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On one of Zelle's site pages, it states: "EASY. FAST.SAFE. DONE. Forget running to the ATM or mailing a check. With Zelle, there’s a new way to move money. Bac

On one of Zelle's site pages, it states: "EASY. FAST.SAFE. DONE. Forget running to the ATM or mailing a check. With Zelle, there’s a new way to move money. Backed by the nation’s leading banks and credit unions, you can send and receive money with peace of mind and without the hassle." So, two problems here. It's not "safe." It safely arrives at its destination, but for most people, a safe money transaction is one that's protected from fraud somehow, which this is not. And it's not "backed" by banks so much as it is backed by your bank account. Again, backed by banks sounds like fraud protection. I don't think there's anything wrong with Zelle. It sounds like a useful service. But unless they are sanguine about these kinds of problems occurring then they ought to make it very clear to not send Zelle to a destination you don't 100% trust. That the only guarantee here is for guaranteed delivery of your cash and nothing else. So that's not quite the same as mailing an envelope of cash, which I know from personal experience as a lad is inherently unsafe even if the destination is your best friend's house.

discoursism 9y ago
But none of those other things (ATM, checking account) are protected from fraud when you initiate the transaction either? And it must be said of checks that they are "backed by banks." I agree Zelle should do MUCH more to tell customers that they shouldn't send money to strangers.
- Trav5 9y ago
  Your comment makes me want to argue both sides. It does should like they are offering more than the other payment methods, but the idea that a company should "tell customers that they shouldn't send money to strangers" really cracks me up. That seems like something you should learn before you are old enough to have a bank account.
  - bryanlarsen 9y ago
    You send money to strangers every time you buy something online and most of the time you buy something in a store.
    - ghshephard 9y ago
      If you use a credit card - you instead instruct your credit card company to initiate a transaction with them - and, if you aren't happy, you file a chargeback and then it's on the vendor to prove that they fulfilled their end of the deal. I've filed about 5 or 6 chargebacks, and, with the exception of a gym membership, (which, admittedly, did have a contract from me stating I would send them a request via registered mail to quit) I've always been successful.
  - marklyon 9y ago
    I see you've not yet discovered Souvenir Checks Kid. [0] https://www.reddit.com/r/legaladvice/comments/3cd6oj/im_in_highschool_and_money_was_stolen_from_my/ https://www.reddit.com/r/legaladvice/comments/3cd6oj/im_in_h...
    - Trav5 9y ago
      Funny story, but you are right. I've never given a souvenir check. It's been a long time since I was a kid.
ghshephard 9y ago
Safe in the sense that me sending money doesn't expose my bank account to being ripped off. We have a huge problem in the office right now in that we don't have any mechanism to pay each other digitally for things like lunch - seriously! A lot of the office feels really weird about giving their banking credentials to Venmo (even though it's pretty popular here in Ann Arbor, MI) and a bunch of people think paypal is shady (I use both of them, but I'm probably a little more open to risk). Zelle sounds like it will be exactly what we've been looking for - a safe way to send cash to each other, with the exact same risk profile of cash - that is, I give you my cash, and you have my cash, but nothing else. I 100% agree with you though, that the banks need to make it clear that this is to be used to send money to friends, and family - not strangers - unless you are okay with strangers just taking your cash. Poor communication on their part.
- briandear 9y ago
  > We have a huge problem in the office right now in that we don't have any mechanism to pay each other digitally for things like lunch - seriously Apple Pay in iMessage makes this laughably easy and secure.
  - ghshephard 9y ago
    3 iPhone users in the office - everyone else is an Android user.
    - Fej 9y ago
      Off the top of my head: - Google Wallet - Square Cash (now "Cash App") - Venmo (blegh. Owned by PayPal) The first two allow you to send and receive money via a debit card, no direct banking info needed. I've never used Venmo but I imagine it's the same. Facebook has a similar way to send money, no idea how that one works. Google Wallet funds can be sent via Gmail. The apps auto deposit money. Square takes a bit longer unless you pay them.
      - ghshephard 9y ago

discoursism 9y ago

But none of those other things (ATM, checking account) are protected from fraud when you initiate the transaction either? And it must be said of checks that they are "backed by banks." I agree Zelle should do MUCH more to tell customers that they shouldn't send money to strangers.

Trav5 9y ago
Your comment makes me want to argue both sides. It does should like they are offering more than the other payment methods, but the idea that a company should "tell customers that they shouldn't send money to strangers" really cracks me up. That seems like something you should learn before you are old enough to have a bank account.
- bryanlarsen 9y ago
  You send money to strangers every time you buy something online and most of the time you buy something in a store.
  - ghshephard 9y ago
    If you use a credit card - you instead instruct your credit card company to initiate a transaction with them - and, if you aren't happy, you file a chargeback and then it's on the vendor to prove that they fulfilled their end of the deal. I've filed about 5 or 6 chargebacks, and, with the exception of a gym membership, (which, admittedly, did have a contract from me stating I would send them a request via registered mail to quit) I've always been successful.
- marklyon 9y ago
  I see you've not yet discovered Souvenir Checks Kid. [0] https://www.reddit.com/r/legaladvice/comments/3cd6oj/im_in_highschool_and_money_was_stolen_from_my/ https://www.reddit.com/r/legaladvice/comments/3cd6oj/im_in_h...
  - Trav5 9y ago
    Funny story, but you are right. I've never given a souvenir check. It's been a long time since I was a kid.

ghshephard 9y ago

Safe in the sense that me sending money doesn't expose my bank account to being ripped off. We have a huge problem in the office right now in that we don't have any mechanism to pay each other digitally for things like lunch - seriously! A lot of the office feels really weird about giving their banking credentials to Venmo (even though it's pretty popular here in Ann Arbor, MI) and a bunch of people think paypal is shady (I use both of them, but I'm probably a little more open to risk). Zelle sounds like it will be exactly what we've been looking for - a safe way to send cash to each other, with the exact same risk profile of cash - that is, I give you my cash, and you have my cash, but nothing else. I 100% agree with you though, that the banks need to make it clear that this is to be used to send money to friends, and family - not strangers - unless you are okay with strangers just taking your cash. Poor communication on their part.

briandear 9y ago
> We have a huge problem in the office right now in that we don't have any mechanism to pay each other digitally for things like lunch - seriously Apple Pay in iMessage makes this laughably easy and secure.
- ghshephard 9y ago
  3 iPhone users in the office - everyone else is an Android user.
  - Fej 9y ago
    Off the top of my head: - Google Wallet - Square Cash (now "Cash App") - Venmo (blegh. Owned by PayPal) The first two allow you to send and receive money via a debit card, no direct banking info needed. I've never used Venmo but I imagine it's the same. Facebook has a similar way to send money, no idea how that one works. Google Wallet funds can be sent via Gmail. The apps auto deposit money. Square takes a bit longer unless you pay them.
    - ghshephard 9y ago