It's removed now. Does anyone remember enough to give the gist of what allegedly happened?
Bank of America has lost Zelle transfers for many customers
31–40 of 377 posts
Re: Bank of America has lost Zelle transfers for many customers
#32I have long been terrified of something shaped a bit like this. Here in the US we already treat most workers like absolute garbage. If one day the Average Joe wakes up and finds that all his money is merely some electronic scribbles in a database which have mysteriously gone missing, the social unrest is probably something that most people on this site couldn't even conceptualize of. Today it's Zelle, but what happen…
> one day the Average Joe wakes up and finds that all his money is merely some electronic scribbles in a database which have mysteriously gone missing, the social unrest is probably something that most people on this site couldn't even conceptualize
This overdramatises commonplace clerical errors.
Re: Bank of America has lost Zelle transfers for many customers
#33I have long been terrified of something shaped a bit like this. Here in the US we already treat most workers like absolute garbage. If one day the Average Joe wakes up and finds that all his money is merely some electronic scribbles in a database which have mysteriously gone missing, the social unrest is probably something that most people on this site couldn't even conceptualize of. Today it's Zelle, but what happen…
Don't put all your eggs in one basket. Don't daily carry a physical debit card to your largest accounts that could be easily lost or stolen. Take advantage of credit card protections, or cash. Plopping your life savings in one large savings account has never been a good idea.
[deleted]
Re: Bank of America has lost Zelle transfers for many customers
#34I have long been terrified of something shaped a bit like this. Here in the US we already treat most workers like absolute garbage. If one day the Average Joe wakes up and finds that all his money is merely some electronic scribbles in a database which have mysteriously gone missing, the social unrest is probably something that most people on this site couldn't even conceptualize of. Today it's Zelle, but what happen…
> one day the Average Joe wakes up and finds that all his money is merely some electronic scribbles in a database which have mysteriously gone missing, the social unrest is probably something that most people on this site couldn't even conceptualize This overdramatises commonplace clerical errors.
It happened in Argentina. One day people woke up and their USD access basically gone.
Re: Bank of America has lost Zelle transfers for many customers
#35I have long been terrified of something shaped a bit like this. Here in the US we already treat most workers like absolute garbage. If one day the Average Joe wakes up and finds that all his money is merely some electronic scribbles in a database which have mysteriously gone missing, the social unrest is probably something that most people on this site couldn't even conceptualize of. Today it's Zelle, but what happen…
Bitcoin fixes this
By putting the onus on the user to maintain access and security rather than the bank?
Re: Bank of America has lost Zelle transfers for many customers
#36I have long been terrified of something shaped a bit like this. Here in the US we already treat most workers like absolute garbage. If one day the Average Joe wakes up and finds that all his money is merely some electronic scribbles in a database which have mysteriously gone missing, the social unrest is probably something that most people on this site couldn't even conceptualize of. Today it's Zelle, but what happen…
If you have enough money in the bank to buy groceries you have enough money to take out of the bank and put in your mattress for groceries. Also HN will probably get upset for me saying this but a few grams of gold or silver or other goods easily tradeable like whiskey or ammo never hurt anybody and might buy you a pig to slaughter or something.
> few grams of gold or silver
I remember, a few years ago, Cupertino being targeted for burglaries because the Indian and Taiwanese immigrant populations had a penchant for storing wealth in gold and silver and cash under the mattress, respectively. The victims’ recovery rates and timelines were far poorer than these BofA customers’ will be.
Re: Bank of America has lost Zelle transfers for many customers
#37Earlier quoted context omitted.
Instant, no-fee, irreversible transfer between participating US bank accounts. (Like most of the rest of the world has had for a decade or more, but it's new, and because it's new and there's very little education to consumers from the banks it's heavily used in scams. It also has a pretty confusing UX that lends itself to scams.)
> irreversible transfer Apparently they're not irreversible...
They're irreversible, except "unauthorized" transactions.
Most scammers generate authorized transactions via trickery. Banks won't accept "I was tricked" as "unauthorized"; they only count cases of actual account compromise, and even there... https://www.cnn.com/2022/10/03/business/nightcap-zelle-fraud...
> The bank data reviewed by Warren’s office suggest even the bulk of unauthorized cases are going unpaid. For example: PNC Bank indicated that its customers reported 10,683 cases of unauthorized payments totaling over $10.6 million. It refunded only 1,495 cases, totaling $1.46 million.
Re: Bank of America has lost Zelle transfers for many customers
#38When my older relatives wanted to send money to family/friends, I used to recommend Zelle, which was better than the never-heard-of-it apps they were considering. But with all the problems I keep hearing about Zelle, they're off the list. Most of them have iPhones and so I just tell them to send cash via Messages/Apple Cash. I don't know how reversible that sort of thing is, in the case of fraud, but as long as they…
I've never recommended Zelle. Tales of their complete lack of customer service, consumer protection, and unwillingness to be held accountable are not new. ACH is archaic (and has its own dangers e.g. pull transactions) but it generally works.
Re: Bank of America has lost Zelle transfers for many customers
#39I have long been terrified of something shaped a bit like this. Here in the US we already treat most workers like absolute garbage. If one day the Average Joe wakes up and finds that all his money is merely some electronic scribbles in a database which have mysteriously gone missing, the social unrest is probably something that most people on this site couldn't even conceptualize of. Today it's Zelle, but what happen…
If you have enough money in the bank to buy groceries you have enough money to take out of the bank and put in your mattress for groceries. Also HN will probably get upset for me saying this but a few grams of gold or silver or other goods easily tradeable like whiskey or ammo never hurt anybody and might buy you a pig to slaughter or something.
People have no trouble conceptualizing insurance. We have car insurance, home-owners insurance, life insurance, etc.
But what about "every day life" insurance? It doesn't take much cash on hand or some staples in the cupboard to protect against a wide variety of temporary "glitches" in life. Glitches can be anything from surprise weather events to things like your bank accounts becoming temporarily unavailable.
Importantly, insurance is not an investment we intend to get a return on. It's a cost.
Re: Bank of America has lost Zelle transfers for many customers
#40Is this the kind of rumor that starts a "run on the bank"?
How? The lender of last resort is the United State Government. Thank goodness the bankers will always be made whole.
That doesn’t mean that a run can’t happen, just that it’s less bad than it was before real-time transfers from the fed.
I imagine any such event would require a bank to massively divest which could trigger a market event as well