Bank sends wrong person $ and it immediately has to be returned or charged will be filed. If I Zelle the wrong person, I am straight SOL. Why the difference?

Question

Exactly what title says, why is there no way to recoup zelle definitely or wire transfer(maybe?) but if banks send money to wrong person there are severe penalties for not returning.

In: 650

Answer 1

These are the agreements you sign when you use a bank account and Zelle. You agree that banks can fix their errors. You also agree that Zelle payments sent by you are final and will not be reversed.

The technology to reverse Zelle payments exists, and is used in cases of fraud. But their user agreement says they will not use that technology if you make a mistake.