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
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.
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