We’re always on the look out for ways to make life easier for our homeowners and to make our operations even more efficient. That’s why we’re excited to bring you news about a new way for you to make payments to us: Zelle.
Let’s run through a few quick questions and answers about Zelle, so you can get a great overview of the payment option we are introducing. If you have any further questions, please reach out to our team at any time.
What is Zelle?
Zelle is a digital payments service. It has the backing of some of America’s biggest banks. As long as you have a US bank account, you can use Zelle.
Which banks are behind Zelle?
Zelle is owned by some of America’s biggest banks, including Bank of America, BB&T, Capital One, JPMorgan Chase, PNC Bank, US Bank and Wells Fargo.
How does Zelle work?
Zelle is an easy to use instant payment service and mobile app. It’s a little like Venmo, but payments are typically processed faster (thanks to Zelle’s backing by America’s biggest banks).
Simply download the app and you can send and receive money for free. Zelle is also found in the banking app of hundreds of banks and credit unions nationwide. You can send money quickly and for free – even if the recipient uses a different bank or credit union.
To get started, you’ll need to register your email or cell-phone number (either though your existing banking app or through the Zelle app).
Then you can send money to people you know using their email address or cell phone number.
Why are we implementing Zelle now?
By accepting payments via Zelle, it gives our customers another choice of payment options. Because payments are so fast and easy, it means we can act faster when there’s a maintenance issue. And you can keep your escrow accounts up to date much more easily. It will help to ensure that services aren’t affected by under-agreed escrow balances.
What’s more, the service is free to use. So you can avoid the hassle and expense of writing bank cheques. Instead of waiting several days for a cheque payment to be made, payments are usually made within minutes – or seconds!
We think this is a really important benefit because it means that if you need expensive or urgent maintenance work, it won’t be held up by waiting for a bank cheque to clear.
It’s going to be especially useful for those homeowners for whom we manage the home but don’t take bookings. If we don’t have an income for which to offset services and maintenance payments, it can be a real hassle keeping your escrow amount up to date each month.
Now, with Zelle, that’s going to be a lot faster and easier for you.
Is there anything else I need to know about using Zelle?
If your bank doesn’t offer Zelle, you’re limited to sending $500 per month. However, if your bank does offer Zelle, the limits are much higher (typically between $1,000 to $5,000 per day or between $5,000 and $40,000 per month).
Because the money is transferred directly from one bank account to another, Zelle is much safer than sending cheques in the mail.
However, because it is such a fast and easy payment option, it’s really important to only use Zelle to send money to people you trust. Once sent, the money can’t be recalled – so it’s also doubly important to double check the recipient’s details before sending.
What are the next steps?
If you’d like to use Zelle to make payments to us and to keep your escrow account up to date, you can find our Zelle details at the bottom of your monthly homeowner statement.
If you have any questions, please get in touch for more information. We’re happy to talk you through the next steps, so you can be confident when making your payments to us using this convenient new payments platform.