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Given who owns Zelle and what they do, and that they’re not a bank, I really want zero to do with them. They’re sus AF, IMO, and I’m just waiting for there to b
by nullfield 4y ago
Given who owns Zelle and what they do, and that they’re not a bank, I really want zero to do with them. They’re sus AF, IMO, and I’m just waiting for there to be a serious incident.
- hnburnsy 4y ago>Zelle is a United States–based digital payments network owned by Early Warning Services, LLC, a private financial services company owned by the banks Bank of America, Truist, Capital One, JPMorgan Chase, PNC Bank, U.S. Bank, and Wells Fargo. So it is owned by the banks, but the banks that own and offer it don't give any protections.
- moate 4y agoIt's almost like that's the point. A lot of tech solutions just seem like ways of offloading liability or skirting regulation in a traditional market.
- snotrockets 4y agoIt is governed by regulation E (https://www.federalreserve.gov/supervisionreg/regecg.htm https://www.federalreserve.gov/supervisionreg/regecg.htm), and Zelle admits as much on their website (https://www.zellepay.com/financial-education/pay-it-safe/understanding-fraud-scams https://www.zellepay.com/financial-education/pay-it-safe/und...). They do try very hard to suggest this doesn't apply. This isn't true in practice, but I'm certain many would give up without trying.