Looked at my Zelle info, it states: $2,500 max per rolling day and up to $20,000/month can be sent to an established recipient. $500./ day & $4,000./month can be sent to an otherwise non established recipient. So that $20K over a 24 hour period seems strange (unless their daily limit was way higher than mine or multiple payments to different persons, not sure).
Agreed, Pete! It's so crazy how unreliable the news is these days, isn't it?!
Agreed! One should always still use reasonable precautions with a complete understanding of liabilities with Zelle or anything else.
I agree, Pete Xavier - of course!
My son and a also a client who is deployed both had same Zelle hack in November 2020. Bank of America waited in both cases for 40 days to deny the fraud. Reg E says they have to do it in 10 days. B of A also did not provide information and proof who stole the money which they are required to do in 30 days. It is also very hard to get the Zelle link off your account. BofA does not cooperate on the phone, they closed MANY branches, website no information, it's like they are part of the scam. I'm digging further as in these two situations the hacker hits the account first with a dollar, then $775 then $1000 then $2400 in one day. The hacker could take $20000 pretty fast. This is just scary. In both cases, Bof A denied the claims. Zelle is owned by Early Warning Systems. Zelle is insecure. Several banks and credit unions use Zelle. If there is a Zelle link on your account get it off or leave little to no money in the account.
We discontinued our Pay Pal. We had so many spams on it, and just withdrew. I woulld not use it ever again. A
Ron and Alexandra Seigel and Kathleen Daniels, Probate & Trust Specialist these apps seem real easy to use to transfer money from your phone or from a laptop BUT bad guys figure how to clone your phone, find your passwords, go right in there and clean it out. I'm alarmed.
In two cases 1. my son and 2. a client who is military deployed in November both were part of a hack I assume done to many people and not in the news yet. Both had multiple charges in one day and Bank of America refuses to pull the money back. The hacker has a way to internally re-route the code that goes to your phone (clones it or some scam) Although Reg E is supposed to protect you, escalated to Moynihan the CEO and both are making a CFBP report as BofA refuses to fix the problem and refused to send the information as to who the money went to. Both cases the person was unaware of the charges until after the account gets cleaned out. I know what Reg E is but the bank is not following the law
That is not kosher!
Thankfully when I had problems related to fraud in the past both Chase and Wells Fargo where outstanding in resolving them.
make sure they didn't add Zelle to your account
I mentioned this post to my hubby (who worked at BOA for years) and he said they absolutely do follow REG E. We looked it up on our Deposit Agreement & Disclosures (most recently updated 10/2020) and found it in writing. Glad I asked!