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When was the last time you pulled out a stack of $20s and had to wait 48 hours for them to become valid? Cash doesn't try to rationalize all sorts of slow, obn

When was the last time you pulled out a stack of $20s and had to wait 48 hours for them to become valid? Cash doesn't try to rationalize all sorts of slow, obnoxious, and expensive behavior on the basis of fraud protection and then fail to protect from fraud. There's obviously a tradeoff here, the problem is getting stuck with the ass end of both sides. I can't really speak to Zelle, but it's definitely true for ACH and wire transfers.

lotsofpulp 4y ago
> Cash doesn't try to rationalize all sorts of slow, obnoxious, and expensive behavior on the basis of fraud protection and then fail to protect from fraud. Neither does Zelle. > When was the last time you pulled out a stack of $20s and had to wait 48 hours for them to become valid? Never, but I have also never had that problem with Zelle in probably hundreds of times using it in over a decade. But I also have never been given counterfeit money via Zelle, which I have been given via cash. Both mechanisms of transferring money seem to be working pretty well, and both have drawbacks/benefits.
- jjoonathan 4y ago
  Like I said, I can't speak to Zelle, but I can absolutely speak to wire and ACH and they both have these problems in spades. When I hear that Zelle has the same problems, I believe. When I hear that it's perfect, I doubt, but "works for me" is not strong evidence even if true.
- ncallaway 4y ago
  > in over a decade. Wasn't Zelle introduced in 2017?
  - lotsofpulp 4y ago
    No, it was renamed then maybe. It was around as ClearXchange for a while, and some banks had their own names for it, even though it was all the same thing. Check the history section here: https://en.wikipedia.org/wiki/Zelle_(payment_service) https://en.wikipedia.org/wiki/Zelle_(payment_service)
    - ncallaway 4y ago
      Interesting, thanks!
gs17 4y ago
Technically not Zelle itself, but my bank would not allow me to pay my landlord through Zelle on the basis of fraud prevention (other people at the same bank as them are fine) or send over $1000 per day (this does sort of protect a little, but it also makes it much less useful).

lotsofpulp 4y ago

> Cash doesn't try to rationalize all sorts of slow, obnoxious, and expensive behavior on the basis of fraud protection and then fail to protect from fraud. Neither does Zelle. > When was the last time you pulled out a stack of $20s and had to wait 48 hours for them to become valid? Never, but I have also never had that problem with Zelle in probably hundreds of times using it in over a decade. But I also have never been given counterfeit money via Zelle, which I have been given via cash. Both mechanisms of transferring money seem to be working pretty well, and both have drawbacks/benefits.

jjoonathan 4y ago
Like I said, I can't speak to Zelle, but I can absolutely speak to wire and ACH and they both have these problems in spades. When I hear that Zelle has the same problems, I believe. When I hear that it's perfect, I doubt, but "works for me" is not strong evidence even if true.
ncallaway 4y ago
> in over a decade. Wasn't Zelle introduced in 2017?
- lotsofpulp 4y ago
  No, it was renamed then maybe. It was around as ClearXchange for a while, and some banks had their own names for it, even though it was all the same thing. Check the history section here: https://en.wikipedia.org/wiki/Zelle_(payment_service) https://en.wikipedia.org/wiki/Zelle_(payment_service)
  - ncallaway 4y ago
    Interesting, thanks!

gs17 4y ago

Technically not Zelle itself, but my bank would not allow me to pay my landlord through Zelle on the basis of fraud prevention (other people at the same bank as them are fine) or send over $1000 per day (this does sort of protect a little, but it also makes it much less useful).