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It’s the price you pay for instant money in your account. I mean you want quick settlement or 3-4 days to access your money. Pros and cons. The consumer is at
by gt565k 4y ago
It’s the price you pay for instant money in your account. I mean you want quick settlement or 3-4 days to access your money.
Pros and cons. The consumer is at risk, well don’t be an idiot consumer. No different than giving someone cash and them running away.
- ceejayoz 4y agoPeople understand giving someone cash, though. Zelle is implemented in a confusing way that's begging for fraud.
- lotsofpulp 4y agoWhat is confusing about Zelle? This is BoA’s page on Zelle, and it seems very clear to me: https://www.bankofamerica.com/online-banking/mobile-and-online-banking-features/send-receive-money/ https://www.bankofamerica.com/online-banking/mobile-and-onli... Wells Fargo’s is similar. https://www.wellsfargo.com/online-banking/zelle/ https://www.wellsfargo.com/online-banking/zelle/ Wells Fargo FAQ: > What protections do I have when I use Zelle®? >You are protected in the unlikely event an unauthorized user accesses your consumer accounts and initiates payments using Wells Fargo Online or Wells Fargo Mobile. >However, because Zelle® is intended to replace instances where cash and checks are being exchanged, you do not have the same protections associated with a credit card or a debit card transaction, such as the ability to dispute purchase transactions. Once you send money with Zelle®, you cannot cancel the payment if your recipient has already enrolled. Neither Wells Fargo nor Zelle® offers a protection program for any authorized payments made with Zelle® – for example, if you do not receive the item you paid for or the item is not as described or as you expected. >We recommend you only send money to known and trusted recipients when using Zelle®.
- ziml77 4y agoChase also says similar things. And shows a warning on the entirety of the Zelle flow that alerts about scams.
- ceejayoz 4y agoEvery bank gets to implement it differently. The Zelle app on my phone just tells me to open my bank's app and do it there. You can send money to someone who doesn't have Zelle and they'll get an phishing-esque invite email or text. The worst aspect is that scammers can send you money that does bounce back (because it was an unauthorized transfer from another victim, the one scenario in which they'll reverse transactions), but your money doesn't bounce back because it was authorized.
- CaliforniaKarl 4y agoThe Zelle app is confusing: It exists specifically for people who use a bank that does not integrate with Zelle.
- deleted 4y ago[deleted]
- gleenn 4y agoMy friend also somehow had his Zelle compromised and then there also wasn't any ability for recourse. So now he removed all his online money services including Venmo, etc out of fear. Definitely not a great setup even if it is super nice to have instant deposits.