Bank of America which is also called Bank of America Corporation, is a renowned American multinational investment bank cum financial services holding company which renders excellent commercial banking, wealth management, and investment banking to the United States citizens. But how come the Bank Of America Venmo?
Well! We all know that every establishment likes to maintain the status quo as the leader within a geographical entity. The dominating role played by Venmo in terms of money sharing businesses to banks and at the same time functioning as an intermediary between the user and the banks became a source of concern to the financial giants in the United States. Because, since the introduction of Venmo, most customers took their funds from Bank of America among others and joined Venmo. Hence, to quench the wild fire, financial giants like JP Morgan Chase, Bank of America etc come together and developed Zelle as a perfect competitor to Venmo
Bank Of America Venmo became imperative since Venmo wasn’t perfect due to the middleman challenge which their subscribers complained of, but Zelle due to the numerous partnership it has with most financial institutions which solved the problem, made it to compete favourably with Venmo.
Bank Of America Venmo
Joining forces by renowned financial institutions like Bank of America, JP Morgan, Wells Fargo and Chase to produce fast, secure and reliable online banking apps called Zelle to compete with Venmo which is the major payment platform have been seen by many as a welcome development.
Zelle which is an online banking app was created and designed by Early Warning company with the sole aim of creating a payment method that would compete favourably with the leading payment method Venmo as a means to share money. The network is designed to be linked with the number of banking partner’s first-party mobile applications.
The Primary Goal Of Zelle
According to Andrew Tilbury who is the senior marketing strategist for Early Warning revealed that the primary aim of Zelle is to render to their esteemed customers/subscribers a consistent, quick, secure and easy financial experience when transacting their business like sending and receiving payment with each other.
Meanwhile, from their business objective, Zelle is aimed at partnering with other financial institutions like credit unions and banks of all types to provide a good financial experience by ensuring consistent user friendly transactions by making it accessible to all and sundry.
However, the Zelle network is better enjoyed when it is large and customers will conveniently enjoy the best banking experience which is easy, simple and secure when sending and receiving money.
The interesting thing about Zelle is that it protects the customers privacy which is the major reason you can’t see another person’s account history through the widget. This is possible because the app is encrypted end to end.
Currently, the banking sector in the United States has been dominated by Venmo because most consumers have subscribed to using the payment platform to transact their businesses.
Venmo, which is managed by PayPal, is a high-tech online banking app that is controlling a greater percent of consumer’s money sharing. Because of their domination in the financial sector, the prominent financial institutions in the United States have come together to develop Zelle which is aimed to bring back some of that money sharing business to banks which immediately left the banks since Venmo left.
Hope Of Zelle Users
If you are a Zelle subscriber, your choice when you want to receive and send money is dependent on the type of bank you are using. Now if your bank isn’t partnering with Zelle, then, you can easily use the Zelle app and send money via it.
The good news is that if you have a functioning savings or checking account irrespective of the bank, you will be able to make use of the Zelle app.
Meanwhile, if your checking account belongs to banks that are partnering with Zelle, you can easily see a ZellePay option which has been included into their bank’s mobile app. This will allow you to send money directly to and from your bank account, without necessarily waiting for the money to be cleared on Venmo or other online banking app.
Financial Institutions Partnering With Zelle
Due to the numerous financial establishments that are partnering with Zelle, it is easy for most American banks to find Zelle due to its widespread expansion in the United States. Some of the financial institutions partnering with Zelle include:
- JP Morgan Chase
- Bank of America
- Wells Fargo
- U.S. Bank etc.
Also, Zelle is partnering with other numerous payment providers and credit card companies to ensure that everyone in the United States has access to it which would invariably reduce the number of Venmo users which is their primary aim.
In earnest, Zelle partners with Mastercard and Visa to give financial peace of mind to those in the hinterland.
Even though Venmo is renowned and popular in America, some subscribers have expressed displeasure on what they see as middlemen activities of the banking app. Some viewed it that it isn’t acceptable the idea of their money being moved from their bank account into a Venmo account, and subsequently being transferred to the friend’s Venmo account, which would be finally deposited into that friend’s account.
However, some people see these rigorous steps that exist between the two financial institutions as an unwelcome development.
Now, Zelle having seen the plait of Venmo users concerning this provided an alternative means to avert the people’s fear and proffer solution to it. Hence, Zelle solved the problem by linking subscribers’ bank accounts directly to the bank accounts of the friends which they want to share money with. This is made possible because Zelle is partnering with most of the renowned and popular financial institutions.
By removing this middleman challenge of Venmo, when it comes to money sharing, Zelle aimed at working with its numerous partners to remove the prime market of online mobile money sharing which is one of the major complaint of the Venmo users and other like Square Cash andGoogle wallet.
Now, Zelle took the advantage of the above and proffered solution to middleman challenge because it is embedded within financial institutions, hence, there is no need for third party financial institutions to store value amounts, no revealing of the vital login details and finally, there is no need to wait for funds to be transferred into your account.
Does Venmo Work With Bank Of America?
Yes, Venmo works with Bank of America.
This is possible because Venmo allows credit, debit, prepaid and network branded Visa, Discover, American Express cards which are registered under your name to be linked to your Venmo account for transaction purposes.
Why Can’t I Add My Bank Of America Card To Venmo?
In case you are having challenges linking your credit or debit card to Venmo, it is recommended that you contact your card issuer to confirm that there are no pending issues. Most times, cards may be declined due to recent change of either zip code or address. But your card issuer will be in a better position to explain to you what happened.
Does Venmo Charge A Fee Bank Of America?
Once you want to open an account with Venmo, it is free, no hidden charges, no monthly fees. Also, if a user is transacting your business from the user’s account, debit card, or from Venmo cash balance it is free. However, if you use a credit card to pay, Venmo will charge the sender a 3% fee.