Article in DRC
The retired business executive told The Watchdog that someone removed $1,987 from his checking account. He can’t get it back.
Because Zelle is involved, I’m not surprised. Federal regulators have sued Zelle’s owner, Early Warning Services, and its three owners — Chase, Bank of America and Wells Fargo — contending that the banks did not do enough to protect customers and didn’t handle fraud complaints in a meaningful way.
I remember a few years back, I started telling a spokesperson of one of the major banks about a reader’s problem. But before I could get the first sentence out, the bank rep asked, “Is this about Zelle?” It wasn’t, but his question indicated a larger problem.
Zelle is a major embarrassment to the big bank community. If you don’t know, it’s an app used to send money to a person or institution at no charge.
The lawsuit argues that Zelle has cost Americans $870 million in lost money due to theft. But the banks are adamant when they say that number is overblown.
Apparently the banks do not believe the people filing complaints about losing money.........
The retired business executive told The Watchdog that someone removed $1,987 from his checking account. He can’t get it back.
Because Zelle is involved, I’m not surprised. Federal regulators have sued Zelle’s owner, Early Warning Services, and its three owners — Chase, Bank of America and Wells Fargo — contending that the banks did not do enough to protect customers and didn’t handle fraud complaints in a meaningful way.
I remember a few years back, I started telling a spokesperson of one of the major banks about a reader’s problem. But before I could get the first sentence out, the bank rep asked, “Is this about Zelle?” It wasn’t, but his question indicated a larger problem.
Zelle is a major embarrassment to the big bank community. If you don’t know, it’s an app used to send money to a person or institution at no charge.
The lawsuit argues that Zelle has cost Americans $870 million in lost money due to theft. But the banks are adamant when they say that number is overblown.
Apparently the banks do not believe the people filing complaints about losing money.........
