Zelle, the Banks’ Answer to Venmo, Proves Vulnerable to Fraud
If you ever send money to A and it actually goes to B, and for some reason the bank doesn't fix that the first time you get in touch with them, I recommend getting off the phone and escalating to an on-dead-tree letter:Dear BigBank Legal Department:This is written notice under Regulation E that BigBank has processed the following electronic transaction in error:(Brief recitation of transaction details.)You are required to investigate this matter within 10 business days of your receipt of this letter and provide me written confirmation of the results of your investigation. My desired resolution is a deposit of $XXX into my checking account with last four digits 1234.Regards,$YOUYou really want BigBank to put into writing "We think we've satisfied our obligation to you because you told us to send it to your mother and instead we sent it to somebody in Cincinatti; that was totes reasonable." Or, rather, you want a lawyer at BigBank to say "Eff no I am not putting that in writing; pay him $300 and charge it off to operational losses, that's what that budget is for."