Zelle® is a fast, safe, and easy way to send and receive money with people you trust, like your babysitter, coworkers, fellow PTA mom, or your son’s soccer coach. Whether you just enrolled with Zelle® or have been an active user for a while, there are a few tips you should always keep in mind to ensure you are being safe when sending money.
Only send money to those you trust
At TEGFCU, Zelle® should only be used with friends, family, and others you trust. Why? Because you can’t cancel a payment once it’s been sent if the recipient is already enrolled with Zelle®. And if you send money to someone you don’t know or do not get what you expected, you may not get your money back.
Treat Zelle® like cash.
While Zelle® and cash are undoubtedly different, both give the recipient fast access to the money you send. With Zelle®, money moves directly into the enrolled recipient’s checking account within minutes. And again, once you authorize a payment to be sent, you can’t cancel it if the recipient is already enrolled.
Beware of payment scams
If an offer sounds too good to be true, it probably is. For example, a stranger selling online concert tickets at a steep discount and insisting you pay with Zelle® may be a scam.
Neither TEGFCU nor Zelle® offers a protection program for authorized payments made with Zelle®, so play it safe. Only send money to those you personally know and trust.
Zelle® does not offer a protection program for authorized payments, so pay it safe. Only send money to people you personally know and trust.
Confirm your recipient’s contact information
Ensure you have the correct U.S. mobile phone number or email address for the person you want to send money to. When in doubt, contact your friend to double-check. You may not get your money back if you authorize a payment to be sent to the wrong person.
Understand your payment options
If you don’t know a person or aren’t sure you’ll get what you paid for, using your credit card may be a better payment option. Many credit card companies offer built-in buyer protections for cardholders. Check the terms and conditions of your credit card to see what’s offered.
To learn more about how to stay safe using Zelle, CLICK HERE FOR MORE INFO.
A TEG Federal Credit Union checking account is required to use Zelle®. Transactions between enrolled users typically occur in minutes.
Zelle® and the Zelle® related marks are wholly owned by Early Warning Services, LLC, and are used herein under license.
