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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

#211

Post by krferriter »

samdcbu wrote: post #84
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.

The FDIC insures up to $250,000 per depositor, per insured bank. But the FDIC claims process only begins after a bank failure (likely caused by a run on the bank). https://www.fdic.gov/analysis/quarterly-banking-profile/fdic...

Is it true that if I had $50K in a bank, for the sake of example let's use Bank of America, and the bank just straight up loses my account and loses track of the fact that I had that money with them, FDIC does not ensure I get my money back? Would I just be reliant on the bank having good will towards me and giving me my money voluntarily? Is there any consumer protection that actually protects the consumer against business malpractice like this if FDIC doesn't?

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

#212

Post by akiselev »

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...

Because stolen guns are very valuable and the owners have to officially report them stolen to avoid all the possible criminal charges.

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

#213

Post by astrange »

basch wrote: post #103
benmanns wrote: post #86

Earlier quoted context omitted.

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…

The bank does need to cooperate to accept the transaction "instantly", but mostly they do since it's good for them.

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

#214

Post by lotsofpulp »

humanistbot wrote: post #171
pavlov wrote: post #151

Earlier 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.

It might leave you logged in for a short period of time (in case you are planning to back to the app), but it logs you out relatively quickly even if you do not “close” the app.

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

#215

Post by e_i_pi_2 »

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…

Wouldn't FDIC insurance cover this? For the average person they'd be fine, if they have over 250k in the bank then they aren't the average person

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

#216

Post by ygjb »

ars wrote: post #94
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…

This only works if you don't live in a dense city. People in cities simply don't have space to store (many) bulk purchases, and the stores near them (i.e. that don't need a car) don't sell things in bulk (transporting bulk items by public transport is not feasible, and it's too expensive by Uber). When I visit friends who live in dense cities they are very excited that I have a car, and often ask me to take them to m…

I don't think that's accurate. The bigger issue is economic access - poor people can't afford to stock up since they are often living paycheque to paycheque. Even middle class folks living in dense urban centres have access to car shares and delivery services. Yes there is a cost, but it's usually quite cheap.

As for storage, except for the smallest apartments, most storage spaces can be optimized quite a bit for very little cost just by purchasing containers that fit spaces properly, have good seals, and abandoning commercial packaging, especially for products that are packed for shelf appeal, not bulk storage.

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

#217

Post by idiotsecant »

cptskippy wrote: post #146
Karunamon wrote: post #58

Earlier quoted context omitted.

I trust my ability to keep a small file (or more realistically: 24 random words that can be committed to memory with some effort) secure more than I trust any corporate entity that treats the penalties for screwing their customers as a mere cost of doing business. Crypto has many failure cases but a generalized loss of all transfers for all wallets is simply not one of them.

This isn't a defense of the corporate banking structure. The cognitive load necessary to grok crypto currencies doesn't displace that which is required to utilize existing financial solutions, it's just adds to it. It's also less forgiving and has fewer safe guards or regulations. For most people, crypto is just an added layer of obfuscation and complexity with some speculative gambling sprinkled on top. It benefits…

Crypto isn't terribly hard, depending on the exact context you have in mind when you say 'crypto'. It boils down to keeping your key safe and accessible, or in the custody of someone who can keep your keys safe and accessible.

You can literally stamp your keys into some steel plate, bolt them somewhere safe in your house, and forget about them for 30 years. You use a hardware wallet for your day-to-day and a separate hardware wallet for your savings account and transfer between as needed.

It's not for everyone, but it isn't hard - it's just new context.

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

#218

Post by krferriter »

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.

It's not reversible by Zelle, but it is reversible by the bank. Zelle is just an intermediary between banks. Some banks make it easier to get a fraudulent transaction fixed than others.

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

#219

Post by stainablesteel »

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…

they're not amateurs

reddit mods are paid by outside companies and interest groups to specifically get access to places so they can control narratives

non-associated mods get offers from companies and interest groups for them to be in their favor

other, more nefarious mods have their own botfarms that they use to control narratives in their own massively popular subreddit because the police don't arrest themselves

media corporations, companies with specific interests, and intelligence agencies have all learned to play this game, reddit should have put the spots up for auction

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

#220

Post by WillPostForFood »

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...

1: The data is obviously completely bogus unless you believe there were only 11 burglaries in Florida in all of 2021. You can't draw anything from it.

2: Texas is the second most populous state, so total # has little value. You need the per capita number to understand whether their might be some deterrence happening. Unfortunately the Statista data is garbage, so it isn't worth calculating.

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