Between 8% and 10% of Gen Zers and millennials (people aged 13 to 44) only use online banks, which means they don't have a checking or savings account with a local bank. More than 80 million people use Venmo, a digital payment app, and they sent $276 billion total with it in 2023 alone.

In a world where payment apps seem to hit the market monthly and digital currency is poised to disrupt traditional finances, older adults may try to avoid finance-based tech and stick to a pen-and-paper check register. But if you're looking to dip your toes into digital money tools, Zelle is an easy, low-risk option to consider.

What Is Zelle?

Zelle is a digital payment service that lets you send or receive money from a U.S. bank account. Instead of writing a check or going to the ATM for cash, you can transfer funds using a smartphone, tablet or computer.

A lot of major banks and credit unions include Zelle in their mobile banking app or online banking portal, so you don't have to sign up for and manage a whole other app. Transfers are usually free and completed within minutes, and because everything happens right in your banking app, you can worry a little less about security issues.

How to Set Up and Use Zelle

Setting up and using Zelle is a little different with each banking app, but here's an overview to get you started.

Set Up Your Mobile or Online Banking Access

Before you can use Zelle, you need to be comfortable logging into your bank online. If you haven't done this before, customer service representatives at your bank can help. Consider visiting your local branch or calling customer support. Say, "I'd like to set up an online banking portal or a mobile app, if you have one."

They'll usually walk you through setting up the online portal or downloading and setting up the bank's app on your smartphone. A lot of times you need your bank to start the process anyway.

Having online access to your bank lets you check your account anytime, make transfers between accounts you have with that bank and use mobile deposit features. These are all separate from Zelle. You might also ask your bank if it offers Zelle in its online portal or mobile app.

Enable Zelle

Once you're signed in to your bank online or logged into the mobile app, look for a menu option for "Send money," "Send money with Zelle," "Transfers," "Zelle" or similar language. It's unique for each bank, so if you can't find Zelle, ask your bank for assistance.

To activate Zelle, you’ll need to confirm your U.S. phone number or email address. This is how people will identify you when they send you money, so choose whichever contact method you use most often. The setup takes just a few minutes.

Send or Receive Payments

To send money:

• Open Zelle in your bank app.
• Type in the recipient’s phone number or email address, or select them from a list of people you've previously sent money to.
• Enter the amount.
• Double-check the details, because the transfer usually can’t be canceled once you hit "Send."

If someone sends you money, Zelle will notify you. The funds usually appear in your account within minutes. Payments are free, and there’s no need to share sensitive details like your bank account number to get direct transfers from others.

Note that banks do set limits on Zelle. Common limits are $2,000 to $5,000 in transfers per day, for example.

Use Cases for Zelle as an Older Adult

Once you're set up with Zelle, you may be surprised how many everyday money tasks it simplifies. Instead of writing checks or carrying extra cash, you can use the service to make some payments or send money to friends and family.

Here are some ways older adults might use Zelle:

• Pay family members quickly. Send money to a grandchild who picked up groceries for you, reimburse a relative who covered your ticket for a family outing or gift someone cash for their birthday.
• Split group expenses. If you share the cost of a vacation rental, restaurant meal or shared gift with friends, Zelle lets you settle up on the spot.
• Cover local services. Some caregivers, lawn care providers and housekeepers accept Zelle, so you can pay for services without writing and mailing checks.
• Receive support from loved ones. If your adult child wants to help with monthly expenses, they can transfer funds directly to your account in minutes.
• Simplify life transitions. Moving into an assisted living community like Bethesda Gardens in Fort Worth, TX? You can use Zelle to transfer deposits or reimburse family members who help with moving costs.
• Move money between your own accounts. If you maintain checking or savings accounts at more than one bank, Zelle can provide a fast way to shift funds.

Zelle is designed for convenience, but it’s important to use it wisely. Only send money to people you know and trust, and double-check recipient details before confirming a payment. Unlike credit cards, Zelle doesn’t offer built-in buyer protections, so think of it as digital cash and handle it with the same caution you reserve for bills in your wallet.

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