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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

#101

Post by steelframe »

gr4yb34rd wrote: post #8

praise that brave reddit moderator for rushing in there to lock down the thread and remove any content that might hurt BoA's feelings.

Amateur moderation is awful and often exploitative.

I moderated a sub for about a year. At the time I felt like I was furthering a worthy cause. In retrospect I now feel like a schmuck who basically gave free labor to a company, making the platform more attractive to advertisers. I don't expect the hours I spent combing through troll posts had any measurable impact on the "cause" that sub was nominally furthering.

In general I no longer contribute content to platforms that directly leverage my contributions to more effectively pull in advertising or subscription fees. After seeing first-hand how moderators I "worked" with operate, I also assume any moderated social media content is corrupted by the moderators' biases.

Re: Bank of America has lost Zelle transfers for many customers

#102

Post by bobthepanda »

JumpCrisscross wrote: post #48
eYrKEC2 wrote: post #23

Earlier quoted context omitted.

How? The lender of last resort is the United State Government. Thank goodness the bankers will always be made whole.

> How? The lender of last resort is the United State Government. Lender of last resort makes runs less likely and lossy. It doesn’t prevent them altogether.

Also, plenty of runs end in the FDIC resolving in a way that the parent bank no longer exists.

Managed buyouts are preferred partially so that the government does not have to deal with the logistics of running a retail bank, but mostly because if a bank with sufficient funds takes over then there is no interruption to depositors’ access to funds.

Re: Bank of America has lost Zelle transfers for many customers

#103

Post by basch »

benmanns wrote: post #86
basch wrote: post #61

Earlier quoted context omitted.

It wont be a popular answer here but Facebook Pay now Meta Pay is a great product. It is instant, as in, you can send someone standing in front of an ATM money, and they can pull the money out seconds later. Not pending, but completed deposits. For free. It is the "it just works" way to move money between peoples debit cards in the US. It is rock solid, a large network of us use it all the time, and it is significant…

Oh that's pretty cool. It looks like there are no fees for the service (at least for now), where Venmo has a 1.75% fee ($0.25 min $25 max) and Cash App has a 0.5%-1.75% fee ($0.25 min) for the same instant withdrawal service.

It also doesn't require the banks cooperation, and has pretty high limits at 10k per transaction, and per month. Basically facebook fronting money because it believes it can trust the profile.

I suspect the personal side of it will remain free. It's a gateway drug to having your card on file. Then there is less friction when you see something on marketplace you want. They can recover money on the marketplace side of things.

Re: Bank of America has lost Zelle transfers for many customers

#104

Post by thrwy_918 »

ceejayoz wrote: post #22
fshbbdssbbgdd wrote: post #7

Earlier quoted context omitted.

What should the banks do to prevent scams?

Ditch the patchwork nature of it, for starters. See the Zelle "getting started" page at https://www.zellepay.com/get-started - there's no solid set of instructions because there's almost two thousand different implementations of it . Your bank's procedure may be entirely different than mine's; if your bank doesn't support it it's a different procedure alltogether. As a result, scammers can fairly easily convince some…

Zelle is also built around the idea that each identity will be connected to exactly one bank account, which is very irritating.

Re: Bank of America has lost Zelle transfers for many customers

#106

Post by notch656c »

JumpCrisscross wrote: post #78
notch656c wrote: post #70

Earlier quoted context omitted.

It's interesting to characterize economic collapse as unrelated to access to foreign currency for international trade. Also interesting to presume what happens to the rich, who are often the employer and owners, doesn't cause issues for the rest of the economy and the employees of the rich. Also bear in mind that in the US it is a rich person's game indeed to hold foreign currency. But in Latin America and especially…

> interesting to characterize economic collapse as unrelated to access to foreign currency for international trade This jumps the rhetorical shark. Nobody said they’re unrelated. Just that the unrest is a response to the collapse. It would have occurred if the government seized dollars or not. The dollar seizure was a response to the collapse.

I acknowledge neither of our theories can be proven but it just seems too far fetched to me the unrest was attributable to everything but the banking measures.

Re: Bank of America has lost Zelle transfers for many customers

#107

Post by riffic »

alistairSH wrote: post #5
ceejayoz wrote: post #4

Earlier 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.

lol, bofa.

Re: Bank of America has lost Zelle transfers for many customers

#108

Post by SketchySeaBeast »

Xylakant wrote: post #89
colechristensen wrote: post #65

Earlier quoted context omitted.

Heh, I didn’t even notice the covid paper products shortage on accounts of having every day life insurance in the form of a Costco membership and having bought toilet paper some months before. Buying in bulk isn’t even a cost, the cost of capital sitting idle in the form of a shelf of stuff I won’t need for a long time is more than made up for with the volume discount. Not only are the bulk beans a tiny fraction of t…

The problem with buying in bulk is that it requires the money up-front and that works only if you can save enough money at least once. Poor people can be permanently cash-strapped, so they never manage to get to the point for that upfront investment.

Money up-front AND storage space.

Re: Bank of America has lost Zelle transfers for many customers

#110

Post by Maursault »

Zelle is the choice of scammers. Incidentally, Zelle offers no guarantees or refunds. I don't know why anyone would use Zelle under those circumstances. Some banks will automagically sign their customers up for Zelle accounts, exposing them to scam risks for which there is no resolution. Money gone.
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