Bank of America customers need to be cautious while using Zelle to make large payments. Zelle is a privately owned digital payment network that enables users to transfer money to others electronically.
Zelle is quite popular among Americans as it allows them to transfer money without needing bank details. Zelle website explains that one needs to enroll on their platform using an email ID or mobile number through mobile banking app. In order to pay a person, they have to enter the preferred email address or US mobile number of the recipient. The website further elaborates that you “can send money to almost anyone you know and trust with a bank account in the US.”
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The user then has to enter the amount, and if the recipient is already enrolled with Zelle, the money will go directly into their bank account. This quick method of money transfer has added convenience to the lives of its users. Since the money goes directly into the bank account of recipients, it has become a trustable platform for making payments as small as splitting dinner bills or as big as paying rent.
Zelle is available in over 2,200 banking apps in the US, including Bank of America, Central Bank, American Bank etc. However, Bank of America customers should be prepared to make multiple payments if they plan to make any large money transfers. Every bank has a pre-determined limit on the payments users can make through Zelle. These limits are meant to ensure that your money is secure and no fraudulent transaction of large sums of money is done. Bank of America also has daily and monthly limits to ensure the same.
The daily limit that a Bank of America customer can do through Zelle is $3000, and the monthly limit is $20,000, as per The Mirror. So, if you have a large upcoming payment, you have to plan in advance to avoid missing the deadline. For example, if your monthly rent is $4,500, you will have to divide the total amount and send it on two different days, as the daily limit allows a transfer of only $3,000.
This comes after a warning was issued by Bank of America regarding cancelling the accounts that don’t meet certain requirements. As the customers faced inconvenience following a major glitch, the bank announced that the accounts that are ‘abandoned’ or ‘inactive’ for three years or more would be cancelled.
The bank wrote on its website, “If you have not accessed your account for an extended period (typically 3 years or more), you may receive a letter from us letting you know your account is considered abandoned and may be turned over to the state under escheat laws.
“You will need to follow the instructions on your letter to contact the bank and prevent escheatment.”
It further explained, “Escheatment is the process of reporting and remitting abandoned/unclaimed property to the appropriate state agency for custodial safekeeping. Each state has laws that govern when accounts are considered inactive and/or abandoned and when we’re required to send a customer’s property to the state.”
