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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

#121

Post by ethbr0 »

steelframe wrote: post #101
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…

In order for moderations to be sustainable and high quality, you need a large number of people who are: (a) intelligent, (b) unbiased, (c) willing to volunteer their time without compensation, (d) happy if someone else makes a profit off their work, & (e) willing to do the job forever.

There aren't many people like that.

More typically, they don't understand (c) or (d) in the context of moderation, or (a) and/or (b) are lacking. And once they do understand (c) and (d), (e) evaporates.

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

#122

Post by jxramos »

colechristensen wrote: post #65
Consultant32452 wrote: post #39

Earlier quoted context omitted.

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. Impor…

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…

I always figured the cost of the additional square footage in a home per property tax etc was part of the equation. There's some cost for additional size usually. But if you're already paying that cost better to get some use out of it in the form of bulk storage for sure. I suppose there's a freedom to store in having that space. I like the time saving angle, I was looking at old receipts last month and am always stunned by the slice of life they capture. I had transactions where I'd go buy filtered water. Since buying a RO device I never had to haul water any longer. Such a different time of life, definitely saving time there.

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

#123

Post by snotrockets »

ceejayoz wrote: post #73
DennisP wrote: post #68

One of the reddit comments says: > Zelle isn't problematic if you use it for its intended purpose and don't send money to complete strangers Why does it matter whether you're acquainted with the recipient?

> Why does it matter whether you're acquainted with the recipient? Because the transfers can't be canceled/reversed, so there's no recourse if the recipient is scamming you.

This isn't true.

All bank transfers and reversible. Some easier then other, but none are no-recurse, regardless what a low tier customer service agent insists. It may require more effort, and maybe someone above their pay grade, but it is possible.

And Zelle itself, like all electronic bank transfers in the US, is subject to regulation E, which puts the responsibility for unauthorized transfers on the banks (minus $50, a sum that most banks would waive). Zelle themselves mention regulation E on their website: https://www.zellepay.com/financial-education/pay-it-safe/und...

Some institutions erroneously claim that regulation E only protects from hacks: that is, if the scam was offline: someone convinced you to send them money, and you did, and got scammed, then it doesn't fall under regulation E. However, it seems the regulators disagree, and banks and Zelle do fall in line once you sternly write to their compliance department and the regulator reminding them of that.

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

#124

Post by galleywest200 »

eclipxe wrote: post #114
sschueller wrote: post #111

I don't understand why overdraft hasn't been outlawed. It's literally a tax on you if you make one tiny mistake or your bank make a mistake. If I dont have the money block the transaction and offer a line of credit with specific apr for those that want to be able to overdraft.

That's fairly common, most banks have "overdraft protection" that works exactly how you described.

Correct. I called my bank and had them enable this for my debit card. They made sure to clarify that ACH transactions will still go through, however.

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

#125

Post by krferriter »

toomim wrote: post #47
cptskippy wrote: post #35

Earlier quoted context omitted.

By putting the onus on the user to maintain access and security rather than the bank?

Yes, rather than a bank that loses zelle transfers.

Zelle transfers into an institutionally insured checking/savings account at a major financial institution are pretty safe and people will get their money back. Zelle transfers from non-BoA accounts will have the records at the other banks to prove the transfers existed and they can be recovered that way. If BoA really lost the records and don't have backups and people lost transfers from BoA to BoA accounts and neither BoA account has a record of the transaction, it will just be a hassle for customers probably having to fill out some forms and wait a while.

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

#126

Post by cs702 »

From BofA's website:

"Zelle: A safe and easy way to send and receive money fast!"[a]

BofA forgot to add:

"...unless your account goes into overdraft because we somehow lost your incoming Zelle transfer."

Let's hope that BoFA does right by customers.

--

[a] https://www.bankofamerica.com/online-banking/mobile-and-onli...

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

#127

Post by jxramos »

kneebonian wrote: post #88
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…

Same here, we try and keep 3 months supply of groceries on hand from costco at all times. Once a month we look through what won't last 3 more months and stock up, and once you actually figure out what you need it's surprisingly cheap. For example we skipped our December trip because of the holidays and so spent around $1100 for our family of six. Which sounds like a lot but when you stretch it out over 2 or 3 months…

you have any tips for managing expiration dates? Me and the wife were getting into this subject recently. I'm considering buying a barcode scanner and just have an in and out spreadsheet that somehow I manage. Still tinkering with a few ideas. We have a big family and there's potential for a lot of food waste if not managed properly.

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

#128

Post by snotrockets »

ceejayoz wrote: post #4
sidcool wrote: post #2

What 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 isn't irreversible. No bank transfer is.

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

#129

Post by oliwarner »

steelframe wrote: post #101
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…

That was a peculiar dig at community moderation.

Twitter and Facebook repeatedly show how very wrong "professional" moderators get it. Almost like caring about a topic makes you better suited to maintain a community around it.

The other side of the coin is that many communities wouldn't exist without Reddit, and many wouldn't be tolerated by Reddit without moderators. Many subs have been closed for inadequate moderation. So you see it as free work, I say you get what you give. You want a nice place to chat? Pony up. Cash or effort.

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

#130

Post by gnicholas »

JumpCrisscross wrote: post #100
wtracy wrote: post #64

Earlier quoted context omitted.

In the USA, sending a wire transfer is usually $15-$20, and some banks charge $20 to receive a wire transfer.

> sending a wire transfer is usually $15-$20 Will note that there are banks that offer sending and receiving wires for free.

Wow, did not realize that banks also charge for receiving incoming wires, but most of the big guys charge around $15: https://www.nerdwallet.com/article/banking/wire-transfers-wh...
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