I guess I'll be the lone voice in the wilderness. We've been perfectly happy with Zelle.
We use it a couple times a month to pay service providers, send money to family. Never had any issues with it, don't need an "app" for it, works with our normal bank stuff.
Similarly, at the same time, we got a check recently from a settlement. We plonked it into our account, and it bounced. It was a large settlement (i.e. lots of people), and the law firm in charge of writing the checks messed up, and thus canceled all of checks and re-issued them a couple weeks later. It was a big deal. Stuff happens.
Hopefully BofA owns up and refunds all of the overdraft problems, but they can't roll it all back. Bouncing checks have repercussions out of the banks control (landlords tend to frown on bounced checks, for example), which behooves them to be more diligent about things like this that can impact that.
The big problem is that people are out of the loop for things like this. Computer pulls the money back, computer bounces the check, computer notes the bounced check, computer tells the other computer you bounced a check, computer craters your credit rating. There are no "people" involved in this, it's all procedures and rules and such encoding is the "logic" of one of the most inscrutable creations man has ever created -- the computer. And people have to scurry about to compensate for the vast ripple effects these things can have that impact peoples lives.
So, hopefully BofA cleans up their end, but more importantly, hopefully everyone down stream is patient with those affected and helps them recover as well. And, finally, no doubt a legion of scammers will crawl out of the wood work leveraging this event to gain some advantage. Way of the world.
We use it a couple times a month to pay service providers, send money to family. Never had any issues with it, don't need an "app" for it, works with our normal bank stuff.
Similarly, at the same time, we got a check recently from a settlement. We plonked it into our account, and it bounced. It was a large settlement (i.e. lots of people), and the law firm in charge of writing the checks messed up, and thus canceled all of checks and re-issued them a couple weeks later. It was a big deal. Stuff happens.
Hopefully BofA owns up and refunds all of the overdraft problems, but they can't roll it all back. Bouncing checks have repercussions out of the banks control (landlords tend to frown on bounced checks, for example), which behooves them to be more diligent about things like this that can impact that.
The big problem is that people are out of the loop for things like this. Computer pulls the money back, computer bounces the check, computer notes the bounced check, computer tells the other computer you bounced a check, computer craters your credit rating. There are no "people" involved in this, it's all procedures and rules and such encoding is the "logic" of one of the most inscrutable creations man has ever created -- the computer. And people have to scurry about to compensate for the vast ripple effects these things can have that impact peoples lives.
So, hopefully BofA cleans up their end, but more importantly, hopefully everyone down stream is patient with those affected and helps them recover as well. And, finally, no doubt a legion of scammers will crawl out of the wood work leveraging this event to gain some advantage. Way of the world.