Sending and Receiving Money with Zelle®

Polam is now offering Zelle® through our mobile banking app to help provide our members with a better banking experience. For those who are unfamiliar, Zelle® is a feature that can be implemented through mobile banking that allows consumers to safely send and receive money digitally, and select the account to which they want funds to be sent and received. It’s a great way to pay your babysitter or pet sitter, split a check with friends when dining out, or pay back someone to whom you owe money.

Whether you’ve recently enrolled in Zelle® or have used it for a while, here are a few tips on how to stay safe when sending and receiving money with this feature:

Don’t use it with strangers – only people you know and trust.

When it comes to your bank account and your money, you don’t want to involve people you don’t already know. Money sent via Zelle® is sent within minutes, and you can’t cancel a payment once it’s been sent to a fellow Zelle user. One good rule of thumb to keep in mind is that sending money via Zelle is the equivalent of handing cash to a person.

Keep a close eye on payment scams.

For instance, if you see a deal while shopping online that seems too inexpensive or too good to be true, and the seller wants payment via Zelle®, you might be getting roped into a payment scam by someone looking to defraud consumers. If you aren’t completely sure you’re going to get what you’re paying for, avoid using Zelle® for it, as you won’t be able to get that money back if you’re being scammed.

Weigh your pizza options

Pizza is always a crowd favorite, but ordering from a delivery service can not only cost more money, but they’re already going to be slammed on the day of the big game. Instead, pick up a couple of large pizzas from Costco – they run about $10 for a large pie. You can also opt for the frozen pizza route, as there are a wide variety of high quality brands that will please anyone.

Be safe with how you use it, and treat Zelle® like you treat cash.

Many people opt to pay in cash when they shop, because it’s very easy to see your money disappearing when you handle it in a physical form. In the case of Zelle®, treat it the same way you’d treat cash – it’s a good way to remain cautious of who you’re sending money to. Also, if you have doubts or questions about sending money via Zelle® to a friend, ask them to confirm their phone number or email address on their account so you know you’re sending money to the right person.