All the transfers made using Zelle are to and from the bank accounts which leaves no room for the cancellation. Zelle advises confirming whether you have entered the correct phone number or email address which is linked with the receiver’s bank account and also verifying the amount you enter before making the payment. To avoid any losses, you should only send money to your friends, family, and people you trust as Zelle holds no responsibility for your typos or any other mistakes. Once initiated, under no circumstances payment can be canceled by the sender. Zelle automatically cancels a transaction if the receiving party is not a registered Zelle user but this process takes time as Zelle first sends an invitation to the receiver to register with Zelle and in case of failure, it cancels the transaction and the money is returned to your account within a few days.
How do I cancel a scheduled transaction at Zelle?
A transaction scheduled for the future can be canceled any time before it is initiated. To cancel a scheduled payment, log in to Zelle through your Online Banking, and under Zelle Activity Menu, select Edit Payment. You can edit the amount or any other information you had entered before or can cancel the whole transaction. If you fail to do so, you can avail help from the Zelle Customer Support Team or can contact your financial institution and manage the changes in your scheduled transaction. Make sure you make the necessary changes before the payment is process to avoid any trouble.
What if I send the money to the wrong person?
Money sent through Zelle gets transfer to an enroll person’s account within minutes and once process; Zelle holds no liability under such a situation. You must verify all the details of the receiver before initiating the transaction. To avoid such instances Zelle only asks for the minute details of the receiver to make payments like their phone number or email address and not the account number so there is no confusion. If you have send the money to someone else neither Zelle nor your financial institution can cancel that transaction. There’s no way Zelle can help you recover your losses. So you need to be careful while managing your transactions.
Does Zelle charge any fine for canceled payment?
Zelle is a free service and according to its current policies, it charges no fees under any circumstances. Although if your payment is initial towards a non-registered account it can be cancel for which your financial institution may charge you a “Stop Payment” fee. It entirely depends on the policy of your financial institution whether they charge you or not and if they do, how much fee is deduct from your account. In such a situation, it is advise to contact your financial institution which can provide more details about the “Stop Payment” fees. In case a scheduled transaction is cancel before-hand, neither Zelle nor your financial institution charges any fees.