It largely depends on how the money is sent. ACH, wires, checks all have different rules (terms of service) to use those rails. When you sign up for Zelle you agree to their terms of service which includes being SOL for sending $$ to the wrong person.
For the non-technical piece: Banks know that they are going to make mistakes. I’m not going to say it’s collusion but let say that I work for Bank A and send a wrong transaction to a customer at Bank B. The next day Bank A realizes this and tries to pull back funds. If Bank B wants (depending on the rail used) they might be able to push back and collect the windfall for their customer. However, if Bank B runs into a similar situation with Bank A you know they aren’t going to help them. By working together, the banks can effectively lower their risk.
It largely depends on how the money is sent. ACH, wires, checks all have different rules (terms of service) to use those rails. When you sign up for Zelle you agree to their terms of service which includes being SOL for sending $$ to the wrong person.
For the non-technical piece: Banks know that they are going to make mistakes. I’m not going to say it’s collusion but let say that I work for Bank A and send a wrong transaction to a customer at Bank B. The next day Bank A realizes this and tries to pull back funds. If Bank B wants (depending on the rail used) they might be able to push back and collect the windfall for their customer. However, if Bank B runs into a similar situation with Bank A you know they aren’t going to help them. By working together, the banks can effectively lower their risk.
Zelle is not a bank. It’s basically some guy (some company).
If they decide you’re fucked you have no recourse other than to sue. And at that point you need to determine if a lawyer is worth the amount you’ll recoup.
Don’t use Zelle if you know you’re the type of person that fucks up. They’re not gonna help you.
Zelle is not a bank. It’s basically some guy (some company).
If they decide you’re fucked you have no recourse other than to sue. And at that point you need to determine if a lawyer is worth the amount you’ll recoup.
Don’t use Zelle if you know you’re the type of person that fucks up. They’re not gonna help you.
As stated in other comments, terms and conditions are a part of it. The other part is, with Zelle (or ACH ,Wires, Etc.) you gave the bank instructions, and they followed them. It’s not their responsibility to fix your mistake. It’s yours. The bank might be willing to request the money back, but there are no guarantees.
If the bank made a mistake, they would make you whole, whether that means getting the receiving bank to return the money or paying out of their pocket.
As stated in other comments, terms and conditions are a part of it. The other part is, with Zelle (or ACH ,Wires, Etc.) you gave the bank instructions, and they followed them. It’s not their responsibility to fix your mistake. It’s yours. The bank might be willing to request the money back, but there are no guarantees.
If the bank made a mistake, they would make you whole, whether that means getting the receiving bank to return the money or paying out of their pocket.
It largely depends on how the money is sent. ACH, wires, checks all have different rules (terms of service) to use those rails. When you sign up for Zelle you agree to their terms of service which includes being SOL for sending $$ to the wrong person.
For the non-technical piece: Banks know that they are going to make mistakes. I’m not going to say it’s collusion but let say that I work for Bank A and send a wrong transaction to a customer at Bank B. The next day Bank A realizes this and tries to pull back funds. If Bank B wants (depending on the rail used) they might be able to push back and collect the windfall for their customer. However, if Bank B runs into a similar situation with Bank A you know they aren’t going to help them. By working together, the banks can effectively lower their risk.
Latest Answers