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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

#91

Post by plsbenice34 »

bityard wrote: post #9
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.)

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

I only ever worry of the opposite: reversibility leading to chargeback scams.

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

#92

Post by ZeroCool2u »

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 use Google Pay with my wife and it works great. Never had an issue.

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

#94

Post by ars »

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…

This only works if you don't live in a dense city. People in cities simply don't have space to store (many) bulk purchases, and the stores near them (i.e. that don't need a car) don't sell things in bulk (transporting bulk items by public transport is not feasible, and it's too expensive by Uber).

When I visit friends who live in dense cities they are very excited that I have a car, and often ask me to take them to make some bulk purchases.

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

#95

Post by TedDoesntTalk »

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…

> I'm younger than 27

Why is age relevant to fees?

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

#96

Post by aeturnum »

luckylion wrote: post #79
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…

I understand the idea of "if you take everything from someone, what makes them keep to the law", but it's pretty obvious people don't work that way. There are plenty of scam victims who lose all their savings to individuals or groups. How many of them do you hear of visiting the scammers' office with a pump gun? The sue, they hope for justice, they drink themselves to death, but that's about it. There are some except…

I mean, people are not robots, but I think it's pretty obvious people do work that way.

Famously, one of the factors in the collapse of the USSR was people realizing society was breaking and starting to work with grey market or criminal groups. You can search for the impact on crime of basically ANY social support program (sanctuary cities[1], substance abuse treatment[2], SNAP[3]) and they all reduce crime.

How people deal with a lack of resources is highly personal. It's true that few of them track down and murder the people who stole from them (it's hard and also most people don't want to kill others). But again, it's extremely well established that people with more going for them commit fewer crimes.

[1] https://www.americanprogress.org/article/the-effects-of-sanc...

[2] https://www.nber.org/papers/w22610

[3] https://direct.mit.edu/rest/article-abstract/101/2/310/58516...

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

#97

Post by TedDoesntTalk »

ceejayoz wrote: post #43
baby wrote: post #15

Earlier quoted context omitted.

It’s also limited to 2k a day

The limit is up to each participating bank.

My bank varies the limit for me each day. Sometimes I can’t transfer $1000. Sometimes I can. Once I tried to transfer $3000 over many different days. No way. Can’t do it. Customer service says the limited cannot be raised past a certain point. And they won’t tell me what the limit is.

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

#98

Post by lotsofpulp »

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.

In the event that you are trading gold and silver and ammo, your first problem will be holding onto your gold and ammo in the first place. Which means if you are prepping for this scenario, your first order of business is to be part of a tribe willing and able to defend you.

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

#99

Post by ars »

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?

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.

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

#100

Post by JumpCrisscross »

wtracy wrote: post #64
explodingwaffle wrote: post #44

Earlier quoted context omitted.

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.

> sending a wire transfer is usually $15-$20

Will note that there are banks that offer sending and receiving wires for free.

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