Bill Pay

BP (Bill Pay) was originally intended to be a bill payment service that allows consumers to pay their bills through an app or website without having to write a check and send it by mail, just use a computer or smartphone to pay online.

Generally, there are 2 kinds of effects

1. The bank initiates electronic payment/transfer/remittance such as ACH, so that the funds are transferred to the other party’s account, and the effect is close to ACH Push and Wire
2. Bank sends paper check to current address

Generally, the first one is used. The way to distinguish is whether the preset merchants can be searched instead of manually filling in the information.

Take Capital One Checking web version for Bill Pay as an example

You can see that many common merchants are preset

Then you can find the object you want to pay in the search box, pay attention to the name of the receiving bank and the card issuing bank

For example, search for Apple, you can find AppleCard

Then it will only ask for your account number (that is, the credit card number) [Card number, Bank account number]

The credit card side will then generally appear to be credited as an electronic payment.

However, BP is actually a high-risk scenario, because ACH Push is generally used for mutual transfer of personal accounts (requires Pliad or small-amount verification) or mutual transfer with enterprise/business platforms (such as Apple Cash, Google Pay, Cash APP, PayPal) ) Relatively speaking, there are many conditions and restrictions, so some people such as purchasing agents, group groupings and even money laundering use the BP function to aggregate and transfer funds. BillPay, there are many cases of account closure and account closure due to BP on the Internet. Although my real-name BPs with the same name may be different from their anonymous, large, high-risk, cash, and synonymous BPs, it is not recommended to play the same game as high-risk funds , and give priority to other payment and transfer methods, such as WISE, Cash APP.

Zelle

It is a P2P platform initiated in cooperation with major American banks.

The main function is to use the checking account to transfer money directly to another checking account . The speed is close to seconds and there are no fees. Different banks have different limits (usually only thousands of dollars), and other account types generally do not have Zelle.

There are two common forms

1. One is the bank’s built-in Zelle module, which is generally only available in big banks, such as Discover, C1, and BOA. Currently, the low-threshold Huamei Velo has built-in Zelle.
2. One is an independent mobile app that supports more banks, such as Sable, etc. It is said that this app supports debit cards

The account reference number uses an email address and a real-name U.S. mobile phone number . To use the email address, you can only use the bank’s built-in Zelle module. The independent mobile app can only be registered with a real-name U.S. mobile phone number .

There is still risk control between Zelle accounts, and although the amount is not large, it is still a medium-risk behavior. Although it usually arrives in seconds , there is also the possibility of censorship

At the same time, there is a large amount of black money in Zelle transfers. The main source is government grants from Wells Fargo and other high-risk banks from the U.S. Treasury Department’s relief funds and unemployment benefits.

The name of the inbound and outbound person can be seen in the Zelle transfer record. Be careful with non-Chinese names . Currently it is not recommended to use Zelle for collection unless you and your teammates are familiar enough.

Zelle has many competing products (P2P transfer platforms), mainly Apple Cash, Goolge Pay, Cash App, PayPal, and Venmo.

Ordinary Chinese want to use Zelle, generally have the following options

1. ID card to open Velo, etc.
2. ITIN+ passport to open Capital One, etc.
3. Open BOA in the United States, etc.
4. Open HSBC, AXOS, CITI, Schwab, etc. by witnessing, depositing money, etc., but may not support Zelle for international customers

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