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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

#291

Post by rurp »

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.

Slaughtering a pig isn't some trivial process, it requires skill and equipment that most people lack. But even if it was doable and a person trades their emergency gold for a couple weeks of food, then what? Any disaster that reduces society to pig bartering isn't likely to be fixed in a short amount of time.

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

#292

Post by r00fus »

uticus wrote: post #119
ars wrote: post #99

Earlier quoted context omitted.

> 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.

Wow this is the first I've seen of this, amazing it hasn't come across my radar. Seems like a major consolidation, tied closely to a government institution (or whatever the FRB technically is).

Can you explain what you mean by consolidation? It's essentially a standards-based collaborative approach not unlike other large payment networks like in the UK, Europe and India.

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

#293

Post by gnicholas »

ok123456 wrote: post #180
gnicholas wrote: post #130

Earlier quoted context omitted.

Wow, did not realize that banks also charge for receiving incoming wires, but most of the big guys charge around $15: https://www.nerdwallet.com/article/banking/wire-transfers-wh...

And an additional fee it's it's 'overnight' and another fee if it's international. Then they do a three-way call between the parties and the banks to verify the transaction.

Really? I've had wires come in over the years and never participated in a conference call.

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

#294

Post by tedunangst »

snotrockets wrote: post #260
DennisP wrote: post #242

Earlier quoted context omitted.

Wire transfers aren't reversible if you're not quick enough to do it before the money transfers out of the country. Home purchases and business wires have both seen over a billion dollars in wire fraud annually, just in the US. https://www.rocketmortgage.com/learn/mortgage-wire-fraud https://www.forbes.com/sites/forbesbusinesscouncil/2022/08/3...

Wire transfers are also reversible. It may not be easy or cheap to do so, but it is possible (the Citigroup $500mm mispayment is a great example: the error was done August 2020, and Citigroup are still working to undo it, at an expense to them. I'm certain it'll take them a few more months, and God only knows how many more billable hours at the very least).

This is reversible in the sense that every transaction is reversible in some form. Somebody stole your wallet? Chase them down in the parking lot and reverse the transaction.

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

#295

Post by JumpCrisscross »

gnicholas wrote: post #293
ok123456 wrote: post #180

Earlier quoted context omitted.

And an additional fee it's it's 'overnight' and another fee if it's international. Then they do a three-way call between the parties and the banks to verify the transaction.

Really? I've had wires come in over the years and never participated in a conference call.

> had wires come in over the years and never participated in a conference call

Same. That said, if your transaction history is sketchy (e.g. large cash withdrawals following international wires) or the wire is coming from or going to a high-risk place, e.g. Russia or Turkey, your bank may opt to do this as an anti-fraud / anti-money laundering measure.

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

#296

Post by cptskippy »

idiotsecant wrote: post #217
cptskippy wrote: post #146

Earlier quoted context omitted.

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…

> Crypto isn't terribly hard

... for you. That's the key.

After the Thanksgiving holiday over the course of 2 weeks, I fabricated and installed individually addressable permanent LED holiday lights on my three story house and built out a control box for less than $1000. It wasn't hard... for me.

You likely already posses a great deal of knowledge necessary to leverage crypto that a lot of people don't. It's not hard... for you.

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

#297

Post by rocket_surgeron »

elforce002 wrote: post #49

Interesting. I don't agree with the concept of 'cashless' society. This is no paranoia, conspiracy theory. I don't know if this is the first time this happens but this is one to many times for most people. The healthy thing is to have multiple options ranging from cash, credit/debit cards, up to apps with NFC payments, etc... There has to be a limit on how much tech is too much. This goes for every human facet (medic…

Much less digital money is lost than real money.

And when digital money is lost due to fraud or error it can be restored.

For example, in 30 years of banking I have lost $0.00 in digital money. Sure, there have been gas station skimmers, system outages, misplaced debit cards, but I haven't "lost" a single cent.

I have lost at least $20.00 in real physical money.

$0.00 Digitalization helps other things too, I've lost hundreds of dollars in misplaced transit cards. Back in the 90s when I was a broke punk some loser stole a transit card with ~$47 on it. That was (and is) a big deal. Others have been misplaced or damaged beyond hope.

Since digital transit cards became a thing I have lost $0.00 in transit funds.

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

#298

Post by dbg31415 »

I hate how hard it is to do bank transfers in the US.

When I was in Sydney, you just added someone's BSB and account numbers, and you could add their phone number and most apps would know how to translate that... and you could Vemno / Zelle without the app.

Dirt simple.

No clue why it has to be complicated in the US. Just seems moronic.

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

#299

Post by pkaye »

WillPostForFood wrote: post #273
pkaye wrote: post #252

Earlier quoted context omitted.

So where is a good source of data?

Statista is proven untrustworthy, so I'd start with the FBI UCRs: https://ucr.fbi.gov/crime-in-the-u.s

Thanks for that link. Looks like its a mixed bag between Texas and California. Out of the 9 crime statistics, California is better for 5 while Texas is better for 4. And sometimes the differences are small. For example for burglary, the rate is 392.8 for Texas while 392.8 for while 386.1 for California.

https://ucr.fbi.gov/crime-in-the-u.s/2019/crime-in-the-u.s.-...

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

#300

Post by nazgulnarsil »

hojjat12000 wrote: post #256
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.

My girlfriend also lost 3000. Somehow money was sent from her phone to someone in Texas. We contacted chase and they said "you did it" so no refunds. But we didn't! She works from home and there is no other IP other than her phone in her Chase account. So how did this happen? We filed a complaint with the Police and tried to figure out what we can do through other channels. Turns out nobody cares!

take them to small claims court
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