Why don't Americans use direct money transfer from one bank account to another, like rest of the world? I lol everytime I see these problems.
We do (ACH), but it takes 3-5 business days to complete.
Bank of America has lost Zelle transfers for many customers
191–200 of 377 posts
Re: Bank of America has lost Zelle transfers for many customers
#192Zelle 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.
Whether or not they accept fraud claims isn't up to them, it's up to banking regulators.
https://www.wsj.com/articles/jpmorgan-other-banks-in-talks-t...
Re: Bank of America has lost Zelle transfers for many customers
#193I guess I'll be the lone voice in the wilderness. We've been perfectly happy with Zelle. We use it a couple times a month to pay service providers, send money to family. Never had any issues with it, don't need an "app" for it, works with our normal bank stuff. Similarly, at the same time, we got a check recently from a settlement. We plonked it into our account, and it bounced. It was a large settlement (i.e. lots o…
> pay service providers, send money to family how does the recipient of a zelle transaction know if it’s tax worthy (aka needs to go on 1099) or just sending money to family? i don’t see a way to “tag”/“flag” transactions same goes for cashapp
this is a feature, not a bug
Re: Bank of America has lost Zelle transfers for many customers
#194Earlier quoted context omitted.
How did they get access to the bank app on your phone?
If you close the BofA app after you are done, you have to log in again with either password or biometrics. If you don't and just go to the home screen, it stays logged in.
In that case I’d argue the issue here is terrible security in BofA’s mobile app, not the kind of money transfer.
Re: Bank of America has lost Zelle transfers for many customers
#195Earlier quoted context omitted.
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 exa…
It doesn't matter what banks accept; they are required to by the regulator. That they try to weasel out of it just means they need to be regulated harder and at more cost to the executive suit.
> It doesn't matter what banks accept; they are required to by the regulator.
Regulation E (https://www.consumerfinance.gov/rules-policy/regulations/100...): "'Unauthorized electronic fund transfer' means an electronic fund transfer from a consumer's account initiated by a person other than the consumer without actual authority to initiate the transfer and from which the consumer receives no benefit."
How is "I willingly initiated a transfer to someone who turned out to be a scammer" within this definition?
Re: Bank of America has lost Zelle transfers for many customers
#196Earlier quoted context omitted.
A month or so of salary in cash at home, and some "hard assets" is a good hedge.
Under what situation could that possibly be useful where all society hasn't collapsed? You're not going to lose access to your bank account because the bank failed; the FDIC handles that. It just moves to a different bank over the weekend. Locked out because Chexsystems thinks you're a financial criminal is more in the direction of possible.
I've had banks go technologically tits up and render my funds inaccessible for multiple days in the past. Card payments fucked, etc.
Has happened to more than one bank I've used, in more than one country.
I've also had a bank freeze my account temporarily (for over a week) because some risk algorithm somewhere thought fraud was occurring.
All those times, having a bunch of cash handy was very useful.
As for hard assets: they make a decent hedge against financial shithousery.
Re: Bank of America has lost Zelle transfers for many customers
#197Why don't Americans use direct money transfer from one bank account to another, like rest of the world? I lol everytime I see these problems.
We do (ACH), but it takes 3-5 business days to complete.
ACH never "completes", there's no confirmation in the system. The bank merely decided 3 days is enough time to assume there isn't a reversal coming, but some reversal reasons can be expected to take up to 60 days.
Some banks have been offering "two days early payroll"; that just means they see enough transactions for your paycheck that they've decided to just trust it.
Re: Bank of America has lost Zelle transfers for many customers
#198When 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…
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…
Does Meta Pay have a checking account as part of each account that you can withdraw from directly via an ATM? Or does Meta Pay need to transfer the money into a 3rd party checking account that you can then withdraw from? That second step may not be instantaneous, depending on which bank the account is at.
Re: Bank of America has lost Zelle transfers for many customers
#199Earlier quoted context omitted.
> pay service providers, send money to family how does the recipient of a zelle transaction know if it’s tax worthy (aka needs to go on 1099) or just sending money to family? i don’t see a way to “tag”/“flag” transactions same goes for cashapp
this is a feature, not a bug
> Zelle® does not impose taxes on transactions made on its network. If payments you receive on the Zelle Network® are taxable, it is your responsibility to report them to the IRS. If you have any questions about your tax obligations, please consult with a tax professional.
Got it.
Re: Bank of America has lost Zelle transfers for many customers
#200I 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.
> I don't understand why overdraft hasn't been outlawed. It's a felony to write a check that you don't have the funds for. Oh, you mean for the bank.
Do checks still exist in the US?
Edit: Here in Europe no one uses checks since I can remember (since the 80s?). In Switzerland lots of cash and direct bank transfers.