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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

#61

Post by basch »

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…

It wont be a popular answer here but Facebook Pay now Meta Pay is a great product. It is instant, as in, you can send someone standing in front of an ATM money, and they can pull the money out seconds later. Not pending, but completed deposits. For free.

It is the "it just works" way to move money between peoples debit cards in the US. It is rock solid, a large network of us use it all the time, and it is significantly more frictionless than Paypal/Venmo/Cashapp/Zelle when you already talk on Messenger. 4 clicks and the money appears.

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

#62

Post by dobs »

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.

There are a few bank-to-bank mechanisms (ACH, wire transfers) but they're slow (often multiple business days) and often have fees associated with them ($20+ for wires).

The lack of good transfer mechanisms is what has led to a proliferation of alternatives (e.g. Venmo, Cash App). Zelle has emerged as a bank-approved mechanism for "instant" funds transfer.

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

#63

Post by Semaphor »

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.)

From everything I heard, the system in Germany/Europe is better than ACH, but instant interbank transfers are only a few years old, and usually are not feeless.

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

#64

Post by wtracy »

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.

In the USA, sending a wire transfer is usually $15-$20, and some banks charge $20 to receive a wire transfer.

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

#65

Post by colechristensen »

Consultant32452 wrote: post #39
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.

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 the cost per bean, they’re fresher and higher quality.

Also it is an investment that returns in time savings. Buying 50 rolls of TP takes the same amount of time as buying 1.

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

#66

Post by watermelon0 »

jesprenj wrote: post #12
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.)

> most of the rest of the world has had for a decade or more What specific system are you implying? In Slovenia, I can't make a bank transfer online when my bank is closed (at night). Money transfer between banks costs me 40 cents per transaction and international transfer in the EU costs me around 7 €. Maestro card is instant and free and works even when the bank is closed, but it is only used for spending money. I…

EU countries (and a few others) are part of SEPA, where we have SEPA Instant Payments, which offer instant payments between bank accounts, 24/7.

Price depends on the bank (and the type of bank account you have), but it's about 1 EUR or less.

---

Many countries also have local payment systems, that are usually limited to a single country. For example, in Slovenia, we have Flik Pay, which allows sending money between individuals via mobile app, without any fees, and it also works 24/7.

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

#67

Post by enragedcacti »

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.

Zelle is basically the US attempt at instant bank transfers. You can set it up and use it through your participating bank's app or through their online portal.

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

#69

Post by gnicholas »

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.

This is possible if both people use the same bank (Bank of America, Wells Fargo, Chase), but even with the relatively consolidated finance sector, the odds of this are not super high.

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

#70

Post by notch656c »

JumpCrisscross wrote: post #53
notch656c wrote: post #51

Earlier quoted context omitted.

>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 stat…

It's interesting to characterize economic collapse as unrelated to access to foreign currency for international trade. Also interesting to presume what happens to the rich, who are often the employer and owners, doesn't cause issues for the rest of the economy and the employees of the rich.

Also bear in mind that in the US it is a rich person's game indeed to hold foreign currency. But in Latin America and especially Argentina USD is far more common in the common man's hand.

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