Early Warning Services, LLC, a private financial services company owned by Bank of America, Trust, Capital One, JPMorgan Chase, PNC Bank, U.S. Bank, and Wells Fargo, owns the digital payments network, Zelle.
An individual’s bank account can be transferred to another registered user’s bank account within the United States by using a mobile device or the website of a participating bank.
In June of this year, Zelle was launched as an instant payment service. It was previously known as clearXchange, which offered payment services via member financial institutions as well as a website.
ClearXchange was founded by Bank of America, JPMorgan Chase, and Wells Fargo in April of 2011. ClearXchange was sold to Early Warning Services in January 2016 after Capital One and US Bank joined as partners.
All clearXchange personal payment accounts were converted to Zelle accounts in December of that year.
What Is Zelle?
Zelle is a payment network that allows you to transfer money from your bank account to another bank account quickly, securely, and easily.
Zelle transactions are typically completed within a few minutes, and there are no fees for sending or receiving money.
Nearly 3,000 financial institutions joined the Zelle network by 2021, transferring $490 billion through 1.8 billion transactions.
How to Cancel a Zelle Transfer with Chase?
When using Chase’s Zelle transfer, you have the option of canceling the transaction. However, if the recipient does not have a Zelle account, you can cancel the transaction.
1. To cancel your payment, tap on the Zelle Experience option. Check from your Activity page if the person you send money to is enrolled with Zelle.
2. Next, find the payment you want to cancel from the ones on the list.
3. Further tap on the ‘Cancel this payment option to recall the payment.
How Do I Cancel a Transaction on Zelle with Wells Fargo?
Canceling payment transactions with Wells Fargo can be done using the following steps.
1. From your phone, launch the Wells Fargo app and log in to the account with your Wells Fargo username and password.
2. Move to the Account Summary from the Main Menu and click on the Send Money with Zelle option.
3. Below the send and request money options, reach for the Activity tab to cancel the payment option.
4. Press the Pending payment option, and from there, while viewing the receiver’s name and amount, you will also see the Cancel Payment option.
5. Click on the Cancel Payment tab to ensure the money is refunded back to your account.
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How to Cancel a Zelle Transfer BOFA?
There are two ways you can cancel a Zelle transfer from Bank of America: you can follow the instructions in the first section of this article, or you can follow the instructions below.
1. Log in to your bank app or bank website.
2. Visit the Activity section and press the Stop the Payment tab, if the receiver still has no Zelle account and the payment is still in the pending segment.
If, in case, you have a future date assigned to your payment, then canceling the payment is possible anytime. Just click on the Cancel tab to cancel a future payment.