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Zelle is a good way to send cash from person to person, as long as both parties have a USA bank account linked to Zelle. My bank has a direct sign up to Zelle in the app, and it has been quick and easy to use.
not all banks offer same day ACH,so Zelle must be fronting the money in some transactions.
How does Zelle pay its bill if there is no fee?
not all banks offer same day ACH,so Zelle must be fronting the money in some transactions.
How does Zelle pay its bill if there is no fee?
Zelle doesn’t front the money. If your bank doesnt participate in Zelle’s instant networks the transfer goes through the ach system and typically would take 1-3 business days
Yes, when someone sent me some much-needed $ Paypal kept blaming the withholding of funds on the bank, and the sender's bank kept withholding the funds blaming it on Paypal. I finally got the money released TEN days later. The sender had to call and tell their bank to release the (#*$%# money which it finally did. Not that it's Paypal's fault. It's just that it is on the "ach" system - unlike Zelle which is instantaneous.
not all banks offer same day ACH,so Zelle must be fronting the money in some transactions. How does Zelle pay its bill if there is no fee?
Like most tech startup companies, they are looking to gain market space in lieu of income/revenue. I believe they are charging a % for business transactions. But I think even then, it's the banks that are getting those interchange fees rather than Zelle.
I think the parent company of Zelle is actually backed by the banks anyways. It was their answer to Paypal, venmo, etc.
Like most tech startup companies, they are looking to gain market space in lieu of income/revenue. I believe they are charging a % for business transactions. But I think even then, it's the banks that are getting those interchange fees rather than Zelle.
I think the parent company of Zelle is actually backed by the banks anyways. It was their answer to Paypal, venmo, etc.
The answer is the banks are funding it. It’s removed an enormous admin expense that bank employees aren’t having to help move money around
Venmo is fine for sending money between people you trust.A lot of people don't carry cash so if a friend wants to Venmo me for dinner for example it's quick and easy.
Would I sell something to a stranger and take Venmo? Absolutely not.
"Plaintiff Mohammad Al-Ramahi, a San Jose resident, lost $2,450 on the Venmo app in April 2020, per the court filing last week. When Al-Ramahi sought a refund of the fraudulent charges, PayPal “refused to cover the transactions,” the filing says. The plaintiff’s attorney couldn’t be reached for further comment Wednesday.
The filing notes Al-Ramahi “fell victim” to an employment-related scam in which he thought he was being reimbursed for job-related payments he made. The Bank of America lawsuit related to Zelle cites a plaintiff with the same name alleging a similar scheme.
Such scams are “rampant” on Venmo, because its money transfers are “instantaneous and unrecoverable,” the filing said. Venmo users sent $230 billion via the money transfer app in 2021, according to the lawsuit. Across all such P2P apps, nearly 18 million Americans fell prey to scams, the lawsuit said."
In March, PayPal was also hit with a lawsuit related to its buy now-pay later offering. In that suit, the plaintiff alleged the company targets poor customers, falsely describes its “Pay in 4” installment loans as free and fails to tell customers they may face bank overdraft fees, Bloomberg Law reported.
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How is that Paypal's fault?
if you dont have enough fund in your bank account,then your bank will charge you NSF?
"Plaintiff Mohammad Al-Ramahi, a San Jose resident, lost $2,450 on the Venmo app in April 2020, per the court filing last week. When Al-Ramahi sought a refund of the fraudulent charges, PayPal “refused to cover the transactions,” the filing says. The plaintiff’s attorney couldn’t be reached for further comment Wednesday.
The filing notes Al-Ramahi “fell victim” to an employment-related scam in which he thought he was being reimbursed for job-related payments he made. The Bank of America lawsuit related to Zelle cites a plaintiff with the same name alleging a similar scheme.
Such scams are “rampant” on Venmo, because its money transfers are “instantaneous and unrecoverable,” the filing said. Venmo users sent $230 billion via the money transfer app in 2021, according to the lawsuit. Across all such P2P apps, nearly 18 million Americans fell prey to scams, the lawsuit said."
Instant bank transfer,it is almost impossible to reverse the transaction.
Once a woman sent $3k to an Indian supplier,then finds out it is fraud so she immediately block Venmo from accessing her bank account.
But Venmo has already paid the Indian supplier and now it cant get the $3k from the woman.
Unlike using Paypal where the recipient has to pay a fee to Paypal,Venmo is free to the recipient.
But Paypal offers the buyer and seller protection,why cant the sender use Paypal instead?
Paypal offers 3 types of buyer protection-
item not received
item not as described
UA unauthorised transaction if someone uses your credit card
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