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

The only reason Zelle is free is because they don’t have to spend a bunch of money on overhead to deal with fraud cases.

If people can’t learn some damn sense and keep fucking this up we’re going to be stuck with 48-Hour wait periods and transaction fees again.