All Forum Posts by: Michael Heredia

We switched to Zelle in August 2018. Renters like it! The only downside I have noticed is there is a max amount for the renter to send in a single transaction. I don't know the exact amount that Zelle max's out for a single transaction but we have had to split the amount for 2 transactions every month. The rent due is $1900, the tenants usually pay the first transaction for $1250 and the second payment is the difference (no time delay) for $650. Both payments are made right after the other in the same day. Ideally we would like all of this to be in one single transaction. If anyone has any insight to this, your input is appreciated. 

I've used both Zelle and Cozy.  The problem we had with Zelle was their limitation with how much the tenant could send depending on the back the tenant banked with. Our first tenant banked with Chase bank and had no problem sending $1100 at one time. But the next tenant was with a different bank (I can't remember which one) and had a limit of about $500 a day. It was a problem so we moved to Cozy.  I like Cozy pretty good.  But I do miss the convenience of getting rent immediately with Zelle as opposed to waiting 5 business days with Cozy.  You can pay about $3.00 a month per property with Cozy to get the rent in 3 business days I think. But still not as good as getting it immediately.