When using these modern "micropayment" services, it is wise to use one outside of your main banking platform and that is attached to a low-limit card/low-balance account only (reducing the loss if it gets compromised).Īnd yes, all the big banks are often beaten in service and benefits by your nearby credit union, but this action by BofA deserves respect, not condemnation.Sending money has never been easier. OP, I don't know why you use Zelle, but do a search on here and take note of how many posts are from people whose accounts get accessed by bad actors and whose money is stolen using Zelle. OP admits to never using Zelle before on BofA and they are impatient and overreacting to something that is protecting them (and all BofA customers) from a common scam/fraud. Someone with your stolen user login and password can effortlessly transfer out the contents of their account in minutes using Zelle, and technically the banks don't need to stop it or undo it. Zelle and other services like it (Venmo, Cash App, etc) are unregulated and a mess, but Zelle is the worst because it is one-click to use in your online banking. Zelle is a leaky faucet in financial security and these banks know it. I get that it's popular to hate on the big banks here, but its pretty scummy to encourage someone to leave a bank when their only issue is that the bank is acting in their customer's best interest by verifying activity on the Zelle network. You should be thanking BofA for doing at least some verification here. That said, it looks like BofA is protecting you here, and you're being impatient and annoyed due to your misunderstanding of the situation. Personally, I refuse to use Zelle and told my "big bank" to disable it from my online banking. They know that is scummy, so they've added some extra security, like taking note of new Zelle users, etc, and doing some verifications and validations. Since BofA, Wells, etc, sees that an "authorized user" logged in and made the transfers, they won't undo it. If a bad actor steals/hacks/socially engineers your name and password from you, the FIRST thing they do is try to empty your accounts via Zelle. Zelle is all of the above and worse because it is directly integrated with your online banking at Chase, Wells Fargo, BofA, etc. Use it (against TOS) to buy something that is fraudulent/broken/not as advertised/etc? Your fault. They asked you to double check! Added an extra 0? Oops, ask your trusted friend to return the overage. Once payments are initiated, the customer service of these places will do absolutely nothing to undo it. The long story short is these "micropayments" platforms are not regulated and are major security risks that you use at your own risk. Take two minutes and search this subreddit for "fraud" and "Zelle" or "Venmo" or "Cash App". I have a million things going on this week and this just adds unwanted stress to the mix. I have had this account for nearly 20 years and its becoming more frustrating than its worth.Īpologies if I sound a bit irritated. It is extremely frustrating and just confirms that I need to close my BOA account out as soon as this settles. I am an adult and know who I want to send money to. Has anyone ever experienced this? Why would BOA do this? In order to send the money I verified it through a text message and my debit card pin. No action is required from you at this time." After the review, we'll either process your transfer or contact you for more details. "For the security of your account, we've placed this transfer on hold so we can conduct further review. As soon as I submitted, I received the following message: When I added the contact into by BOA Zelle account, it notified me that they are a part of the Zelle network and funds would be available within minutes. However, this month I did it through my BOA account because I had extra funds in that account. So I typically do Zelle transfers once every month through my Chase account. Here, please treat others with respect, stay on-topic, and avoid self-promotion.Īlways do your own research before acting on any information or advice that you read on Reddit. Get your financial house in order, learn how to better manage your money, and invest for your future. Banking Megathread: FDIC, NCUA, and your cash.Private communication is not safe on Reddit. Scam alert: Ignore any private messages or chat requests.
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