Wells Fargo has limits on incoming and outgoing Zelle transfers. You cannot expect to be able to send $50,000 to a stranger. Initially outgoing daily limit is set to $500 but it can be increased. Incoming transfers have certain limits and Wells Fargo reserves the right to reject transfers that exceed the limit.
Wells Fargo and Zelle
In 2017 Wells Fargo announced that it integrated a peer-to-peer payments system called Zelle. In fact, Zelle is owned by Wells Fargo and few other big banks like Bank Of America, Chase, Capital One, PNC Bank, U.S. Bank.
Zelle works only in the US. It is a quick way to send money between banks that have integrated the payment system. The number of banks and credit unions that joined Zelle increased dramatically over the last few years and now exceeds 1,000 financial institutions.
Since Zelle is a person-to-persons payment system, there are certain limits on transactions. It is not intended to make down payments. At the same time, there were a number of scams that took a lot of money from users of Zelle. That is why there are certain limits on Zelle transfers.
How much money can I receive from Zelle to Wells Fargo?
While Wells Fargo has no limits on receiving money from Zelle, there is a limit on how much money can be transferred to your checking account. You can receive up to $10,000 to your Wells Fargo checking account per day. It means that in some cases Wells Fargo can reject receiving money and return them back. Although, it would be a very rare case.
How much money can I send with Zelle Wells Fargo?
The maximum amount you can vary from customer to customer and from recipient to recipient and it changes over time. If you are an established customer then you can potentially send up to $20,000 per month.
What is the daily limit for Zelle Wells Fargo?
Initially for new recipients the daily limit is $500 or less. This limit can be increased after you send subsequent payments. The maximum you can send is $3,500 per day.
How to increase Zelle’s limit at Wells Fargo?
If you want to send more than $500 to another person you need to raise the limit. After the first successful Zelle payment to a new recipient, Wells Fargo can adjust the limit. It is going to take time to raise the transfer limit.
Wells Fargo Zelle transfer limits are not set in stone. Higher limits may apply to private customers with high net worth.
How to cancel a Zelle payment Wells Fargo?
You may want to cancel Zelle payment if you change your mind. It is easy to send money, but hard to stop the payment. Your only chance is if the recipient hasn’t enrolled in Zelle yet. In this case payment can stay in pending state until the recipient enrolls or until you cancel the payment.