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Usually the bank charges a wire transfer fee, which may cover the risk premium. Also, the government recently required banks to recover Zelle transfers. I ima
by lotsofpulp 2y ago
Usually the bank charges a wire transfer fee, which may cover the risk premium.
Also, the government recently required banks to recover Zelle transfers. I imagine this costs banks money?
https://www.reuters.com/technology/cybersecurity/payments-app-zelle-begins-refunds-imposter-scams-after-washington-pressure-2023-11-13/ https://www.reuters.com/technology/cybersecurity/payments-ap...
> Lenders on Zelle are also now required to implement a tool that flags transfers with risky attributes, such as a payment to an account that has never transacted on the Zelle network, said Chance. He said Zelle has seen "a step-change reduction" in fraud and scam rates this year but declined to provide details.
- hiatus 2y agoMy bank allows me to send wires without charge.
- jqpabc123 2y agoThe few US banks that offer "free" outgoing wires usually have other restrictions such as a large minimum account balance.
- astura 2y agoFidelity cash management account has free incoming and outgoing wires, no minimum balances, and ATM fee reimbursement. It's not technically a bank though, it's a brokerage account with banking features - https://www.fidelity.com/spend-save/fidelity-cash-management-account/overview https://www.fidelity.com/spend-save/fidelity-cash-management...