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> ... <insert nefarious conspiracy here> ... retain customers and their money within bank accounts so they can lend it out and make money off of it. Turns out
by Jtsummers 3y ago
> ... <insert nefarious conspiracy here>
... retain customers and their money within bank accounts so they can lend it out and make money off of it.
Turns out it's not very nefarious, just normal profit motive. Banks make money with Zelle that they'd lose if you Venmo'd money to your fitness instructor who kept it in their Venmo rather than immediately depositing it into a regular checking account.
Do people actually have nefarious conspiracy theories about Zelle?
- verdverm 3y agoWhy can't I use zelle in a browser? I would use it if I could, but they require a mobile app. Why?
- Jtsummers 3y agoThat's not a technical limitation, that's a choice of your bank (and apparently mine). Critically, though, Zelle is competing with Venmo (in particular) and other mobile-only or primarily-mobile apps. Working within the same environment is "good enough" from the perspective of most banks.