Zelle Payment Method - Questions/Clarity

#1

So i just recently created a Zelle account through their mobile app with my phone number and debit card (since my bank isn’t officially offered).

To test to see if Zelle works as intended, i did a test transaction with a friend. He sent me a few dollars (he banks with PNC) to me on Zelle after i provided him my email address, which got almost instantly funded to my debit card balance.

Now, referencing this Github issue, do we (as buyers/sellers wanting to use Zelle payment method) need to absolutely be banking with one of these?

I can’t seem to understand why someone wanting to use Zelle as a payment method, needs to have a bank account at one of those banks only - when i can perfectly receive Zelle payments without having a bank at one of those banks.

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#2

I think there were issues with multiple banks that claim to work with Zelle, but in practice it showed that was not the case.

If you can confirm that Zelle fully works with your bank, perhaps you should suggest adding it.

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#3

Yes many banks did not work reliable in different combinations with other banks. Only the stated member banks worked 99% reliable. We had lots if dispute cases in the past regarding that. There is an open Github issue to investigate if the situation has changed but hard to get that info. Zelle is not reliable with what they advertise.

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#4

So do you suggest not using it?

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#5

If the bank is not listed in the member banks and it will lead to a dispute (in case u cannot pay or receive) you likely will lose the deposit.

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#6

But you can use one of the other new payment methods or national bank transfer (ACH, WIRE).

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#7

This same issue is in my post recently about FifthThird/Flagstar (although the thread’s gone off topic quite a bit of late).

The only offers using Zelle right now are like 35-45% markup which is worse than even the lousy crypto ATM machine at my local gas station!

Could someone put up a reasonable % offer using Zelle just for say like $100 so I can try it out? We can even just flip the coin back and forth, not really sell/buy at all just so I can see how it works with my bank account (and maybe get a couple more bank names 'officially" added to this warning list…?)

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#8

I suggest you create an offer yourself and wait for someone to take it.
There really isn’t any downside in creating offers rather then taking them.

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#9

I did that already, the listing for 0.0623 using Zelle at 3% is mine but nothing’s happened so far.

Not sure if I did it right, this is for ME to “buy” BTC from someone paying 3% over spot and I will pay sending USD $ to your bank from my bank over Zelle… right?

3% not enough? Who here reading this will take my offer for what % you need? Let me know please, thanks :slight_smile:

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#10

It is possible that no users want to sell BTC when the prices are so low.

It is not that rare that Bisq users don’t agree with the global market prices and are more bullish. It would be profitable however for those who trade on centralized exchanges as well to trade the difference between Bisq prices and market price. Perhaps Bisq’s user base is still too low for that kind of market rebalancing.

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#11

It is my experience as well that Bisq users think the correct price is higher than what the general market says.

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#12

The markup also factors in the price of “Zelle dollars”, the value of which is certainly less than real dollars, and probably close to zero when compared to bitcoin.

Just because your zelle account gets credited, doesn’t mean it’s worth anything, spendable, or can be claimed in any meaningful way by you.

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#13

Umm… lol wut? :rofl:

Zelle dollars? Zelle “account”…?

DaFuq u talkin’ about, it’s not a cryptocoin it’s a bank account transfer LOL

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#14

USD isn’t USD until it is cash in your hands. I think the above poster is referring to the finite chance that a bank might decline to allow the withdrawal.

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#15

I’ve used USAA for many personal and BTC transactions and have yet to have an issue. Would like to see that added to help encourage it

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#16

Reading the thread Using USAA for Zelle
from the beginning, it appears there were issues in the past.
That’s why there was reluctance.

Would be good to be able to add it, but perhaps with some kind of test phase. In order to limit the number of issues if problem appears.
I don’t know if this is feasible in Bisq (and if it is not overcomplicated to implement).

ping @ManfredKarrer . What do you think today about USAA ?

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#17

If its an official member bank yes, otherwise i think there is risk that not all will work with it.

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