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’s why I don’t use Zelle. Someone Venmo’ed me money she owed me, but she just grabbed the first name that matched my name. Fortunately Venmo has a phone number matching entry and the money wasn’t sent. Zelle seems way too easy to make a mistake on…
Not the same, but I once had someone pull back funds on Venmo. The whole thing seemed like a scam though honestly.
They sent me $20, then the next day requested the money back, claiming that they sent it by mistake to the wrong John Doe please return
I thought that was very suspicious at worst, or very careless at best, so I ignored the request in case it was something shady.
They sent another request the next day again, which I ignored.
On the 3rd day, Venmo refunded the $20 directly from my account.
I still think it might have been a scam all along, but I guess I’ll never know. Maybe they are trying to verify active accounts or something so that they can determine who to pursue? I have no idea.
You can cancel before they accepted it and you’ll be okay but otherwise SOL. In this kind situation Zelle functioned just as intended so from their perspective they did not make the error, you did.
Someone convincing you to send them cash to an account is not the same thing as an employee fat fingering an account number and depositing to the wrong account.
Not the same, but I once had someone pull back funds on Venmo. The whole thing seemed like a scam though honestly.
They sent me $20, then the next day requested the money back, claiming that they sent it by mistake to the wrong John Doe please return
I thought that was very suspicious at worst, or very careless at best, so I ignored the request in case it was something shady.
They sent another request the next day again, which I ignored.
On the 3rd day, Venmo refunded the $20 directly from my account.
I still think it might have been a scam all along, but I guess I’ll never know. Maybe they are trying to verify active accounts or something so that they can determine who to pursue? I have no idea.
It’s why I don’t use Zelle. Someone Venmo’ed me money she owed me, but she just grabbed the first name that matched my name. Fortunately Venmo has a phone number matching entry and the money wasn’t sent. Zelle seems way too easy to make a mistake on…
There is a problem with your premises:
> If I Zelle the wrong person, I am straight SOL.
This is not necessarily true. Zelle is currently under active investigation for whether its (in)action in these cases is actually legal or not. [Example source](https://www.warren.senate.gov/oversight/reports/new-report-by-senator-warren-zelle-facilitating-fraud-based-on-internal-data-from-big-banks).
It’s why I don’t use Zelle. Someone Venmo’ed me money she owed me, but she just grabbed the first name that matched my name. Fortunately Venmo has a phone number matching entry and the money wasn’t sent. Zelle seems way too easy to make a mistake on…
I’m no banker but my friend is. She has been over the ACH (and or) wire departments for several banks. Essentially, there are a shit ton of rules, regulations, laws, and levels of compliances banks are REQUIRED to follow for ACH and wires in order to ensure that ACH and wires are reliable and dependable. They shore up what’s been sent and received everyday by like 2-4 PM. It’s mandatory, and they have to send a report of that information to somebody (I don’t know if it’s the Fed reserve or the government). Whoever gets it relies on it, and the next person relies on it.
They can’t do that if you get to take it back (or change your mind). In that case it’s not reliable. Yeah, the app/your account says Johnny sent you $5 via Zelle, but tomorrow Johnny can take back his ($5) so now the reports are wrong, the decisions those reports are based on are wrong, and you don’t accept Zelle anymore because you never know whether you can rely on the fact that the money has actually been paid.
So, its treated like cash. Johnny pays you $5 cash, Johnny got to pry that $5 out of your cold dead hands, take you to court, or take it by force. All of which are extremely unlikely and even if it does happen takes time and process. We can rely on the fact that he gave you $5.
Similar issue came up in my work today. Somebody wanted to pay a debt with a credit card. For reasons, we can’t accept that. He can pay us in cash or a postal money order, certified check, or he can wire it to us. That way we know he can’t take it back. If he pays with a credit card, we could settle the debt, he could dispute the charge and now we owe the person HE owes the debt to. ACH and wires are meant to prevent this type of thing. I feel confident as a business owner that imma get my money; not so much with a credit card.
You can cancel before they accepted it and you’ll be okay but otherwise SOL. In this kind situation Zelle functioned just as intended so from their perspective they did not make the error, you did.
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