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1. Zelle: all of the big banks have it. Credit unions are slower to adopt. 2. Mobile apps: big bank mobile apps are pretty great these days. 3. Credit cards: Ba
by bklyn11201 4y ago
1. Zelle: all of the big banks have it. Credit unions are slower to adopt.
2. Mobile apps: big bank mobile apps are pretty great these days.
3. Credit cards: Bank of America rebates 2.625% for top customers.
4. Bill pay: the big bank bill pay integrations with vendors and ebills is better
- jnwatson 4y agoZelle should be avoided for almost every transaction. There is no fraud protection.
- vxNsr 4y agoNot really, there is as much fraud protection as ACH. If you’re will to make use of direct deposits and ACH transfers, you can use Zelle. Just don’t expect to be handled with kid gloves.
- FireBeyond 4y agoNo, there really isn't. And the banks themselves say so. https://www.nytimes.com/2022/03/06/business/payments-fraud-zelle-banks.html https://www.nytimes.com/2022/03/06/business/payments-fraud-z... > Zelle’s immediacy has also made it a favorite of fraudsters. Other types of bank transfers or transactions involving payment cards typically take at least a day to clear. But once crooks scare or trick victims into handing over money via Zelle, they can siphon away thousands of dollars in seconds. There’s no way for customers — and in many cases, the banks themselves — to retrieve the money. > The banks are aware of the widespread fraud on Zelle. When Mr. Faunce called Wells Fargo to report the crime, the customer service representative told him, “A lot of people are getting scammed on Zelle this way.” Even Zelle says so: > Zelle® does not offer a protection program for any authorized payments made with Zelle® - for example, if you make a purchase using Zelle®, but you do not receive the item or the item is not as described or as you expected. Source: https://www.zellepay.com/faq/im-unsure-about-using-zelle-pay-someone-i-dont-know-what-should-i-do https://www.zellepay.com/faq/im-unsure-about-using-zelle-pay...
- proxyon 4y agoHow is this any different from ACH or wire? What protection is there if you wire your money to a Nigerian prince vs. if you Zelle it to a Nigerian prince?
- yellow_postit 4y agoNone with Zelle and Wires. But there is a tiny window of protection/reversal offered by ACH.
- eclipticplane 4y agoCan't reply to the child comment https://news.ycombinator.com/item?id=31773886 https://news.ycombinator.com/item?id=31773886 from @proxyon but banks can reverse ACH payments. There are still rules for what can be reversed. Zelle intentionally has no reversal mechanism.
- macintux 4y agoIn case you weren't aware, you can always(?) click on the relative timestamp associated with a comment to bring up a reply box, even if on a deeply nested comment the reply link isn't available.
- JCharante 4y agoSo it's as good as cash? If I sell my old TV in the parking lot of a Walmart, I don't want somebody to charge back the transaction.
- jaywalk 4y agoDon't use Zelle to pay someone you either 1) don't know or 2) isn't handing you what you purchased at the same time.
- KennyBlanken 4y agoMy credit union supports Zelle and has for a bunch of years. My credit union's app does everything I need it to. Mobile check cash, check balances/see activity, lock or limit my debit card ($ amount, transaction type, location, etc.)
- 55555 4y agoThe 2.625% is capped at X spend, right? If not please please let me know
- hedora 4y agoNo, but it is contingent on maintaining a minimum balance at BofA/Merrill.
- ynx 4y agoFWIW, Schwab doesn't have Zelle
- ddmitriev 4y agoSchwab has Zelle in the phone app.