Peer2Peer

Moving away from Zelle: The Options

by
Finanzy

Posted on April 28, 2020 11:18 AM



Zelle has been the tool of choice for many people buying and selling crypto to each other until a few months ago. 

A few months ago banks started terminating accounts of users who were using Zelle to conduct crypto transactions, no explanations, no reasons, just “We’ve decided to close your bank account and you will not be able to open any account with us”.

In the previous article, we linked many threads about horror stories of people getting their accounts closed after 10, 15 or even 25 years JUST BECAUSE the banking overlords 😏 were displeased at people conducting private transactions on things like Bitcoin, which banks don’t like, so they want to dictate HOW you can spend your own money. 
A few more horror stories are below:
Horror Story #1:
https://www.reddit.com/r/personalfinance/comments/g933rj/looking_for_easy_way_to_transfer_funds_between/?utm_source=share&utm_medium=ios_app&utm_name=iossmf

Horror Story #2:
https://www.reddit.com/r/personalfinance/comments/eloopv/chase_froze_my_account/?utm_source=share&utm_medium=ios_app&utm_name=iossmf

Horror Story #3: (and so on)
https://www.reddit.com/r/legaladvice/comments/g091aq/money_sent_to_wrong_person_should_i_take_this_to/?utm_source=share&utm_medium=ios_app&utm_name=iossmf

In all these cases, the common thread are Big Old Banks stuffing customers and trying to micro-manage their day to day lives by dictating how or when they can send money and to whom.

Zelle has also become a favorite tool of scammers who will send you money then cry “fraud” to their bank thus reversing your funds, taking your crypto (Only MoonTrade can return your crypto to you) and getting your bank account closed and you, banned from banking. 

Ever tried paying rent or bills without a bank account, a debit card etc? It’s not fun.

As the world changes , so do people, so step in new banks that offer the same features of Zelle without the nonsense and bullshit of banks that use Zelle. They offer chargeback protection, they don’t ban you for someone attempting fraud and they don’t limit to whom you’re sending money and why. 
Two of the best options out there to send money fast (and faster than Zelle) are new and super popular FDIC insured banks. 

1. Chime (you just need email or phone number to send money to other chime users from within the app or website).
Their website:
https://www.chime.com/

2. MOVO Bank (you just need email or phone number to send money to other MOVO users from within the app or website).
Their website: 
https://movo.cash/

Advantages of these over Zelle are:
1. Both are easy to use and have great mobile apps.

2. Accounts open in minutes and from your home, it’s all online, you don’t have to go anywhere.

3. ZERO FEES. You read that right, both Chime and MOVO Bank have zero fees to open an account, zero balance is ok and no monthly fees or ATM fees within network.

4. Zero international fees for Chime. You can use your Chime Visa debit card anywhere and there are no international fees of 3% that your bank would charge, you can also use your MOVO bank debit card anywhere in the world but MasterCard is accepted without them locking it (like big banks do in the middle of a vacation of travel).

5. They allow you to lock your cards if stolen or misplaced so no one can steal your funds.

6. Both are supportive of the cryptocurrency space and have no problems with you being financially independent!

These are just some of the features that make these banks much superior to Legacy Banks and their peer to peer cash feature much better and superior than Zelle. 

But don’t take our word for it! check out the website and read about it and start ditching Zelle and start using these solutions of the future.

Bitcoin is the future, and so are these banks. Help bitcoin reach the future by using those who support bitcoin!

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