Who Owns Zelle? (2022)

Zelle is currently owned by seven American banks: Bank of America, Truist, Capital One, JPMorgan Chase, PNC Bank, U.S. Bank, and Wells Fargo. Zelle is a payments network that enables its users to transfer money from their account to other accounts on the same network.

Who owns Zelle?

Zelle is owned by seven American banks: Bank of America, Truist, Capital One, JPMorgan Chase, PNC Bank, U.S. Bank, and Wells Fargo.

Zelle’s parent company name is Early Warning Services, LLC, which in turn is owned by seven of the above mentioned banks. The service was originally founded in 2011 as clearXchange, with three partner banks: BofA, JP Morgan Chase, and Wells Fargo. In 2016, Capital One & US Bank joined, and the name was subsequently changed to Zelle in 2017.

Timeline of Zelle

April, 2011: clearXchange was launched with Bank of America, JP Morgan Chase & Wells Fargo as owner-members.

March, 2015: Capital One & US Bank joined clearXchange as additional owner-members.

June, 2015: clearXchange rolled out real-time payments system.

January, 2016: clearXchange was sold to Early Warning Services, a company owned by seven American banks: Capital One, JPMorgan Chase, PNC Bank, Truist, U.S. Bank, Bank of America and Wells Fargo.

September, 2017: The Zelle app and payment system were made available, and clearXchange users were encouraged to sign up for Zelle before the end of 2017.

December, 2017: clearXchange P-to-P payment service was deactivated, and all clearXchange accounts for P-to-P payment services became Zelle accounts.

May, 2019: Albert Ko succeded Paul Finch as Zelle’s new CEO.

Facts about Zelle

  • Zelle is owned by seven American banks as owner-members.
  • Zelle is a successor to an earlier similar service called clearXchange.
  • Unlike PayPal and Venmo, Zelle does not charge any payment transfer fees on its network.
  • The CEO of Zelle is Alber Ko, who was previously Chief Transformation Officer at Intuit.
  • Only the phone number or email address is required to send money to the recipient via the Zelle app.
  • The amount of money that can be transferred via Zelle is limited. It is $2,000 for a Chase checking account and $2,500 per day for most Wells Fargo accounts.