever accidentally sent a payment via Zelle to transfer money to your family or friends? Tell us in the comments section below.