Bank of America has lost Zelle transfers for many customers
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Re: Bank of America has lost Zelle transfers for many customers
#2What are Zelle transfer?
Re: Bank of America has lost Zelle transfers for many customers
#3https://www.zellepay.com/ for those (like me) that don't know
Re: Bank of America has lost Zelle transfers for many customers
#4What are Zelle transfer?
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.)
Re: Bank of America has lost Zelle transfers for many customers
#5What are Zelle transfer?
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.)
It’s also a owned by the 5-6 largest consumer banks in the US (BofA, CapOne, etc).
So, they’re complicit in allowing the fraud to continue.
Re: Bank of America has lost Zelle transfers for many customers
#6[deleted]
Re: Bank of America has lost Zelle transfers for many customers
#7Earlier 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.)
It’s also a owned by the 5-6 largest consumer banks in the US (BofA, CapOne, etc). So, they’re complicit in allowing the fraud to continue.
What should the banks do to prevent scams?
Re: Bank of America has lost Zelle transfers for many customers
#8praise that brave reddit moderator for rushing in there to lock down the thread and remove any content that might hurt BoA's feelings.
Re: Bank of America has lost Zelle transfers for many customers
#9What are Zelle transfer?
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.)
Instant and no-fee I can get behind but irreversible sounds like an awesome way to lose a lot of money.
Re: Bank of America has lost Zelle transfers for many customers
#10I 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 happens when you and everyone you know wake up and check your bank account and get an error. Suddenly can't buy food? So on. Sure, they keep backups. You hope. Do they test restoration? What would have to go wrong deep in the depths of a financial system creaking along on 1970s technology in order to really throw a wrench in things?