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A question came up recently about paying for a big ticket item (~$10,000) and how to do it.

Of course, there are well known methods- USPS MOs, Bank checks, and Paypal. In most cases these have fees. In the case of anti-gun [email protected] there is the risk of funds being frozen for six months, and of course one is supporting an enemy of the people.

More advanced, one could use an intermediary (FFL) and/or escrow or Letter of Credit; all these too have costs.

Zelle, for now, is a great way to move money. In short, it's Peer-to-Peer (person-to-person) with no intermediary (like screw-you [email protected]), the money goes from sender to recipient, with no fee.

Thoughts on Zelle:
  • You need a smartphone since it's an app, there is no online account.
  • You also need a bank account and a debit card. Zelle uses the debit cards to credit and debit to bank accounts. With some banks, it can go direct without a card.
  • Seller gives phone number (linked to bank/ card) and buyer sends money to that phone number.
  • Very limited history stuff; no reports; no fluff. Just send/ receive money.
  • No fee (for now...that's coming some day)
  • No protection for purchased goods like [email protected] and Ebay claim to offer. Zelle is money transfer, not consumer protection.
  • You screw up, it's on you. If you send money to the wrong number, and they have a Zelle account, I have no idea how you'd get your money back.
  • That said ^^ unhappy and/or fraudulent buyers can't get Zelle to go steal the money back out of your account, like they can with ScrewPal.
  • Women use Zelle. I can tell, because in most cases when I sell something and the buyer pays with Zelle, it's his wife's account. Which can be a PITA since I sometimes have to figure out who is married to who; Zelle doesn't provide addresses, etc.
I've been using it a while now, and thus far, no complaints, in fact I'm happy with it. The sole PITA as I've mentioned is figuring out who paid based on limited data provide about the wife!

Now I have to go figure out how to align and install cabinet drawer sliders so they are perfect, but that's a completely different topic, and frankly one of which I'm deathly afraid.
 

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haha ill set up a digital account if someone needs that to pay me. thats why i have pp and venmo now. i prefer checks just for ease of managing it if they are lost in the mail.
 

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Forgive me for my lack of knowldge on debit cards. But does the use of a debit card mean that a fee is paid just like a cc transaction?!
 

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Discussion Starter #6
Forgive me for my lack of knowldge on debit cards. But does the use of a debit card mean that a fee is paid just like a cc transaction?!

I suppose that depends on (1) Zelle (2) your bank (3) the vendor. Zelle doesn't charge a fee. My bank doesn't either. I suppose the seller could, but none I know of do because it's instant transfer and costs them nothing extra.
 

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I've used Zelle many times successfully and without issue as a recipient for funds. Through BoA, Zelle is associated with either one's mobile # -or- email and a checking or savings account. Not sure if BoA requires a debit card as a part of the process for the sender...I can tell you I do not have a debit card, but then I've also not sent funds via Zelle. As previously mentioned...no fees for transfer.
 

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For a me on a $10K transaction it would be cash, cashier check, or money orders. Whats the rush....

I am also perfectly happy to accept PayPal on non-gun part transactions for lower dollar amount transaction depending on my comfort level. I would say NEVER do a PayPal transaction on a firearm.... bad things can happen.

I do not know the rules governing a fraudulent transaction or a banks ability to claw back a Zelle payment and people do occasionally make errors in email addresses and account numbers.
 

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Zelle is great, been using it for years. Most banks have limits for new receivers of $500 a day, but I've bought many 3K+ items by splitting it across days/ Still faster than postal money orders... Best part is no fee's and no way to reverse it (that I know of).
 

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I've used Zelle a bit. It is instant and free.
I expect is won't be free once it catches on and the banks will get a % fee.

Zelle works bank account-->bank account. It is like an instant bank wire.
You don't need a special Zelle app, but your bank has to support the service.
Basically, you link your mobile # at a participating bank with your bank account to receive funds.

Zelle tells you only send $ to people you know/trust because once you send it
you aren't getting it back (it is like handing them cash). I know of no way a sender
can request an "undo" of a Zelle transfer, although with banks anything is certainly possible...
 

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Dead Presidents are always best IMHO but USPS money orders are next in line.
 

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Great topic....I will only accept PMO ,or PC from someone I know...If I don't know you the PC has to clear...I don't care how bad I want something...If it's a vender that can accept a Debt Card I will go that way...or I will send a PMO....If that's not good enough , I move on...I will never use PP for any reason ...Buying or selling...I don't have a smart phone and don't want one , so Zell is out...Same with a CC...If I don't have the funds to pay cash for it , I can't afford it.......FTF cash transaction win out over all the above......That's just me.
 

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I do many realesate transactions and am currently in the middle of a closing on one that will involve a transfer of $78,000. Earlier this year one required a transfer of $500,000. I use wire transfer because there is a BANK on both ends of the transaction. Neither one of them wants to screw up. There is usually no fee for the receiving bank. only the sender pays a fee. Its not too much when you consider that loosing that money to a scammer is A LOT MORE. Its cheap insurance.
AND, DO NOT START SPENDING when a bank tells you a check (any check) has cleared. It just means it has cleared their bank, not that it has been paid by the originating bank which may or may not even exist. Cleared only means it is clear to spend the money, what ever that means. IF 6 months later the check comes back, "account unknown" and in international trade it can be 6 months. Your bank has the law on its side to take the money back from you, no mater how old the check is. Had that happen, luckily on a small check, after 2 months, on a DOMESTIC transaction. The bank had "cleared" the check in 4 days!!!!! They got their $20 bucks back two months after they cleared it. Imagine how fast they would get your $5,000 back. Banks dont play to lose.
 

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A question came up recently about paying for a big ticket item (~$10,000) and how to do it.

Of course, there are well known methods- USPS MOs, Bank checks, and Paypal. In most cases these have fees. In the case of anti-gun [email protected] there is the risk of funds being frozen for six months, and of course one is supporting an enemy of the people.

More advanced, one could use an intermediary (FFL) and/or escrow or Letter of Credit; all these too have costs.

Zelle, for now, is a great way to move money. In short, it's Peer-to-Peer (person-to-person) with no intermediary (like screw-you [email protected]), the money goes from sender to recipient, with no fee.

Thoughts on Zelle:
  • You need a smartphone since it's an app, there is no online account.
  • You also need a bank account and a debit card. Zelle uses the debit cards to credit and debit to bank accounts. With some banks, it can go direct without a card.
  • Seller gives phone number (linked to bank/ card) and buyer sends money to that phone number.
  • Very limited history stuff; no reports; no fluff. Just send/ receive money.
  • No fee (for now...that's coming some day)
  • No protection for purchased goods like [email protected] and Ebay claim to offer. Zelle is money transfer, not consumer protection.
Thanks for posting Abominog, this is some good new information as we had not used this service, but had herd of others using it. I will certainly look into what it take to get this to work, as the other services all have their own little issues. Person to person cash is always good, but it is rare, and not many clients want to go that route, given the choice. I will check with a couple of banks we work with to see if they support this service with their accounts, and if so what is the catch with them. If this work here, this is a good option to have if needed.
Thank you again. Jim.
  • You screw up, it's on you. If you send money to the wrong number, and they have a Zelle account, I have no idea how you'd get your money back.
  • That said ^^ unhappy and/or fraudulent buyers can't get Zelle to go steal the money back out of your account, like they can with ScrewPal.
  • Women use Zelle. I can tell, because in most cases when I sell something and the buyer pays with Zelle, it's his wife's account. Which can be a PITA since I sometimes have to figure out who is married to who; Zelle doesn't provide addresses, etc.
I've been using it a while now, and thus far, no complaints, in fact I'm happy with it. The sole PITA as I've mentioned is figuring out who paid based on limited data provide about the wife!

Now I have to go figure out how to align and install cabinet drawer sliders so they are perfect, but that's a completely different topic, and frankly one of which I'm deathly afraid.
 

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I don't have a smart phone and don't want one , so Zell is out...
So with Zelle you would do the transaction via your bank's banking website. You can link a phone number or e-mail address to it, and that's all you give the sender. I use wells fargo, and while the wells fargo phone app supports Zelle I've only sent it via the website. It's worth a shot to try, there aren't fee's, the bank isn't going to hold funds for guns stuff (the don't freeze your entire bank account for being 2A friendly), and it's instant (no post offices, no worries about forged checks/PMO's). I really like using it becasue I don't have to trudge down to the Post Office to buy and send PMO's...
 

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Western Iron. Did Wells Fargo limit you to the amount you can send at one time? On something like the OP was talking about, ($10k) if you were limited to say, $500 a day, it would take 20 days to make full payment. Ouch!
 

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Western Iron. Did Wells Fargo limit you to the amount you can send at one time? On something like the OP was talking about, ($10k) if you were limited to say, $500 a day, it would take 20 days to make full payment. Ouch!
Wells Fargo limits new recipients to $500 a day, after a bit it jumps to $2500 a day. I've done several transactions where I had to send it over a span of several days, but it was still faster then mailing a PMO. Now on 10K that would take a bit...
 

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I agree with Jimisbell, no need to reinvent the wheel. Use a wire transfer (and I was the CFO of a $20B bank at one point). People complain about giving your bank info to someone but it only the info that is on any personal check you write and most people will give those to anyone.
 

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Discussion Starter #19
I agree with Jimisbell, no need to reinvent the wheel. Use a wire transfer (and I was the CFO of a $20B bank at one point). People complain about giving your bank info to someone but it only the info that is on any personal check you write and most people will give those to anyone.

The problem is you have to use what people have and are comfortable with.

The best instrument to use for a $10,000 gun that supposedly works is an L/C. But maybe two people here have used and L/C or even know where to start.

GHeyPal is the most common, but sucks for the seller. And they are anti-gun.

I’ve done wire transfers at work, but not personal use. It would take time for me to figure it out. And, unless the seller gets complicated, I can get their bank info. Besides which not many use wire transfer so it’s alien to them so not readily used.

The question I had was which is the best alternative to GHeyPal, and it’s Zelle. 25% of my transactions are Zelle. No fees. No stealing money back because the buyer has remorse.

Use it or don’t, I was sharing my experience as an alternative to criminal GHeyPal.
 
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