Quote:
Originally Posted by sb1
I believe the difference may be that Zelle is essentially an electronic check/transfer between banks and not a payment processor.
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Exactly what I found out. Zelle acts as simply a communicator amongst the various banks to facilitate a bank-to-bank transfer, there is never an actual Zelle account in any user's name that holds or handles funds for them. Unlike Paypal, where when you authorize a payment to someone, the money first comes from your bank account to your Paypal account. Paypal then records the transfer from your Paypal account to the person you're paying's Paypal account. That person you're paying can then, if they choose, have Paypal transfer the funds from their Paypal account to their personal back account. With Zelle it is just a straight transfer from one bank account to another. Huge difference! Zelle never actually holds or handles anyone's funds, so nothing for them to report.