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I've never recommended Zelle. Tales of their complete lack of customer service, consumer protection, and unwillingness to be held accountable are not new. ACH

I've never recommended Zelle. Tales of their complete lack of customer service, consumer protection, and unwillingness to be held accountable are not new. ACH is archaic (and has its own dangers e.g. pull transactions) but it generally works.

wmf 4y ago
Consumers can't initiate ACHes so it doesn't compete with Venmo/Zelle/etc.
- Falcorian 4y ago
  False. Every time you transfer money from an account at one bank to another you're using ACH. Same with moving funds from banks to stock brokers or brokers to banks. The real reason it doesn't compete is its slow, and many banks have terms of service that say something like "You can only set it up between accounts you own" so sending to other people is often technically a violation of your agreement with a bank.
  - BenjiWiebe 4y ago
    Some banks don't have a way for a customer to initiate an ACH, unless maybe calling them. Nothing in their app or website for it.
FireBeyond 4y ago
> and unwillingness to be held accountable I believe that one of the design considerations between the banks that developed Zelle was specifically to move more liability to the customer for fraudulent transactions.