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A better way to pay some bills

The banks have finally figured out a better way to transfer money, pay bills, etc. Checks are so passe, besides being time-consuming, paper wasting, and often stamp needing. Then there is the whole deposit thingy at the other end. If you use a credit card, there is still the payment of the credit card as well as the fee paid by the vendor. You can now deposit money in someone's account with only an email address or a cell phone number. After the first receipt, payment is essentially immediate.

So, if someone were to get a bill from me, they could pay it by logging into their bank. They'd see something like this from US Bank.
  • Click the Send Money with Zelle
  • Enter my email address (it is on each bill)
  • Enter the amount to pay
  • Click OK.
  • Feel free to send me money anytime.

That's it.

Well, you say, it can't be that easy. Of course not. The first time you'll have to verify that you are you with a text to your cell phone or an email code. The person receiving must register with their bank (which will send it to Zelle), with their email address and or their cell number. The receiver must also indicate which bank account he wants the money deposited to. Subsequent payments to the same person can be selected from a list of previous payees. After you are registered, payment to your account is immediate.

Both parties are provided with notification of sending and receiving. The last time I was paid this way from a client's office, the payment was in my account when I got home.

There are amount limits, but mine at least were more than any normal bills I pay. I couldn't buy a new car with this though, it would be more than my limit.

If you use a mobile banking app, I'm not recommending that, but if you do, money can be sent from your banking app as well.

A list of participating banks (and two credit unions) is here.

If you log in to your bank, I recommend this as the best way to pay those individuals you owe. Also, organizations receive money for dues and so forth with this if they have an email address they use for online banking.

Date: December 2017

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