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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

#231

Post by anvuong »

sschueller wrote: post #200
bluedino wrote: post #188

Earlier quoted context omitted.

> 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.

Last year, my first month salary in the US came in the form of a check, since I didn't have my bank account ready at the time. So yeah checks are still common.

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

#232

Post by idiotsecant »

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

It's curious to me that this is downvoted, I am practically a crypto evangelist and have been since the beginning but even I acknowledge that the BTC network's capacity is extremely, extremely low. It's not suitable as a world-wide transaction engine, not even for relatively infrequent transaction types like store of value accounts that don't move around. There have been some half-hearted attempts to fix this (lightning network for example) but nothing that actually provides substantial throughput. Bitcoin Cash was an attempt to improve it incrementally but that was pretty solidly rejected by the community (and wouldn't have really solved the problem anyhow)

I think it's fair to say BTC has a capacity problem, and it's not just a technical one - it's also a cultural aversion to change in the base protocol and cultural aversion to extension of the base protocol to allow additional abstraction layers that could solve the problem.

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

#233

Post by xattt »

browningstreet wrote: post #161
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…

I work for a bank in the US, and not one of the names you hear associated with scandals all the time. The level of redundancy and HA built into our everything is why our jobs are so boring and slow. We also use a core banking platform that lots of other banks use and it's properly engineered for the kind of enterprise performance we'd all expect. There are certainly problems in banking, but the FDIC protections are a…

I’ll be the 10th man and add to the nihilism. Consumer protections are there not for the consumer, but to create some sort of artificial social stability through recourse and take the wind out of any social uprising.

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

#234

Post by noahtallen »

sschueller wrote: post #200
bluedino wrote: post #188

Earlier quoted context omitted.

> 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.

Not sure if sarcastic, but:

Yes, definitely! Not that common, but sometimes useful for big in-person purchases or down payments. I have needed to write one maybe once in the last five years. Banking apps let you deposit by taking a picture.

But I’ve received a few checks as gifts or payment.

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

#235

Post by krferriter »

ceejayoz wrote: post #37
cle wrote: post #24

Earlier quoted context omitted.

> irreversible transfer Apparently they're not irreversible...

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…

Zelle isn't a bank, it's just a mechanism to communicate a transfer between two banks. The bank at either end of the transaction is regulated and must reverse fraudulent transactions. The fact that PNC is not reversing all of them means they just need to be subjected to additional legal process to enforce existing law.

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

#236

Post by killingtime74 »

kaitrain87 wrote: post #60

Does anyone have context of the content as the original post is gone from Reddit? Also on my BoA App, I have the notification: > Please Note: Zelle transactions made between and January 17 may be delayed in occurring and posting to accounts as requested. Transfers will be completed and will appear in your account activity and balances as soon as possible. We apologize for any delay or inconvenience. Not to discount t…

Small nit, it's "blip" not "blimp" (which is a dirigible)

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

#237

Post by Domenic_S »

oliwarner wrote: post #129
steelframe wrote: post #101

Earlier quoted context omitted.

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 moderat…

> Almost like caring about a topic makes you better suited to maintain a community around it.

I think not caring about the topic makes you better suited to moderate it. It's way easier to dispassionately and evenly enforce rules when there's no possibility of a bone to pick.

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

#238

Post by snotrockets »

ceejayoz wrote: post #195
snotrockets wrote: post #152

Earlier quoted context omitted.

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 wil…

Competent (non-software) professionals would read the initiation as the intent, also see comment 4 there, suggesting the mindset of the regulator. As a reminder, regulations are always subject to the interpereation of the regulator, which, as history shows in the case of regulation E, tends to side with the consumers.

There's a deeper story here though: * Banks are given a monopoly to almost literally print money. We ceded control of a very important facet of daily lives to them. * The cost for that is tight regulation, meant to make sure they keep the trust invested in them. * In the case of Zelle, and some other new products, banks, rushing to market, try to ignore their side of the deal. * Suggesting we should give up and accept that is morally, regulatory, and legally wrong. * Regulators and policy makers seem to agree with the above.

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

#239

Post by idiotsecant »

notyourwork wrote: post #221
SoftTalker wrote: post #189

Earlier quoted context omitted.

If you let someone into your house to use the bathroom it's not OK that they rifle through your dresser drawers and take any cash that they find. People "hand someone their credit card" every day at restaurants. That doesn't mean that they are waiving fraud protections.

It’s also not the toilet companies job to resolve that is it?

If the toilet automatically signed me up for a service that would dispatch little robots to collect all my spare cash and deposit into a bank account when someone sat on it and asked it to I might have some pointed questions for the toilet company.

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

#240

Post by pkaye »

svggrfgovgf wrote: post #205
pkaye wrote: post #166

Earlier quoted context omitted.

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.

Must be the same situation in Florida then?
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