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Small Banks Warn They Might Have to Drop Zelle over Scam Payment Costs
- latchkey 4y agohttps://archive.is/lfkuk https://archive.is/lfkuk
- latchkey 4y agoPosting this here again because I just ran into a case where I wanted to buy a new custom window for my house (~$500). Dealing with the retailer, I ended up having to drive to their store and pay them in cash as the only alternative was a check (which I don't use) or credit card (which had a 3% fee). Trying to convince them to setup Zelle, they told me their small local bank is actually dropping support for Zelle because of the fraud issues. Begs the thought: this seems like something ripe for a solution... hate to use that 'crypto' word around here... but some sort of escrow service (ie: credit cards, without the fees) all done with contracts and a centralized stablecoin (USDC), on a low transaction fee chain network (Polygon/Matic?), seems like something that could really help both consumers and small businesses.