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1
What is Zelle?
For the past 6 Years Zelle, the payment service owned by a group of the biggest banks in the United States all working together (but aren't they competitors?). Why work with your competitors you ask? Well when you are as big and wealthy as the U.S. banks, and you have basically what amounts to a monopoly on where U.S. citizens keep their money, the cats always want to get fatter. And owning how Americans store thier money (not like we have a choice) is not enough. The banks were sitting there watching as other companies like VISA, and Paypal were taking the money from their tight grip and shifting it around. These guys shave a little off the top every transaction. Greed is powerful.... The banks couldn't handle it so they got together and with those little minds came up with a wonderful, awful idea: undercut these payment and transaction companies using their solidified market power.
2
Is Zelle Innovative?
No.
About 20 years after APIs and P2P payments apps hit the scene, and other instant communication methods had been out on the market; the big banks realized they could use/freeride on these innovations to turn a profit; and hopefully take out some small startups and true inventors in the process. So the big banks took the result of years and years of work that had been done by startups and visionaries and just copied it. If anybody challenged them they would pay them off or outspend them in court or get the law changed. You better believe they aren't going to let an opportunity to make more $ pass them by, especially when all they have to do is copy others technology and then force it on their customers claiming to have invented something. I mean they have created nothing new (except an exceptionally easy way for fraud to take place, and then deny and responsibility). Now all the common citizens who must hand their hard-earned money over to a bank every paycheck, not because we want to, or because we trust them, but because we have to... the big banks have managed to keep the antiquated practice of giving them our money necessary through years of bank lobbying and concerted efforts to deny any paradigm changes to the financial system since the 1800s. This way they stay in power, and with power comes more lobbying and more concerted efforts to keep the system. It is tough to call them "competitors" because they all work together to keep the financial system clumsy and inefficient so they can charge fees and just pass the money around amongst themselves. The big banks do NOT INNOVATE, they get to do whatever they want, and all that effort keeping the status quo makes a fat cat hungry.
3
Why is Zelle owned by banks but not backed by them?
The foundation of Zelle is Jealously, Greed, and Theft. And by just owning Zelle and not backing it they get the all the profits and none of the liabilities.
The story of Zelle: built on jealousy because other companies were making money by providing a better service because they innovate, theft of other inventors and innovators concepts after all the testing and the hard part of innovation is done by someone else, and greed, because how dare another company make money where the banks, if they team up could push the competitors out because of their market power....Jealousy, Greed, and Theft, the building blocks of Zelle.
From Zelle Themselves (see graphic below, click here for full website): If you are scammed then the banks and Zelle try to hide behind saying that technically and legally there was "authorizing" of the payment. They say this because under the law Zelle does not have to compensate you. Just like a banker, that is Zelle's interpretation of the law because it protects them, not you.
In reality the definition of "authorize" goes directly against that absurd interpretation:
to give official permission for something to happen, or to give someone official permission to do something
So Zelle's interpretation does not take into account the important underlined portions. In order to authorization to happen then "something" is gong to be done or is going to happen based on your permission.
It would seem Zelle is siding with the Scammers because with Zelle's interpretation they are saying you gave the Scammer permission to scam you, because that is the "something" that happens, or what the permission was given for and in order for authorization to have happened there needs to be this permission given. This is the only reading using the real definition.
I am pretty sure nobody authorizes, or gives permission, to someone to take our money and give us fake tickets, or for that something to happen, but that is what Zelle claims User's are doing. When you take off the greed goggles it is clear to see no authorization was given as defined. The user is giving authorization or permission for the bank to pay for tickets.Alot of times the scammers are repreat offenders and Zelle has the data to know this, but it would take work, and the work's end would be Zelle having to pay back customers so they have no motivation. In fact they have motivation to let it keep going because they make money per transaction.
ACCORDING TO ZELLE A "SCAM" OR "CON" IS TOTALLY DIFFERENT THEN A FRAUDSTER SCAMMING YOUR CREDENTIALS AND THEN TAKING YOUR MONEY OUT THEMSELVES.
THIS IS ZELLE AND THE BANKS WAY OF THINKING TO MAXIMZE PROFITS, BY SPLITTING LEGAL HAIRS, OR "LAWYERING" SO THEY DO NOT HAVE TO BACK THEIR PRODUCT.
HOWEVER, IN BOTH SITUAIONS YOU ARE NOT GIVING AUTHORIZATION FOR THE PAYMENT THAT YOU, THE CUSTOMER THINK YOU ARE MAKING. IN REALITY IF YOU GET "SCAMMED" THEN YOU ARE NOT "AUTHORIZING" A PAYMENT REGARDLESS OF WHEN THE FRAUDSTER WAS HANDED YOUR MONEY BY ZELLE
ZELLE MAKES THE ARGUMENT YOU AUTHORIZED A PAYMENT THAT WAS GIVEN IN RETURN FOR NOTHING AND SO IT IS YOUR PROBLEM. THAT IS HOW THEY AVOID HAVING TO FIX IT.
HOWEVER ZELLE AND THE BANKS WOULD HAVE YOU BELIEVE THAT SINCE SOMEONE CREATED A FAKE TRANSACTION AND ZELLE PAID A SCAMMER YOUR MONEY DESPITE YOUR PERMISSION NOT BEING GIVEN FOR THE REAL REASON OR TRANSACTION.
ZELLE TURNSA BLIND EYE AND PLAYS THE LAWYER GAME: YOU "AUTHORIZED" THAT FAKE TRANSACTION AND THEREFORE THE FAKE PAYMENT SHOULD REMAIN A PROFIT CENTER FOR THEM WHILE YOU LOSE YOUR MONEY.
THIS LOGIC IS FLAWED AND SHOULD BE CHALLENGED IN COURT. YOU CAN ONLY AUTHORIZE A TRANSACTION IF IT IS THE SAME TRANSACTION AS YOU ARE BEING TOLD IT IS; OTHERWISE YOU ARE NOT AUTHORIZING A SCAMMER TO TAKE MONEY FROM YOU UNDER THE GUISE OF A LEGITIMATE PUPPY SALE
COMMON ZELLE FRAUD AND COMPLAINTS
Fraud and Scams: Many users report instances of fraud, where they unknowingly sent money to scammers posing as legitimate sellers, friends, or family members.
Irreversible Transactions: Zelle payments are often irreversible, and users sometimes send money to the wrong recipient or fall victim to scams, making it difficult or impossible to recover their funds.
Lack of Buyer/Seller Protection: Zelle was primarily designed for peer-to-peer transfers between people who know each other, which means there is limited protection for buyers and sellers in online transactions. Users may find themselves without recourse when dealing with unscrupulous individuals.
Account Security: Security concerns include the potential for unauthorized access to Zelle accounts, leading to unauthorized transfers and potential financial losses.
Customer Service: Users often express frustration with Zelle's customer support, including difficulties in reaching a live agent and resolving issues.
Delayed or Failed Transfers: Some users report delays in the processing of Zelle transfers or even instances where transfers fail to go through.