Regulation E is part of the 1978 Electronic Fund Transfer Act. The operative word there is “authorized.” You may be able to recover your money if a Zelle transaction was unauthorized, as we’ll explain in the next section. In other words, if the intended recipient is a Zelle account holder, you transfer money at your own risk. Zelle’s user agreement clearly states that the company offers no buyer or seller protections for authorized payments. The account holder must cancel the transaction before the other party signs up. It may be possible to cancel a Zelle payment once it’s been sent, but only if the recipient hasn't yet enrolled with Zelle. With Zelle, however, the option isn’t really available. That doesn’t mean it can’t happen, though.Ĭredit card issuers are required to allow chargebacks, and some other P2P providers may offer a similar service. The service was engineered by a consortium of banks, and is (not surprisingly) the digital payment system used by the majority of banking apps.Īll this makes it extremely difficult for cybercrooks to make illegitimate purchases using others' personal information. The company estimates that 99% of payments are sent on its platform without any report of fraud or scams. To be fair, Zelle is one of the more secure online money transfer platforms available, particularly in regard to user privacy. Is There Such a Thing as a “Zelle Chargeback”?
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