Zelle...little Heads Up

[UncleB]

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@Andypanda wrote:

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@GApeachy wrote:

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@Brian_Earl_Spilner wrote:

Sorry, misread. You typically need access to the account to send money.

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Yes and after reading about some of the scams happening recently the text message may have been the scam.  She may have given access via that text message...perhaps?  She did reply to that text message but by the time she had a human on the phone from WF there had been 3 transaction and it was too late.  Maybe WF does not send text messages about Zelle transfers to being with...so perhaps that's key. (the SCAM) 

I'll try to get more info. as to what she did exactly...if she did more than just reply 'NO' before calling the WF Fraud Dept.

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I bank ( mostly) with WF. They do send text messages about zelle deposits. I have never sent money by zelle, so don't know what they do on that end.

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All three banks I use with Zelle will send a text message for money sent/received, but the text is informational only; none of them ask for or require a text response. 

I use Zelle with WF, USAA, and Schwab.

[CBartowski]

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@tcbofade wrote:

I understand that Zelle is not responsible... but the funds were on deposit with Wells Fargo.

...doesn't that mean that the funds are secured by the FDIC?

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Its probably worth mentioning that FDIC only covers the funds if an insititution were to go defunct. For example, if WF were to fail and go out of business, all account holders' funds would be insured by the US government.

Q: What is deposit insurance?

A: FDIC deposit insurance protects bank customers in the event that an FDIC-insured depository institution fails.

https://www.fdic.gov/resources/deposit-insurance/faq/index.html

[innocent_little_me]

I've had something like this happen before. I use Citibank now, but when it happened it was a Chase account. Now, with Citi, I have two checking accounts. One account is set up with a "no debit" safeguard and direct deposits go there. Anything that gets DD into the other account gets moved to the no debit account, which I also use for Bill Pay. This way, if someone uses my debit card or tries to scam my checking there's a scam proof trap door. Two years ago I got fraud alerts from Amex asking me if I had just purchesd $2000 from Gucci in Japan. I am in SF Bay Area, so , "no." They cancelled my card at 3pm and by the next morning my new card was delivered via FedEx by 11am. I explained all of this to my Bitcoin pal who advised that if my credit is too good, i'm more of a target for these scams