Hi! Clark’s warnings about Zelle has several layers.
I. It’s owned by several of the big monster mega-banks who only have their best interests in mind.
2. The banks automatically attach it to most bank accounts without permission or any opt-in feature, which misleads many customers into thinking it’s “bank approved” or safer than the other payment apps.
3. His biggest issue is that there are no consumer protections. If someone steals money out of your regular bank account, the banks are responsible for replacing your money, if it’s a valid theft claim. If someone steals money out of your account via Zelle, the banks are not liable and will not replace the money although they own the app. This is why they are pushing their customers to use Zelle - no responsibility.
Sounds like you’re using Zelle the best way - by only having a small amount of money in the account it’s attached to. This is the way Clark recommends we use ALL payment apps, so that criminals don’t have access to your housing & food money. Unfortunately, many people are not doing this and end up losing all of the money they need for essential monthly expenses in their accounts.
Hope this sheds more light!