Zelle shuts down standalone app transfers, can still send money through banks

Online money transfer company Zelle has shut down its standalone app, but consumers will still be able to use the company to send money online.

The company announced the plans to shutter the money transfer function of the app last year, saying that only 2% of transactions were done through the platform. Instead, a “vast majority” of the 151 million users did so through their own banks.

That process, using Zelle through a bank’s website or app, will remain unchanged.

However, those who used the Zelle app should have received notifications through email and in-app alerts before money transfers stopped on April 1.

Those who were impacted will have to sign up through their bank to use Zelle to send money to someone.

More than 2,200 banks and credit unions use Zelle, with consumers sending more than $1 trillion in 2024, the most sent by a person-to-person payment service in one year, the company said.

The Zelle app will still be accessible, but not to send or receive funds. Instead, it will mostly be for information about scams and fraud, along with offering a list of financial institutions that have Zelle.

The Consumer Financial Protection Bureau had sued Zelle and three banks, saying that they did not protect consumers from fraud on the payment platform, violating consumer protection laws, but the lawsuit was dropped.

Zelle is operated by Early Warning Systems in Scottsdale, Arizona. It is owned by seven U.S. banks - Bank of America, Capital One, JPMorgan Chase, PNC Bank, Truist, U.S. Bank and Wells Fargo.

Zelle is co-owned by several banks, including Pittsburgh-based PNC Bank.

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