Why does Clark hate Zelle so much? Someone walk me through the risks

You are correct.

I should have expanded to add they don’t recognize this as theft, like they would if a CC was hacked/stolen/etc. But they should.

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I disagree. This is not a case of theft or an account being hacked. It is a case of somebody falling for a scam. It is not the bank’s responsibility to protect customers from themselves or to eat the costs when somebody falls for a scam.

Edit: I read your post to quickly. Upon further review I see and acknowledge your point. :slight_smile:


I was kinda thinking how they would cover this if someone fell for a phishing scam [sp?] That’s also being suckered.

Actually, I’m not positive they would cover a scam, but “think” they do

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Scammers also use prepaid Visa cards, which does not imply insecure prepaid Visa cards. It’s the victim being inattentive.

I am guessing though that the next wave will be when the press starts looking into other banks and then who DOES cover funds lost through Zelle; whether by scam or by someone hacking in. Then I think the public will start waking up a bit. It still won’t solve the problem of [at fault] “It is not us, it is them” (banks vrs Zelle).

The problem with Zelle is not only scams! My husband attempted to send $2000.00 from our credit union to BoA using Zelle for the first time. He used the routing number and BoA account number and entered one incorrect digit in the account number. The money is “LOST” since August 8, 2022 and we have received virtually no interest/assistance from either the credit union nor BoA to help us to recover our funds. We were told two days ago that recovery of our funds is “unlikely”. I am furious! This is LEGAL THEFT! Nobody should lose money in a banking situation because of a TYPO! THIS SHOULD BE ILLEGAL!


It wasn’t $20,000 but this is terrible because there should be a way to reverse the transaction and maybe charge you a return funds fee

My concern is someone would hack into my account pretending to be me and then XYZ bank claims I transferred money to the scamster. How does XYZ know that it was you that initiated the Zelle transfer and not someone pretending to be you?

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