Caroline Gerardo, C. G. Barbeau the Loan Lady nmls 324982 (Sun West Mortgage Corporation)

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Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
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Thankfully no but, I know Truist, Chase and hundreds of other bank's customers have.

NBC did a story on that recently. The 10 banks who own Zelle (US Bank, BOA and WF and others) require that banks who offer Zelle be FDIC insured. Their customers are also backed by EFTA. 

I saw someone lost over $20K in a night via Zelle, which makes me wonder how true that is. Everyone has a transfer limit and $20K seems awfully high for an individual over a 24-hour period.

Jan 25, 2021 02:14 PM
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Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

I have not.  I am not a fan of programs like Zelle and do not use it and for that reason ... just another source for hackers and fraudsters.  

I had a fraud on PayPal years ago. I had to eat the bonus charge for whoever sent a gift to someone I do not know. 

 

Jan 25, 2021 05:57 PM
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Wanda Kubat-Nerdin - Wanda Can!
Red Rock Real Estate - St. George, UT
So Utah Residential, Referral & Relocation REALTOR

No Caroline. My credit union told me that was a fantastic way to get money to someone long distance. Glad I hesitated now!

Jan 25, 2021 01:36 PM
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Fred Griffin Tallahassee Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

      I have received money from people via Zelle.   I haven't sent any money out; I don't trust Zelle.   

Jan 25, 2021 04:23 PM
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Pete Xavier
Investments to Luxury - Pacific Palisades, CA
Outstanding Agent Referrals-Nationwide

Love Zelle!    I understand the risks and accept it.

If the account has been hacked, the consumer is protected, no worries.

EFTA also known as Regulation E is the consumer protection for electronic funds transfer. However there are limits of protection and the area of caution for Zelle is in initating a transfer out. Make sure the receiver info is correct, check it over multiple times and do NOT send a Zelle transfer to a stranger (you don't have the same protective recourse assurances compared to other payment methods). Use a credit card when paying strangers for greater protection.

EFTA=Electronic Funds Transfer Act

Jan 25, 2021 03:39 PM
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Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg Real Estate

Saw that on the news. I don't have it so I'm not worried.

Jan 25, 2021 03:02 PM
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John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
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Hello Caroline Gerardo thank you for the warning. Glad I don't have Bank of America Zelle account.

Jan 25, 2021 02:06 PM
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Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Caroline,

I do not use Zelle.  A

Jan 25, 2021 08:11 PM
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Doug Dawes
Keller Williams Realty - Topsfield, MA - Georgetown, MA
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Can't say I have. Bank locally

Jan 26, 2021 07:13 AM
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Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

So far so good but my use is limited.

Jan 26, 2021 04:50 AM
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Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
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No we haven't. My husband keeps an eagle eye on all our accounts. And we shy away from payment streams like this one.

Jan 26, 2021 05:30 AM
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Bob Crane
Woodland Management Service / Woodland Real Estate, Keller Williams Fox Cities - Stevens Point, WI
Forestland Experts! 715-204-9671

I do not participate in boa or their scams.

Jan 26, 2021 08:29 AM
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Jeff Pearl
RE/MAX Distinctive / LIC in VA - Lovettsville, VA
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No. My bank is not on Zelle.

Jan 27, 2021 09:09 AM