What Is the Zelle Limit for Wells Fargo?
Zelle is a transaction service supported by multiple banks across the U.S., including Wells Fargo. It lets its users send and receive money without physically traveling to a third-party location. The transactions happen within minutes, so it’s easy to help a relative in an emergency or send money to a friend who’s just paid the restaurant bill.
But how much money can users send every month? What is the maximum amount? Moreover, is there a limit to how much other people can receive? We’ll answer these burning questions in the following section.
Transaction Limit for Wells Fargo and Other Banks
Zelle is a convenient method of making transactions. That’s why many folks prefer this as a way of receiving money. For instance, you might need to send a family member money for their bills. That said, what is the maximum amount you can send someone daily?
Generally speaking, Zelle limits its users to sending approximately $1,000 a week, or up to $5,000 a month. This varies from bank to bank, so make sure to check the sending limit of your bank. Wells Fargo clients have a daily limit of $2,500 and a monthly limit of $20,000.
However, Wells Fargo states they can either decrease or increase this amount depending on how long a user has had the account or the money source. If a user plans on sending larger amounts of money, it’s best to contact Wells Fargo in person and inquire about their maximum transaction limit.
Note: Keep in mind Wells Fargo can change this sum at any point. That’s why it’s essential to check their website for the updated information. Here’s a link you should bookmark. Under Section D, you’ll see the maximum sum Wells Fargo lets its clients send via Zelle.
Clients using Bank of America have the same limit as Wells Fargo clients. Chase has a different limit for private clients and businesses. Those using a private account have a daily limit of $2,000 and a $16,000 monthly limit. Businesses can make a daily payment of $5,000, or $40,000 a month.
What If My Bank Doesn’t Use Zelle?
The number of banks collaborating with Zelle is growing every day. If your bank works with them, then there isn’t much you need to do. You can send the money to another person via the bank’s online account or a mobile app.
But what if your bank and Zelle aren’t partners? Can you still send money via this platform? The short answer is ‘Yes.’ All you’ve got to do is download the app, which is available for Android and iOS users. Then, link your credit card, and you can start sending money.
How to Make a Transaction
If you’re new to Zelle and want to make a payment, this is what you should do:
- Launch your bank’s mobile app or open the bank’s website page and log in to your account. Every bank has their own system.
- Once you open the app, you’ll see how much money you have in the account.
- You’ll see “Send Money with Zelle.” To send a payment, tap on “Send Money.”
- Doing so will open the list of your previous recipients and the contacts from your phone. If the person who needs to receive money is already on your list, simply tap on them. Otherwise, write the email address and contact number of the recipient in the search box.
Note: There’s no need to write any other information, such as their bank account details.
Once you write everything, choose the amount of money you want to send. Hit “Preview” to see the details of the transaction. You can also write the reason for sending money and have it as a reminder. Click on “Slide to Send” to finish the transaction. You’ll get a pop-up message to confirm you’re sending money to the right person. If everything is OK, hit “Yes” to finish. Within a couple of seconds, the person will receive the money.
Advantages of Using Zelle
One of the major reasons people prefer Zelle as a method of sending and receiving money is convenience. Making transactions happens intuitively and fast. For example, if a family member urgently needs money, they can get in within seconds. With other similar apps, these transactions might take days, which is sometimes too long if the person needs money for an emergency.
Furthermore, there aren’t any fees attached to sending or receiving payments, which is uncommon for such an app. Generally speaking, similar apps have certain fees attached when transactions are made.
Finally, many landlords nowadays accept payments via Zelle. Therefore, if they don’t live in the same city as you, sending money quickly and easily is possible, and you can do it without additional cost.
Zelle is an easy and fast solution for making payments. Its convenience, lack of fees, and speed attract more and more users every day. Furthermore, more banks are partnering with Zelle to make it easier for their customers to send money. The daily and monthly transaction limits depend on the bank. Therefore, make sure to check with your bank about the maximum amount you can send.
How about you? Do you often use Zelle? What do you think is its biggest advantage? Let us know in the comments section below.