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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

#41

Post by Buttons840 »

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.

You're responding to a concern about society with a suggestion for individuals. It may be good advice for individuals, but do you think most people are going to follow it?

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

#42

Post by JumpCrisscross »

notch656c wrote: post #34
JumpCrisscross wrote: post #32

Earlier quoted context omitted.

> 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 This overdramatises commonplace clerical errors.

It happened in Argentina. One day people woke up and their USD access basically gone.

> happened in Argentina

That’s expropriation, not bank error. And there was very little unrest (EDIT: resulting from the expropriation per se).

If you’re concerned about that risk, an offshore bank account is better protection than physical assets within the expropriating government’s jurisdiction.

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

#43

Post by ceejayoz »

baby wrote: post #15
ceejayoz wrote: post #4

Earlier quoted context omitted.

Instant, no-fee, irreversible transfer between participating US bank accounts. (Like most of the rest of the world has had for a decade or more, but it's new, and because it's new and there's very little education to consumers from the banks it's heavily used in scams. It also has a pretty confusing UX that lends itself to scams.)

It’s also limited to 2k a day

The limit is up to each participating bank.

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

#44

Post by explodingwaffle »

gnicholas wrote: post #13

When my older relatives wanted to send money to family/friends, I used to recommend Zelle, which was better than the never-heard-of-it apps they were considering. But with all the problems I keep hearing about Zelle, they're off the list. Most of them have iPhones and so I just tell them to send cash via Messages/Apple Cash. I don't know how reversible that sort of thing is, in the case of fraud, but as long as they…

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.

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

#46

Post by ceejayoz »

zaphod420 wrote: post #28
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…

Bitcoin fixes this

No, it doesn't. They can go missing, too.

https://www.businessinsider.com/james-howells-threw-away-bit...

> James Howells is known as the man who accidentally threw away 8,000 bitcoins. Now he has an $11 million master plan to get them back.

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

#48

Post by JumpCrisscross »

eYrKEC2 wrote: post #23
marstall wrote: post #11

Is this the kind of rumor that starts a "run on the bank"?

How? The lender of last resort is the United State Government. Thank goodness the bankers will always be made whole.

> How? The lender of last resort is the United State Government.

Lender of last resort makes runs less likely and lossy. It doesn’t prevent them altogether.

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

#49

Post by elforce002 »

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 (medicine, law, etc).

Sorry for ranting about it.

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

#50

Post by cptskippy »

cle wrote: post #24
ceejayoz wrote: post #4

Earlier quoted context omitted.

Instant, no-fee, irreversible transfer between participating US bank accounts. (Like most of the rest of the world has had for a decade or more, but it's new, and because it's new and there's very little education to consumers from the banks it's heavily used in scams. It also has a pretty confusing UX that lends itself to scams.)

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

It's more of a "transactions will not be reversed by user request or due to user error".
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