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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

#321

Post by [deleted] »

shuckles wrote: post #164
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…

Can you help my understand why this article cites a higher per capita burglary rate in Texas than California (it claims the data is from the FBI)? https://www.thezebra.com/resources/research/burglary-statist...

[deleted]

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

#322

Post by crazygringo »

dcist wrote: post #149
Maursault wrote: post #110

Zelle 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.

Yup, this happened to me. I didn't sign up for Zelle. Didn't know I even had it. I lost $3,000 and BofA refused to reverse or refund any of the charges. Total BS.

But how? How did a scammer log into your account in order to set up a transfer?

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

#323

Post by notch656c »

JumpCrisscross wrote: post #314
notch656c wrote: post #268

Earlier quoted context omitted.

" there are four kinds of countries: developed countries, underdeveloped countries, Japan, and Argentina." -- Simon Kuznets

Kuznets' quote is about international finance. Not social unrest. The factors that lead Argentina to collapse are uniquely Argentinian. What happened after that is unsurprising.

>Kuznets' quote is about international finance. >Not social unrest.

This is a contradiction. You said social unrest is caused by financial collapse. International finance in a globally integrated economy like Argentina then necessarily becomes a piece of the financial collapse that causes unrest.

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

#324

Post by astrange »

basch wrote: post #317
astrange wrote: post #311

Earlier quoted context omitted.

Most other countries, sure. I don't know how their other fraudoffs like fraud protection work.

same minute banking transactions between checking accounts are free in most countries?

Meant to say first world countries…

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

#325

Post by unethical_ban »

bluedino wrote: post #188
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.

> 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.

I can't tell if you're defending overdraft.

Banks see it as a source of revenue. I don't have sources, but I recall stories where debit transactions were processed out of chronological order and caused overdrafts which then kicked off hefty fees for overdrafts of something like a dollar.

Having a bank service break and causing your funds to be unavailable, or having negligent processing that can't keep up with modern banking, is much different than passing hot checks.

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

#326

Post by mindslight »

JumpCrisscross wrote: post #36
notch656c wrote: post #21

Earlier quoted context omitted.

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.

> few grams of gold or silver I remember, a few years ago, Cupertino being targeted for burglaries because the Indian and Taiwanese immigrant populations had a penchant for storing wealth in gold and silver and cash under the mattress, respectively. The victims’ recovery rates and timelines were far poorer than these BofA customers’ will be.

The recovery rates and timelines are only relevant for the cost. The key part is that its failure is uncorrelated with bank failure. It's not either/or, but rather multi-source redundancy.

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

#327

Post by mindslight »

colechristensen wrote: post #65
Consultant32452 wrote: post #39

Earlier quoted context omitted.

People have no trouble conceptualizing insurance. We have car insurance, home-owners insurance, life insurance, etc. But what about "every day life" insurance? It doesn't take much cash on hand or some staples in the cupboard to protect against a wide variety of temporary "glitches" in life. Glitches can be anything from surprise weather events to things like your bank accounts becoming temporarily unavailable. Impor…

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…

I was right there with you. Dealing with the deliberately obfuscated price/sizes of TP/PT bothers me, so my life is much improved if I only do it ~once per year. And paper products are exactly the type of thing you can easily put on the top shelf of a closet and stack to the ceiling.

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

#328

Post by frumper »

astrange wrote: post #210
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.

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.

My biggest complaint with Zelle is my bank helps me by including Zelle in my bank account with easy setup. Some banks it's just included. I'd like a hard lock out on it.

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

#329

Post by Karunamon »

cptskippy wrote: post #304
Karunamon wrote: post #158

Earlier quoted context omitted.

To grok something and to utilize something are two entirely different levels of understanding and it is not honest to conflate the two; most people don't grok the existing financial infrastructures either.

Grok was the wrong word then. I wasn't conflating the two but rather emphasizing that the amount of cognitive load needed to utilizing crypto in our society is far higher than what's needed to use a cash, bank card, or even credit.

I disagree. At least from the standpoint of the average end-user; sending or receiving a payment with a mainstream cryptocurrency is not meaningfully more difficult than doing that with something like PayPal or Cashapp. Different, but not more difficult.

And this is with a wallet where you control your own keys. If you use a centralized site like Coinbase then is basically indistinguishable from something like those other apps.

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