Just realized Zelle disputes are basically a joke

Got caught in a Zelle scam last month when I sent $450 to someone posing as my nephew stranded in Chicago. Called my bank the same day, Wells Fargo in Phoenix, and they told me since I authorized the payment they couldn't do anything. Three different reps gave me the same line over two weeks. Ended up filing a complaint with the CFPB but still waiting on that. How are you guys handling fraud on instant payment apps without any real protection?

2 comments

2 Comments

the_henry5d ago

Had a buddy who lost $600 the same way and his credit union just shrugged it off too.

spencerm465d ago

@the_henry A lot of these places hide behind their "no liability" policies. Took my own bank three months to even look at a $400 claim. Best advice is to file a complaint with the CFPB if they keep dragging their feet. Also ask them for the written policy on unauthorized transactions, they usually stall less when you start asking for specifics. Good luck getting his money back.