I don’t know big American banks to be very consumer friendly, and
There is currently no fee or charge on the transaction to users.[1] Instead, participating banking institutions are charged a fee per transaction.[4]
This part tells me that your individual bank probably isn’t a huge fan of it, and there’s no guarantee that it won’t change in the future. And finally,
The Zelle service has received negative publicity due to fraud incidents where bank customers’ accounts were compromised through social engineering tactics. In these cases, fraudsters set up Zelle accounts in the victims’ names and used them to transfer funds out of the victims’ accounts, often leaving the victims with limited practical or legal options for recovery.
If there is a problem with the service, I’m not sure how helpful Zelle would be in fixing it.
I don’t know big American banks to be very consumer friendly
They’re not supposed to be. The thing is, in this case, the consumers’ interest is aligned with the banks, and against companies like PayPal/Venmo, Cash App, Patreon, credit card companies, and a hundred other payment processors who are all trying to take a relatively large portion of the transaction simply because they can.
This part tells me that your individual bank probably isn’t a huge fan of it
It was created by the banks, so yes, they definitely are.
The Zelle service has received negative publicity
Zelle functions like cash, ACH, or wire transfer. Similarly, it has no protections like cash. There is no intermediary, which means no one to collect fees, but also no one to protect you in the case that you mistakenly give your money to the wrong person. It’s up to you to ensure that you’re sending your money to the right place.
I don’t know big American banks to be very consumer friendly, and
This part tells me that your individual bank probably isn’t a huge fan of it, and there’s no guarantee that it won’t change in the future. And finally,
If there is a problem with the service, I’m not sure how helpful Zelle would be in fixing it.
They’re not supposed to be. The thing is, in this case, the consumers’ interest is aligned with the banks, and against companies like PayPal/Venmo, Cash App, Patreon, credit card companies, and a hundred other payment processors who are all trying to take a relatively large portion of the transaction simply because they can.
It was created by the banks, so yes, they definitely are.
Zelle functions like cash, ACH, or wire transfer. Similarly, it has no protections like cash. There is no intermediary, which means no one to collect fees, but also no one to protect you in the case that you mistakenly give your money to the wrong person. It’s up to you to ensure that you’re sending your money to the right place.