Originally Posted by
MaxVO
I'd like to learn about the hazards of Zelle payments. I've only accepted Zelle from one of my neighbors. I don't know if that was a strange coincidence, but my credit report recently asked asked if I was associated with the address of that neighbor.
Zelle was the commercial banks response to Venmo,which garnered a large chunk of the small personal transactiions between people.
I have no idea how they made money allowing people to move small amounts amoung each other, except for the small balances (usually less than $50) kept by them. They did have fees for immediate transfers of cash out of their account to a commercial bank and don't pay interest on balances, but still, small potatoes.
This may be why Venmo has branched out into business accounts. Probably more lucrative. However, there really is no way for Venmo or Zelle to verify the source of funds, but if someone is sending $10 to their friend, most LEOs don't give a heck.
However, when someone is getting thousands of dollars into their account and has no documentation for its origin, most commercial banks will shutter those accounts.
With that as a foward,
I suspect most businesses will not take payments by Zelle for their products. PP...yes, Venmo....doubtful.
Long explanation, but most likely your Zelle transactions was the source of your shutdown. Sorry to hear it, but a good warning to others about using these alternative payment methods for MSing
