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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

#201

Post by inkcapmushroom »

notyourwork wrote: post #177
dcist wrote: post #147

I got scammed by a Zelle transfer when someone used my phone (without my authorization). I didn't even know I had Zelle but it's built into the BofA app. I lost $3,000. BofA refused to refund any of the transfer or reverse it. Total trash feature. I didn't sign up for it. I don't want it. BofA signed me up for it. I'm changing banks because of it.

You let someone use your phone and they were able to open BoA app and transfer funds without your knowledge? I don't fault BoA for ignoring your claim, that's like handing someone a credit card and acting surprised when they use it and wanting the CC company to refund your money.

If a scammer gets your CC number (in meatspace or online) and makes fraudulent purchases you can dispute them and get the charges reversed, so maybe not the best example.

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

#202

Post by Justsignedup »

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…

There was a 1 week time when I had literally 0 to my name because all my money was tied up in bank transfers. It was unnerving.

When zelle first came out, my bank fudged an api call and basically sent my money backwards... which made the transfer crash. Took me a month, they couldn't recover the transfer and just had to credit me the missing cash.

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

#203

Post by adrr »

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.

More than likely those weren't overdraft protection since i think are only opt-in now. There are fees for having a negative balance which is outside of overdraft protection. There is no way to prevent an account from going negative like with ACH reversal.

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

#204

Post by helen___keller »

cypress66 wrote: post #144

Don't put all your eggs in one basket. Have some physical cash, a couple of bank accounts, stocks and bonds, cryptocurrencies, valuable items if chaos ensues (guns, ammo, fuel, etc) and so on.

I’m a big fan of your list because (other than fuel), each item you list is an order of magnitude less likely to be necessary or even useful

Physical cash: very likely you need it some day soon

Multiple bank accounts: technical issues, fraud, etc, plenty of reasons that might make one accounts funds unavailable

Stocks: if there’s bank runs or such you can have equity to fall back on

Crypto: if your entire economy goes kaput but the world economy lives on, this can be useful

Guns, ammo: if civilization as we know it falls apart atleast you can shoot some people before starving to death

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

#205

Post by svggrfgovgf »

pkaye wrote: post #166
tristor wrote: post #150

Earlier quoted context omitted.

Which is an interesting comparison because these are not the only immigrant populations that do this, there are large groups of immigrant populations in Texas who are largely unbanked or underbanked or have cultural penchants for using gold and silver as stores of value, but there has been no concerted effort to burglarize them, because strings of home invasions in Texas usually end up with the home invaders in a bod…

Why does Texas has so many reported burglaries though? https://www.statista.com/statistics/232539/burglaries-report...

Probably because these statistics are based on reported burglaries as opposed to the actual number of burglaries. It's my impression from various threads and news articles that people in California have given up on reporting all sorts of crimes due to the lack of prosecution.

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

#206

Post by astrange »

Throwaway69294 wrote: post #190
notyourwork wrote: post #177

Earlier quoted context omitted.

You let someone use your phone and they were able to open BoA app and transfer funds without your knowledge? I don't fault BoA for ignoring your claim, that's like handing someone a credit card and acting surprised when they use it and wanting the CC company to refund your money.

Not sure about the US, but in Europe they would actually refund me if my CC was stolen. It's part of my standard insurance package.

US credit card protections are better than Europe's.

Debit cards are somewhat less protected than credit though.

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

#207

Post by satvikpendem »

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…

Have you seen Mr Robot? Something similar happens in the show, good watching for anyone on HN.

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

#208

Post by JumpCrisscross »

notch656c wrote: post #174
JumpCrisscross wrote: post #141

Earlier quoted context omitted.

> it just seems too far fetched to me the unrest was attributable to everything but the banking measures Temporary and permanent capital controls have a long history of peaceful implementation. Economic collapses do not.

An important consideration here is unrest is in part in response to perceived factors in the economic collapse. Even if one takes the position the measures are not the cause of the collapse they can still be a cause of unrest.

> if one takes the position the measures are not the cause of the collapse they can still be a cause of unrest

You’re missing that the measures have been taken in other contexts without unrest, e.g. Iceland, Cyprus, FDR’a gold confiscation. If X always precedes Y, and Z sometimes does but sometimes doesn’t (and when it does, is twinned with X), and we witness X, Z and Y, X is the dominant explanation for Y.

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

#209

Post by kneebonian »

jxramos wrote: post #127
kneebonian wrote: post #88

Earlier quoted context omitted.

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.

The way we do it is we just take the new stuff and put it at the back so the oldest stuff is at the front. The other thing is we only buy things we know we eat regularly. So we have 3 months worth of applesauce, goldfish crackers.

We also freeze anything that isn't in a can or a sealed, so bread we usually buy 4 loaves and freeze 2 or 3, and accept we'll have to get more from the store before we go.

The limitation is we can't get things from Costco that aren't used regularly, for example, we don't go through enough cream cheese to buy Costco size, and it doesn't account for all our food needs. But if tomorrow I lost my job we know we could survive without having to go to the store for anything but milk and eggs* for the next month or two.

* Hopefully we'll remedy this in the summer with chickens.

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

#210

Post by astrange »

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.

FedNow is no different from Zelle; it seems to me banks could still mess it up, and most of the complaints here (that you can't reverse a transaction you sent) would still apply to it, since that's kind of the point.
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