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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

#51

Post by notch656c »

JumpCrisscross wrote: post #42
notch656c wrote: post #34

Earlier quoted context omitted.

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.

>very little unrest

... https://www.theguardian.com/world/2001/dec/20/argentina2

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

Due to FATCA Americans are pariahs in the global banking system. For grocery money probably not going to happen.

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

#52

Post by throw7 »

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…

I heard the feds are working on a similar system called fednow:

https://www.federalreserve.gov/paymentsystems/fednow_about.h...

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

#53

Post by JumpCrisscross »

notch656c wrote: post #51
JumpCrisscross wrote: post #42

Earlier quoted context omitted.

> 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.

>very little unrest ... https://www.theguardian.com/world/2001/dec/20/argentina2 >If you’re concerned about that risk, an offshore bank account is better protection than physical assets within the expropriating government’s jurisdiction. Due to FATCA Americans are pariahs in the global banking system. For grocery money probably not going to happen.

The ‘01 riots were a symptom of economic collapse. I don’t recall any significant contemporaneous attribution to the expropriation of U.S. dollars in bank accounts, which mostly hit the rich.

> Due to FATCA Americans are pariahs in the global banking system

For grocery money, a second bank account is sufficient. For expropriation risk, opening an offshore account as an American is nontrivial, but far from pariah status. (For that experience, say you’re Russian.)

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

#54

Post by ceejayoz »

explodingwaffle wrote: post #44
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.

> Is this just not an option in the states?

Correct.

We also still use paper checks fairly extensively, and chip/NFC cards are a recent advancement.

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

#55

Post by salawat »

wintermutestwin wrote: post #16
bityard wrote: post #9

Earlier quoted context omitted.

Instant and no-fee I can get behind but irreversible sounds like an awesome way to lose a lot of money.

I've seen it IRL. Zelle claims no responsibility and that they can't track what they sent.

Fines for failure to implement legally mandated Anti-Money Laundering measures in 3...2...1...

Seriously. If they can't, it will not be long until the omission is noticed.

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

#56

Post by lanstin »

toomim wrote: post #47
cptskippy wrote: post #35

Earlier quoted context omitted.

By putting the onus on the user to maintain access and security rather than the bank?

Yes, rather than a bank that loses zelle transfers.

I have five people in my household. Only one of them, not myself, doesn’t regularly loose important stuff. We are super adept at key replacement, Drivers License replacement, passport replacement, debit card replacement, etc. I travel with two phones, two laptops, and two kindles.

At this point if I haven’t lost my debit card in six months, I will just report it lost to change the numbers.

I have worked at financial institutions; while they are not infallible, they are all better at this stuff than my family, and usually work in teams for important stuff.

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

#58

Post by Karunamon »

cptskippy wrote: post #35
zaphod420 wrote: post #28

Earlier quoted context omitted.

Bitcoin fixes this

By putting the onus on the user to maintain access and security rather than the bank?

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.

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

#59

Post by imtringued »

ceejayoz wrote: post #4
sidcool wrote: post #2

What are Zelle transfer?

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.)

SEPA instant payments are pretty new but yeah even Europe has that now.

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

#60

Post by kaitrain87 »

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 the stress that it induces, and our expectations as customers, but hopefully it's a blimp in their servers.

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