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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.
I have never heard of sender bank withholding the payment unless it is large sum of money or it suspects fraud,like it aint you who is sending the fund.
There are different levels of ACH,some are same day,it depends on your bank which level it offers its account holder.
The slowest and free one would take 1-2 days
"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."
People need to think before they transfer. Imagine paying someone in folding money for some medications on the street and then wanting their money back? Good luck.
If I understand how these online buy now pay later scheme,you have to sign up with a bank account,then the lender will access your bank account to with draw .
if there is not enough fund,then the bank will charge you NSF.not the lender.
Sometimes the lender could try 3 times before it gives up,which could end up with 3 NSF.
People need to think before they transfer. Imagine paying someone in folding money for some medications on the street and then wanting their money back? Good luck.
USUALLY they spot a good deal they cant turn down,one common scheme is some one steal your cc data and buy gift cards,prepaid card and sell them at deep discount.
someone bought it and then the cardholder finds out when he receives his monthly statement and file a complaint.
Nothing "sketchy," necessarily, but I just find PayPal and Zelle to be waaaaaay more reliable and easier to navigate. .
Breaking news:
scammers have infiltrated Zelle, according to a notice I got from my bank today. They say, scammers are mimicking fraud notices from banks, stating they can correct the problem if the customer provides them with the information they need. Here's the rest of the m.o., as my bank describes it.
Quote:
The text may look something like "Did you make a purchase of $100.00 at ABC merchant?".
If you respond to the text, you have now engaged the scammer and will receive a call from a number that appears to be from a bank.
They'll appear to be a representative from a bank and will offer to help stop the alleged fraud by asking you to send money to yourself with Zelle®.
The scammer will ask you for a one-time code you just received from a bank.
If you give them the code, they will use it to enroll their bank account with Zelle® using your email or phone number.
The scammer now has the ability to receive your money into their account.
Another reason to avoid this type of service.
Paypal seems to be more scam-proof/bullet-proof, but scam sites on Etsy and ebay have been known to require payment via Paypal, then set up a fake Paypal application window on their page. The way you know it's fake is, that they require your SS number among the routine questions Paypal has on their legit application windows.
Scammers are finding ever more ways to approach their targets, and are becoming more adept at mimicking legit services, whether online, or by phone. Be careful, people. Require anyone you deal with, who claims to be in any kind of official capacity, to prove who they are if money's involved.
Breaking news:
scammers have infiltrated Zelle, according to a notice I got from my bank today. They say, scammers are mimicking fraud notices from banks, stating they can correct the problem if the customer provides them with the information they need. Here's the rest of the m.o., as my bank describes it.
Another reason to avoid this type of service.
Paypal seems to be more scam-proof/bullet-proof, but scam sites on Etsy and ebay have been known to require payment via Paypal, then set up a fake Paypal application window on their page. The way you know it's fake is, that they require your SS number among the routine questions Paypal has on their legit application windows.
Scammers are finding ever more ways to approach their targets, and are becoming more adept at mimicking legit services, whether online, or by phone. Be careful, people. Require anyone you deal with, who claims to be in any kind of official capacity, to prove who they are if money's involved.
None of this is a reason to avoid Zelle. Don’t be an idiot and respond to unsolicited inquiries. If you get a notice of an issue, google customers service/fraud department for said institution and call them directly.
You should only zelle to and from people you know. It’s a great service, free, fast, easy and irrevocable so keep it to those you know
Breaking news:
scammers have infiltrated Zelle, according to a notice I got from my bank today. They say, scammers are mimicking fraud notices from banks, stating they can correct the problem if the customer provides them with the information they need. Here's the rest of the m.o., as my bank describes it.
Another reason to avoid this type of service.
Paypal seems to be more scam-proof/bullet-proof, but scam sites on Etsy and ebay have been known to require payment via Paypal, then set up a fake Paypal application window on their page. The way you know it's fake is, that they require your SS number among the routine questions Paypal has on their legit application windows.
Scammers are finding ever more ways to approach their targets, and are becoming more adept at mimicking legit services, whether online, or by phone. Be careful, people. Require anyone you deal with, who claims to be in any kind of official capacity, to prove who they are if money's involved.
That doesn't sound to me like an exploit of Zelle just standard phishing to get naive users to give them access. I get emails and texts all the time thanking me for a purchase or subscription that I did not make or flagging a suspicious transaction for me to verify or warning my account has been compromised and I need to change passwords immediately. All with links or numbers they hope I will click or call. I'm not the least bit worried about such attempts that are so easily defended against. This is absolutely not a valid reason to avoid this type of service.
What I am concerned about are exploits that can give someone access without my knowledge or any action on my part. I've seen no evidence at all of any such exploits relating to any banking accounts, zelle, paypal, or otherwise.
One thing I do with Zelle with a new recipient and a large transaction is, like many banks do when linking accounts, to send a small amount like $1.35 and tell the recipient I will send the full balance when they confirm receipt and the amount. Then I know I have a valid connection.
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