Venmo vs Zelle for splitting rent with roommates

I used to swear by Venmo for everything. Three roommates and I split a $2,400 rent payment every month. Venmo always worked fine but sometimes payments took a day to clear and one guy kept forgetting to send his share. My buddy suggested I try Zelle instead since it goes straight between bank accounts. After two months using Zelle I noticed payments hit instantly and nobody has missed a payment yet. The only catch is you need everyone's bank info set up first. Has anyone else switched away from Venmo for regular shared bills like this?

2 comments

2 Comments

rileyellis29d ago

Did you read that article about how Zelle is actually owned by the big banks? I saw something about it last week and it makes total sense why the money moves so fast. The downside is if something goes wrong with a payment, the bank support can be a nightmare compared to Venmo's dispute system. My cousin had a rent payment go to the wrong account once and it took him two weeks to get it sorted out. I'd rather deal with a few late payments than a potential bank headache if someone messes up the info.

luna89128d ago

@rileyellis actually Zelle is owned by a group of banks so it makes sense they protect their own first.