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

If the bank makes a mistake, they’ll ask for the money to be returned.

If you make a mistake (doesn’t matter on zelle, venmo, PayPal, wire transfers, or direct transfers in other countries), you have to ask the person themselves to give you the money back, sue them, or call the police on them if you have a case. The bank will not help you get the money back because they don’t know if you made a mistake or you’re trying to scam the other person.

If someone transfers money to you from a stolen account, it will most like cause a criminal case and the money will be returned. Even if the money was used to buy something from you that you gave away. Again, it’s true with all transfers.