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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

#131

Post by sowbug »

jabroni_salad wrote: post #25
fshbbdssbbgdd wrote: post #7

Earlier quoted context omitted.

What should the banks do to prevent scams?

You can never really prevent scams, it is what it is. However, they need to keep a paper trail and reverse bad transactions. If someone impersonates me or steals my debit card, they can do a bad ATM withdrawal and get cash. That can be reversed, but for some reason once Zelle is in the picture everything is written in stone.

Just to be clear, Zelle's irrevocability doesn't legitimize criminal acts or fraud. It just means your bank won't help you untangle the mess.

It's rare that a lawsuit against a fraudster or thief goes anywhere, but depending on the amount lost, it can be worth it to obtain a default judgment, which can typically be collected for 10 years. If you can identify the person or entity that took your money, they might eventually have enough assets for you to collect.

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

#132

Post by fnordpiglet »

ctoth wrote: post #10

I 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…

Having worked in many banks ledger systems are extraordinarily redundant. This won’t happen, even in a fight club scenario.

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

#133

Post by dsfyu404ed »

micromacrofoot wrote: post #112
notch656c wrote: post #21

Earlier quoted context omitted.

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.

If we're in a situation where society devolves to the point where people have to trade whisky or ammo for a pig to eat then half of us are going to end up murdered for anything valuable to begin with.

If it gets to that point we're (or at least a non-trivial fraction of us) gonna end up murdered not because people want what we have but because by the time things fall apart like that people will hate us and want us dead.

French revolution, Russian revolution, Europe's religious wars during/after the reformation, etc, the professional classes of people who built and maintained "the system" don't tend to do to well at the hands of everyone else when it finally keels over.

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

#134

Post by jxramos »

sneak wrote: post #87
notch656c wrote: post #21

Earlier quoted context omitted.

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.

I've been saying this for a long time: https://sneak.berlin/20191119/your-money-isnt-yours/ Cash isn't illegal yet. Use it. Don't use any one system exclusively. Even if you rely wholly on your normal person checking account and electronic payments, have a few grand stashed away in your house in cash. Sometimes the lights go out, and ATMs with them.

hey, this is pretty neat to see a word count summary up front

> ( 2341 words, approximately 13 minutes reading time. )

I'd love to see that in every article and perhaps have some css setting that I could globally twiddle for every website so folks could opt in or out as they please. I suppose an extension could possibly tackle it too if the semantics are correct on the page.

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

#135

Post by snotrockets »

raincom wrote: post #90
alistairSH wrote: post #5

Earlier quoted context omitted.

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.

Use Zelle to transfer to the people you know--that's the intended purpose of Zelle. If you are buying a service/product, use credit cards or PayPal.

Or remind the banks that regulation E puts the responsibility of fraud (minus $50) on them.

US banks got scared by money transfer apps, and decided they want to provide a similar service, at no cost to customers, and minimal cost to them. Of course, they can't have it all, and now they try to put some costs they are not allowed to, onto their customers.

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

#136

Post by nibbleshifter »

notch656c wrote: post #21
ctoth wrote: post #10

I 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.

A month or so of salary in cash at home, and some "hard assets" is a good hedge.

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

#138

Post by samwillis »

ars wrote: post #99
explodingwaffle wrote: post #44

Earlier quoted context omitted.

Brit here- I usually send money to friends and family using bank transfers with internet banking- it’s instant, there’s no fee (AFAIK) and all you need are someone’s account number, and sort code, which everyone has. Is this just not an option in the states? It’s insane to me that y’all use (need??) third party apps for something as simple as sending money around.

> Is this just not an option in the states? They are working on it: https://www.frbservices.org/financial-services/fednow/about.... should be available this year. Once it's up Zelle, Cashapp, etc will not be needed anymore.

I believe FedNow is the US implementation of FasterPayments which we have had here in the UK since 2008, and what the parent is referring to.

https://en.m.wikipedia.org/wiki/Faster_Payments

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

#139

Post by mullingitover »

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.

I've used a credit union my whole adult life and they did't offer overdraft as an option.

That's because it was automatically enabled by default. This is what banks would do if they weren't predatory.

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

#140

Post by fnordpiglet »

CyberDildonics wrote: post #117
zaphod420 wrote: post #28

Earlier quoted context omitted.

Bitcoin fixes this

Bitcoin has a transaction throughput of 1 KB/s (less than a 28.8 modem) for the entire world. https://bitinfocharts.com/comparison/size-btc.html#1y

Stop using facts, math, information theory, and other malarkey when discussing crypto. They are all clearly not important to the goal of pumping and dumping. Thanks.
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