Late last month, State Bank of Cross Plains partnered with Zelle as part of its ongoing commitment to providing customers the very best in mobile and digital banking technology. Following is some detail about what Zelle is, how it works, and why we are so excited to offer access to it within our experience.
What Is Zelle?
Zelle is a fast, safe and easy way to send money directly from one U.S. bank account to another, typically within minutes when both parties are already enrolled. With just an email address or U.S. mobile phone number, you can quickly, safely, and easily send money to people you trust, regardless of where they bank1.
Today, Zelle is available in the digital banking experiences of participating financial institutions, and is also available through a standalone Zelle app. More than 120 million mobile banking consumers can access Zelle directly through their bank’s app, and almost anyone with a Visa® or Mastercard® debit card (with a U.S.-based bank account) can access it through the Zelle app.
Mobile banking and digital payments are on the rise, and consumers need their financial institution to provide a convenient alternative to cash and checks that doesn’t compromise their safety or user experience. With Zelle, financial institutions are able to provide customers a convenient method of sending and receiving money through existing mobile banking apps. For millions of consumers, Zelle is already available from the convenience of their mobile banking app, with no additional downloads required.
How Can SBCP Customers Access Zelle?
Zelle can be accessed in SBCP online banking or mobile app. To use Zelle, log into either SBCP online banking or mobile app and select “Send Money with Zelle®.” After following a few simple steps to enroll, you can then send money directly from your bank account to another bank account in the U.S. using only the recipient’s email address or U.S. mobile phone number.
How Does Zelle Work?
When a consumer enrolls with Zelle through their bank’s app, their name, the name of their bank and the email address or U.S. mobile number they use to enroll are shared with Zelle (no sensitive account details – those stay with the bank). When someone sends money to the consumer’s enrolled email address or U.S. mobile number, Zelle looks up the email address or mobile number in its “directory” and notifies the recipient’s bank of the incoming payment. The recipient’s bank then directs the payment into the consumer’s bank account, all while keeping sensitive account details private.
Who Does Zelle Serve?
- Currently, 924 financial institutions are contracted to participate in the Zelle Network® with more than half online today and processing transactions.
- In total, customers from more than 7,000 financial institutions are using Zelle via their mobile banking app or the Zelle
- Consumers sent $133 billion on 519 million transactions in the first six months of 2020.
- In 2019, the Zelle Network processed $187 billion in payments on 743 million transactions.
How Do You Benefit from Using Zelle through the SBCP Mobile App?
- You can quickly send money to friends, family and people you trust. Through the SBCP mobile app, money can be sent with Zelle to almost anyone with a bank account in the U.S.
- You can also request money from other people, which makes it easy to collect money for things like group gifts or shared meals.
- There’s no need to download another app – you can use Zelle to send money directly within the SBCP mobile banking app or online banking.
- Avoid sharing sensitive account information with others – all you need to share is your U.S. mobile phone number or email address to receive money with Zelle.
1 Must have a bank account in the U.S. to use Zelle.
Zelle and the Zelle related marks are wholly owned by Early Warning Services, LLC and are used herein under license.