Why The Big Banks Created Zelle

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Күн бұрын

Competition among peer-to-peer payment apps like Venmo, PayPal, Cash App and Zelle have been heating up for the past 10 years. The big banks tried to compete in the space when PayPal first came on the scene 25 years ago, but their business models failed. Now, Zelle, a seven-bank platform, is outpacing its rivals in average transaction value. But a rise in reported fraud activity recently got the attention of Congress, with allegations that the banks aren’t supporting those affected customers.
Watch the video above to learn more about why the banks created Zelle and whether the app can hold its own against the battle to win in the peer-to-peer payment space.
Chapters:
0:00 - Introduction
01:27 - Business model
02:47 - The rise of P2P apps
05:45 - Fraud allegations
10:07 - Fierce competition
Produced by: Charlotte Morabito
Edited by: Nic Golden Henry
Additional Camera by: Jordan Smith, Talia Kaplan
Graphics by: Alex Wood, Christina Locopo
Supervising Producer: Lindsey Jacobson
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Why The Big Banks Created Zelle

Пікірлер: 1 100

@hungson215 Жыл бұрын

I like Zelle because the money goes directly to the bank account. The only thing to keep in mind is to only use it to transfer money to ppl you know, not random guys on the internet

@AKAAAK Жыл бұрын

Easy right...send money only to people you know in your recipients list..... I've never have a problem with Zelle.

@youtubeprofile2070 Жыл бұрын

US is always lagging when it comes to digital infrastructure stuff like this. Quite a number of countries have already been using nation-wide p2p for many years now.

@milksliced Жыл бұрын

Sure but US is also huge. We've had it for a long time in Denmark but we are 6 mio people. Way more difficult to build a product that scales to +300 mio people

@kayis21 Жыл бұрын

Philippines has about 100 million population but it has the type of system for years

@kishanxd2042 Жыл бұрын

@@milksliced Ever Heard of Unified Payment Interface (UPI).

@pearpo Жыл бұрын

That is part of the struggle, many of the digital scams emanate from the Philippines

@DrewRueDoo Жыл бұрын

US lags on everything

@0xDEAD_Inside Жыл бұрын

India has the best P2P payment systems in the world currently known as UPI. The major reason for this is because our Central reserve Bank of India strictly regulates all the other banks. UPI is a protocol and any bank/merchant/3rd-parties can implement it in their apps. So direct bank to bank transfer to any bank in India is possible. 90% of transactions happen within 1 second. There are some features found in UPI which cannot be found anywhere. Offline transfers (through USSD), transfer through phone numbers or email like UPI addresses, free transfers (and it will stay like that for a long while), international transfers (to select few countries). India has also launched its own credit and debit cards (Rupay cards) to rival Visa and MasterCard.

@DickCheneyXX Жыл бұрын

So basically Interac 40 years late?

@Joshua-cs6gj Жыл бұрын

🤣🤣🤣🤣🤣

@waterisformless Жыл бұрын

India is very late to the game. Canada has had email transfers since the 2000s

@apostate1234 Жыл бұрын

@@waterisformless dude it's all about success and CANDA didn't get it. 😂😂 Also, UPI is biggest payment service platform as I am writing. 💁‍♂️💁‍♂️ Furthermore 5/6 of world is moving away from western financial system. So, keep it to yourself. 😌

@aleenaprasannan2146 Жыл бұрын

@@waterisformless oh man...UPI is not just email transfer dude, it's just one feature.

@DustinMikkelsen Жыл бұрын

I use Zelle to pay my rent and neither my landlord or I, have an account with any of those banks. Also, Zelle is integrated directly into my banking app, it's very convenient. That being said, the moment they start charging a fee, I'm gone and so is everyone else that I know uses the service.

@iamagi Жыл бұрын

The will likely not charge individuals, in Sweden (service called swish) companies pays 20 cents for the service. But I do think you would pay 10-20 cents when the alternative is to log on to your bank and make a transfer. At least if it is as convenient as swish is here.

@Hans-gb4mv Жыл бұрын

This service appears to be designed to keep external parties away from money transfers, cutting out the middle man but keeping it straight from the payer's bank account to the receiver's bank account which improves privacy, speeds up payment and helps the bank retain its customers. Services like this are no different than the old wire transfer, except that you get a lot of information prefilled if you use something like a barcode or a link in a message. It is in the bank's best interest to keep a service like this free for the consumer. And as iamagi points out, other systems around the world have also existed for a decent amount of time in a similar fashion and have always remained free for the consumer.

@krisb-travel Жыл бұрын

@@Hans-gb4mv no youre missing the point, the banks did this because otherwise you wouldnt need banks anymore. Imagine the new trend is P2P payments, eventually you'd just keep your money within the app, well if the bank doesnt own then app then the bank is now obselete.

@RoolSkool Жыл бұрын

@@krisb-travel for that to become a reality all these P2P apps will need to interoperable. If PayPal, cash app, Venmo etc are all a layer on top of the banking system why do we need to download the same app? I should be able to send money from Paypal to cash app to Venmo and vice versa

@krisb-travel Жыл бұрын

@Martin Wagoner I know youngsters who dont even have bank accounts, its becoming a thing for some people but im not saying banks would completely disapear my point is we'll soon live in a different world were they are rarely needed

@kathleenjames3546 Жыл бұрын

Thank you for shar-ing your thoug-htful content…for putting it out there with the passion that many of us need and strive for. I'm starting to listen to you almost every morning. Your voice and words are calming, clarifying, uplifting and motivating. It feels real and genuine. I am grateful to have your channel as a source for having a better relationship with myself and the world around me?

@christinejohnson5134 Жыл бұрын

The power for creating a better future is contained in the present moment, You create a good future by creating a good present.The key to financial freedom and great wealth is a person's ability to convert earned income into passive income to build generational wealth ,this trick has never failed .

@charlesdaine5434 Жыл бұрын

quite interesting to know over 97% of the billionaires we know are all secret investor in crypto, that were they grow their billion dollar portfolio ?

@mariajones7941 Жыл бұрын

Majority of the people are unaware,and careless, when it comes to trading. Despite the fact that it should be the best way to watch your money grow?

@robertruben2755 Жыл бұрын

Purchasing Bitcoin doesn't always assures winning, the ability to make profit off your capital is what makes you win.. Stop relying on the market price to make profit. Choose trading

@wilmafite7797 Жыл бұрын

I truly agree with you on that, I must say trading is the future and with the way Bitcoin is growing, it's really advisable for people to trade now.

@kryori Жыл бұрын

On the one hand, direct bank-to-bank transfer would be a great way to avoid the pitfalls of unregulated or loosely regulated spaces like fintech. On the other hand, linking the ability to transfer cash to the choice to directly store that cash in one of seven banks is a massive problem. All of these institutions are attempting some version of regulatory capture through their political donations, and all of these institutions have histories of abusing customers so much that the government had to step in. Remember overdraft fees? Putting more money, power, and control in the hands of big banks is not in any consumer's best interest.

@xamantiwari Жыл бұрын

Check out UPI in india

@demonvictim Жыл бұрын

@kaluq let's say you have 2 dollars and spend 5 dollars the bank will charge you 35 dollars making you go 38 dollars into debt. Also this isn't a one time thing so let's say you bought 2 small items in the morning then paid your bills making you broke what some banks will do is place the 2 small item charges after the large charge making you go 70 dollars in debt. Don't even get started on the random account opening on Wells Fargo.

@demonvictim Жыл бұрын

@kaluq this is why everyone is angry at banks. Also there's a atm fee of 3 dollars if you use a atm nor from your bank so say you use a chase card in a citibank atm it cost you 3 dollars to withdraw any amount

@senantiasa Жыл бұрын

@@demonvictim Being changed for not using your bank's ATM is normal though, because chase bank will eventually have to pay citibank for having used their ATM services, because citibank will have to periodically send people to fill up or fir/maintain their ATMs. Otherwise, no small bank will want to open up their own ATMs when they could just take advantage the ATMS of larger banks at no cost. Let's say citibank has 100,000 ATMs around the country and my small bank has 50 ATMs. Why would my bank open up new ATMs when it could already access all of citibanks 100,000 ATMs at no cost? Citibank is the loser in this case because it has to pay a lot of money to maintain all of those ATMs.

@demonvictim Жыл бұрын

@kaluq the thing is 3 dollars for each time seems way too expensive to be honest.

@rajat.2 Жыл бұрын

In India, no one in metro cities carries cash. We all use UPI. Even street side vendors and vegetable hawkers accept digital payments. Also UPI charges 0₹ for all transactions.

@landonkirk5444 Жыл бұрын

All venders in US accept credit cards, nobody carries cash here either

@jthummell Жыл бұрын

The US, with its major tech industry, doesn't have the banking functionality that most countries have lol, same with our tax system, compared with other countries, it is needlessly complicated. But, having lived in bot, getting financing is much much easier in the US than India,

@vaibhavvaibhav4549 Жыл бұрын

@@landonkirk5444 credit cards are looters they'll charge atleast 2.5% for every transaction, this is beared by sellers , upi is fast and free

@Umm-mg3pb Жыл бұрын

@@landonkirk5444 yes but it's way different, it's definitely not free

@Umm-mg3pb Жыл бұрын

@@vaibhavvaibhav4549 thank you very different

@Imperatorius45 Жыл бұрын

Scan the QR code or send $1 and confirm the intended recipient received it before sending the rest. There, just solved the fraud issue. Problem is that no matter the guardrails you put in place to protect the consumer, human stupidity will always find a way to smash through them.

@vishnu_bhatt Жыл бұрын

Exactly totally agree

@teotero1 Жыл бұрын

That’s what I always do when transferring money with Revolut ,N26 or any other app for that matter. And I am pretty sure that for 95% of the scams ,being just a little bit proactive is the one and trued way to avoid being the victim of fraud.

@apply_pressure Жыл бұрын

It's not that simple being sometimes the bank will block the 2nd transaction you're calling "the rest" because it's deemed fraud. What I'm saying is that many times scammers will hit your account first with a small increment to see if it goes through then "the rest" as you say, 2nd transaction, will be wiping out your account! I'm not knocking what you've mentioned because I do it that way too, but I've also seen transactions where folk accounts were locked on the 2nd transaction. Then they have to call customer service which can be a headache given how busy they are, short-staffed, and/or their business hours.

@613JMM Жыл бұрын

Your first sentence is the most simplistic and dumbest thing I have heard in a while. Depending on who you are intending to send money to, and why, the intended recipient could still be the person committing fraud. The real problem is you are supposed to use Zelle for actual friends and family. People you know and should trust. Because most people lack integrity, or have selective integrity, they try to use these types of apps to make money and bypass fee based services. At that point, they are dealing with strangers on a system that was not designed for that. It is the exact same thing as mailing an unknown person a check or money order, or even mailing them cash, hoping they send you the promised item, but now you are doing it electronically/immediately.

@javierdelao8115 Жыл бұрын

There are more fraud issues than just sending zelle to the wrong person. Sim swapping is a thing unfortunately.

@reynanmarques Жыл бұрын

In Brazil we have Pix, which is the protocol and is managed by the Central Bank, and all banking institutions are obliged to incorporate it to their systems and offer it for free to all customers, it was a social revolution and made a lot of people banked. For me it is always curious how everything in the USA is very backward for a country that calls itself the #1 in the world. And you can transfer to any bank, pay any bill, the whole process is absolutely free and done within 1 minute and confirmed on the spot

@zannierzan9634 Жыл бұрын

Right, it's weird how developing countries are way ahead. China, India, the majority of South East Asia all have their own national protocols.

@vampire64 Жыл бұрын

Look at how long Pix took to become mainstream in Brazil. There are very few (rich) people who have the opportunities in Brazil who steal Western ideas and take them and launch them into their countries of origin to make themselves richer. Many tv shows/movies are copied and recreated in Brazil. That's why the US is #1. When Brazil creates something original and other countries copy it then you can call yourself #1. In the US they try to stop monopolies companies that take advantage of people to encourage competition but many large companies get around this by buying the politicians like in all countries.

@TitusAzzurro Жыл бұрын

@@zannierzan9634 Weixin (WeChat) is hardly a national protocol.

@twlee1930 Жыл бұрын

I moved from the US to Brazil in 2019 and I was surprised to see how much more modern the banking system is here than the US. Even before Pix, there was TED, TEF, and DOC. And you need a fingerprint to get cash from the ATM. And you can pay bills by scanning bar codes with your phone.

@MaxxPrime-hm2tv Жыл бұрын

@@vampire64 Pix took long to become mainstream. But it's there. What do you have?

@Jattforce24X Жыл бұрын

India's UPI (unified payments interface) is the king when it comes to P2P payments. Major contributor in making India a digital economy

@guilhermetavares4705 Жыл бұрын

The Brazilian Pix was created in 2020 and today is second only behind India's payment system. They are the best countries in this matter.

@Jattforce24X Жыл бұрын

@@guilhermetavares4705 yes, India inspired a lot of countries in this matter, even made some envious like USA

@8ball708 Жыл бұрын

@@Jattforce24X How is the USA envious

@gareth0000 Жыл бұрын

“It changed the world” lol! It changed US only. Almost all developed countries already has bank to bank tranfer online almost a decade before zelle. When I was in US in 2018, their online transfer does not even transfer on weekends. It waits until Monday. 😂😂😂

@shmookins Жыл бұрын

The person wasn't talking about a specific company. They obviously where talking about payments via phones in general which indeed changed everything. Digital banking took off and it certainly beats going to the bank physically. They then move to a specific company in the video. P.S. As a general rule for everybody; if your first reaction to something is how obviously dumb it is or you immediately find a simple solution, chances are you don't understand the issue much. It's like the Dunning-Kruger effect. Humans gonna human. :).

@Rayquaza894 Жыл бұрын

The U.S is the world lol

@eudofia Жыл бұрын

I came to the comments section for this. It's obviously the person in the video hasn't traveled much. Even with the implication of Zelle, it's still difficult to transfer large sums of money between banks in the US. There is a limit to the daily and monthly amount that you can transfer. For larger amounts, the banks still want you to use wire transfer for which they will charge huge fees.

@cmlon Жыл бұрын

@@eudofia are you a billionaire?

@cmlon Жыл бұрын

@@senantiasa Excellent! Thanks

@rrtripathi Жыл бұрын

NCPI (2008) is operating Unified Payment (UPI) system since April 2016 in India. It's similar to Zelle. No independent revenue source with major Indian banks and government being it's collaborative owner.

@matthewb3113 Жыл бұрын

The US is very late to the application of payment through digital means. In 1993 Finland began to strongly phase out the use of checks as a means of payment and established an electronic payment, first by telephone, then by the internet. From 2010 to the present, all of my payments took place via the internet or cellular smart phone. Never once was a fee charged as it was covered by general banking maintenance fees or other profits earned by the bank. Banks in the US are very cavalier with security of offering credit, the use of credit and debit cards and payment systems. I always had to supply a pin number to pay when using my credit card in Finland, and for purchases over 50 euro when using a debit card.

@RoolSkool Жыл бұрын

Bcuz banks in America don't care until they're losing money

@matthewb3113 Жыл бұрын

@@RoolSkool Exactly

@lonyo5377 Жыл бұрын

The idea that something bank related in the US only is changing the world... What a joke

@DickCheneyXX Жыл бұрын

Canada had that in 1984.

@matthewb3113 Жыл бұрын

@@lonyo5377 Ya, Americans are often quite unaware of how further advanced other nations are because of the "Most Powerful Nation" is believed as meaning "Most Advanced." Once you get outside of the US and you start to see how other nations and cultures do the same thing but better, one then becomes aware of how behind the US is.

@reghu2032 Жыл бұрын

Well we have UPI, unified payment interface in India. Started in 2015 I think, before that P2P has one or two days delay. But now with UPI it's instant, and now it's the standard payment mode.

@maxb306 Жыл бұрын

"engagement tool", "revenue generating machine", "payment space", "auction space". Why can't business people just speak with clarity. It's always too much pointless business jargon. Everyone's trying to look so damn smart and professional.

@andrewmclaughlin2701 Жыл бұрын

If business folks didn't have make believe words (like engineers and computer geeks) it would be evident we should avoid them, their offerings, and their inventions.

@mountainman6172 Жыл бұрын

We've had this for the last 15 years in the UK. It didn't require a joint venture between banks. Goodness me, this country is very archaic in certain areas.

@pearpo Жыл бұрын

Americans may have less privilege (?) but more rights that those who are subjects.

@GMSpkilla Жыл бұрын

You've always been able to wire money between other accounts in the same bank instantaneously or other banks for decades, not just 15 years.

@sn5301679 Жыл бұрын

They even still using imperials system 🙈

@Shaolin91z Жыл бұрын

Archaic is good. Move towards the Mark of the Beast as far as you can Brits

@superheroverse3941 Жыл бұрын

(UPI) from INDIA; It is the fastest payment service method instant transfer happens within 5-10 sec from one bank to other.

@lylebraybrook275 Жыл бұрын

It's crazy how far behind America is this regard, I always assumed they would be level or ahead

@redfred267 Жыл бұрын

Reduce ur expectations😂😂 America is a third world country in a gucci belt

@sunmatrix64 Жыл бұрын

Its all about convenience. Cash is convenient, hand cashier a $20 and they give you change. An app requires you to pull out your phone and go to the app, login, then choose who to send it to, then put in an amount, and.... etc.

@thastayapongsak4422 Жыл бұрын

@@sunmatrix64 idk. From personal experience, I prefer opening my banking app and pay with my phone more than having to carry cash around.

@ravinyu3566 Жыл бұрын

@@sunmatrix64 what?? Idk what you're doing but people just pull out their phones and tap it on the payment machine and done. No need for all those other stuff you mentioned

@blink182bfsftw Жыл бұрын

@@sunmatrix64 fake news

@varunvora Жыл бұрын

The term peer-to-peer is heavily misused in this video. P2P means there is no use of a centralized administrative system. All the payment systems mentioned use a bank or fintech servers to facilitate the transaction.

@cassDL Жыл бұрын

Thank you!

@ArtiePenguin1 Жыл бұрын

Peer-to-peer in this context is different than peer-to-peer in a traditional computing context. Here it means that users are sending funds to each other without central banks meddling in the transactions. That is very different than the ACH (direct deposit) system that wholly manages the payments. P2P financial transactions are the digital equivalent of two people exchanging cash.

@Jonteponte71 Жыл бұрын

Every p2p system in any well regulated financial system has to have a bank involved. And if there isn't one. The fintech company providing the app has to become one. If not, you would be risking your money every time you transfer them since there would be no regulated intermediary (called clearing in financial lingo). Which is exactly what the Crypto business is discovering right now.

@torontokid97 Жыл бұрын

So is Zelle like Interac E-Transfer in Canada? That system works pretty easily and has been around for years.

@nickshields3438 Жыл бұрын

That's the idea, yeah

@Travesty_INC Жыл бұрын

@@nickshields3438 It works very well, in my whole life only ever had maybe 2 not go threw or not want to connect, bith times in the winter on a stormy night so I can't blame anyone or anything.

@fl.sal.27 Жыл бұрын

Interact creation year: 1984! 😂. Seriously.😮

@michaelreid8857 Жыл бұрын

Interact is so far better, just cuz it’s much easier to use. With multiple accounts in the US & Canada I know both systems well. Zelle is very problematic!

@Travesty_INC Жыл бұрын

@@michaelreid8857What issues with Zelle have you had? Myself I've never used Zelle or had to being Canadian mainly lol, but I'm just curious cause I've been hearing more folks in the U.S have been having issues with Zelle.

@Sigmaprimer23 Жыл бұрын

Crazy to think America doesn’t have straightforward P2P transferring between banks. Here in Australia we have had apps similar to Zelle for the last 5-10 years. In additions these apps are technically not necessary as all banks in Australia have the ability to transfer money between the banks directly, note sometimes with a 2-3 day delay. A couple of years back a standardised p2p payment structure called Osko was adopted by most banks in Australia which allow for near instant transferring directly from different banks. Could someone explain why America lags behind in the payment technology? (I know America only widely adopted near field activated payment terminals a couple of years ago (Apple Pay or over here we call it PayPass) It is obviously not because of technology limitations

@miketech79 Жыл бұрын

We aren’t behind here as you think we are. Zelle is a bank account to bank account transfer that is pretty quick. Other P2P apps are not directly between banks. Yes I do agree with you, it surprises me that more Apple users don’t use Apple Cash as it’s practically instant for transactions and allows for transfer to your bank or use from Apple Cash. I’m not sure if Paypal or Venmo balances are even protected as though they are real bank accounts like you can register Apple Cash with the USA FDIC. Not every bank or credit union (as we call them here) supports Zelle, but nearly every bank does. Not sure what you are thinking that we don’t have in the USA?

@miketech79 Жыл бұрын

And to add Apple Pay has been around here since the beginning of Apple Pay when it was only in a few countries in 2016. It’s actually pretty common to be able to use Apple Pay here for probably 5 years. Not sure again where you are getting your information about the USA being new to using Apple Pay.

@pongmolina2157 Жыл бұрын

Paypal since 1999 Block (formerly Square) since 2009

@matthewshields Жыл бұрын

Zelle has been around for a while I believe I was using it in 2018 and other P2P platforms have existed since the 2000s. Seems like you guys are behind .

@miketech79 Жыл бұрын

I used to have KeyBank here in the USA. They were the first bank in the country to issue MasterCard PayPass debit cards in an August 4, 2005 press release that I found online. I remember having one around 2008-2010.

@BMWROYAL Жыл бұрын

I’m sorry but I don’t think it’s Zelle’s job to try to get your money back if you get scammed, that can only be proven in court. It’s not like someone forced you to send someone money

@A22DNAL Жыл бұрын

Facts. People always looking for someone to blame when they didn't do their DD. IJS

@heythave Жыл бұрын

I agree.

@FractalPrism. Жыл бұрын

said the scammer

@yt.personal.identification Жыл бұрын

In other countries, you just transfer from your bank account to their bank account. No additional 'unnecessary service' profit layers required.

@jorgearellano9204 Жыл бұрын

I don’t understand why you getting scammed while using Zelle should be Zelle’s problem. If you’re stupid enough to send money to someone random then it’s not Zelle’s problem. Zelle is just a tool. So it’s ridiculous that they try to make it their problem when it’s really the user’s problem. Zelle promises the money will safely get to the recipient’s account. Whether the recipient scammed you or not should not be their problem.

@heythave Жыл бұрын

I agree.

@davinp Жыл бұрын

Last year, after the merger of BB&T and Suntrust was completed to form Truist, small business owners reported they’ve had tens of thousands of dollars stolen from their Truist bank accounts.

@matthewshields Жыл бұрын

Source?

@mattbowdenuh Жыл бұрын

I still write checks for alot of bills and use paper statements for bills that change monthly like utilities in order the check them. And I'm not 60; I'm in my 30s. The only autopay I have is for stuff that is the same every month that's not a large bill like auto insurance, cell phone, etc. I still write a check and send it in the mail every month for rent. I just prefer that over giving some 3rd party access to my bank account.

@Shaolin91z Жыл бұрын

Yup. I have 2 books of checks at home

@guilhermetavares4705 Жыл бұрын

Do you live in the last century? That's a bit of a shame.

@theobrigham Жыл бұрын

USA is just ridiculous for this, near instant bank transfers through your bank's app have been a thing in the UK for at least 10 years

@redfred267 Жыл бұрын

Canada too

@mr.jellyfish5544 Жыл бұрын

*Japanese banks have entered the chat* Seriously, I would much rather still deal with a US bank over a Japanese bank any day of the week.

@Denverian Жыл бұрын

@@mr.jellyfish5544 lol how's the life in 80s world?

@YolandaEzeagwu Жыл бұрын

Even in Nigeria, I can instantly send money to another bank through my bank app. I can even use a code on my phone *737# and conduct any bank transaction on my phone.

@TomNook. Жыл бұрын

Bank transfers in general have been around for decades

@MrHatranpro Жыл бұрын

People don't like to take responsibility. Some get themselves into car accidents and they blame the cashier or selling them alcohol.

@renabaker7432 Жыл бұрын

Precisely. Why should a bank be responsible for human error. This is a scam in itself

@Wildc4rd Жыл бұрын

Exactly…i don’t see the argument why the bank should be responsible for user getting scammed. Lets not forget transaction is user initiated and with knowledge. The bank should be responsible only for securing the “tool” and the transaction as it traverses the network…thats it. People need to take responsibility and educate themselves on social engineering.

@nicolaspinedasalazar Жыл бұрын

There are several areas in which the US lives in the 50's, payments is one of those. How come you cannot transfer money from one bank to the other just on the app? That's the way it works worldwide.

@Shaolin91z Жыл бұрын

F the way it works worldwide. LoL 😂

@DickCheneyXX Жыл бұрын

If you send money to a scammer, its not the payment processing firms fault. People who take no responsibility for their actions are what's problematic here.

@timberwolfe1645 Жыл бұрын

AND WHOOOOOO is the one to VERIFY the scammer? Uh huh. Though so, the BANK!!!

@DickCheneyXX Жыл бұрын

@@timberwolfe1645 You obviously have to verify who you are sending money to, not your bank or your payment processing firm. Nobody is being hacked or have their money stolen here, they willingly send it to scammers.

@DickCheneyXX Жыл бұрын

@@filmbuff000 >Credit cards and PayPal offer protection and help the consumer if a vendor doesn't act in good faith Zelle is not a credit card, its a money transfer service. It offers no protection, it is no different than handing cash to a stranger in the street. The onus is on you, it is your own money after all.

@crusherven Жыл бұрын

@@timberwolfe1645 Nah, I'm the one who verifies who I'm sending money to. Always check to make sure the email/phone is correct for a first-time payment.

@user-zb9vg7vu7x Жыл бұрын

In India, we call it upi payments 🙂.

@rajeshagooner Жыл бұрын

India have this called UPI unified Payments space for last 8 years. As Microsoft CEO Satya said India are way ahead in digital banking transfer system.

@train_xc Жыл бұрын

India had NEFT much before than UPI. Then IMPS and then UPI. The east of use increased from NEFT to IMPS to UPI

@samboncoin9498 Жыл бұрын

Please do something for the sound quality... Those videos are interesting but with such a bad sound quality it's hard to follow... Not the first video with bad sound !! Please correct. Thx

@ccrp4788 Жыл бұрын

Me as a former JPMC employee in India that worked against Fraud in Zelle... USA you need the Indian UPI tech... this is not Bias from an Indian... this is a former employee being brutally honest as i have been exposed to both world

@blink182bfsftw Жыл бұрын

I heard the federal government was working on a similar system but it's been years

@daniel11111 Жыл бұрын

UPI is truly the jewel of Indian financial technology. It is truly a revolution.

@manp1039 Жыл бұрын

what are the greatest fraud threats with zelle?

@almercy Жыл бұрын

So UPI is fraud-proof? Curious how they handle personal p2p complaints vs business payments (similar to chargebacks).

@jankay8569 Жыл бұрын

Who cares about brown people? Downvoted

@mrchairman001 Жыл бұрын

Here in Kenya, we have been using Mpesa for almost 15 years now, which is much better than Zelle. Give a like for Mpesa...

@TomCook1993 Жыл бұрын

As soon as they charge a fee I’m out.

@BMWROYAL Жыл бұрын

There’s nothing to stop social engineering scams, some people are just stupid, all you can do is educate

@antiquehealbot6543 Жыл бұрын

Korea has been using feeless P2P transfer for 15 years, and the US is saying zelle an innovation 😆 🤣

@phoenix_heart1111 Жыл бұрын

Here in Canada we can send money to email or phone by e-transfer. This isn’t connected to any Big Banks only charge a small service fee others small banks and credit union don’t charge fee’s.

@omniomi 6 ай бұрын

I'm with a big bank (Scotia) and I don't pay fees for eTransfers. You might want to look into changing account types if you're still paying fees.

@jameshorton3692 Жыл бұрын

Zelle doesn’t owe anyone anything for “fraud” if some one gives away their money. It’s not any different than me giving away cash.

@zacharywissinger3996 Жыл бұрын

Yea, enabling chargebacks on it would create more fraud than already exists.

@manp1039 Жыл бұрын

people can be swindled with cash too.. but often those kinds of crimes require a humans being in a physical space.. and it is still theft.but harder to do if you dont carry all your cash on you. additionally, people can accidentally or have other techincal reasons that money or wrong amonut of money is sent. or sent to an imposter.

@jameshorton3692 Жыл бұрын

@@manp1039 you can protect yourself by 1. Not being stupid or 2. Using pay pal goods and services. But the average idiot who gives away money won’t pay the extra for pay pal. Zelle is free.

@featuredstuff4989 Жыл бұрын

The Banks created Zelle also for aggregation of customer financial information and spending habits. Zelle is not FREE, servers, Tech support, CS, IT, fraud & security, resolution and more are all PAID by us through maintenance charges, low minimum balance fees, savings account transfer fees, ATM fees, NSF fees, LPC and more! If you have an account within the Zelle network you're paying. Nothing is FREE!

@jimwatchyyc Жыл бұрын

Or, someone else is paying. The tragedy of the commons.

@Shaolin91z Жыл бұрын

Glad I don't have it

@SWLinPHX Жыл бұрын

I use Zelle and I have absolutely NO bank fees. Don't understand how you say everyone has fees using it.

@H80989 Жыл бұрын

There is absolutely no need for third party apps, just let all US banks send instantly to other banks like the UK and Europe.

@stphinkle Жыл бұрын

I wondered if Zelle, Venmo, etc were created to eventually phase out paper checks. I think the banking world wants to eventually phase out the mailing costs of checks and for everyone to go cashless. That is why debit cards, credit cards, and services like Zelle are being promoted. It also allows the banks to verify transactions instanly and no risk of overdrafts because services like Zelle verify the balance before allowing one to send and deduct it immedately after sending from the source account and add it to the destination account. It is also far lower cost for banks to run than processing paper checks.

@user-tz5uq2bt1s Жыл бұрын

Never heard of this before. I still cash my check at the local bank near the start of each month, and do my budgeting with envelopes, though I do have a credit card for travel purposes. What if you live in an area with no cell reception and unreliable internet?

@timberwolfe1645 Жыл бұрын

Good for you! As with this new world, this only applies to people in MONOLITH cities

@pranaym3859 Жыл бұрын

With no cellular reception/internet, you'll just use regular methods, these are designed to co-exist not to replace.

@Shaolin91z Жыл бұрын

That's good. All this new technology is ushering in the Mark of the Beast. When that becomes available...you don't want it. Lol 😂🤟

@CaraMarie13 Жыл бұрын

I personally love zelle and will continue using it (as long as they don't charge me). I use it to pay my friends when we go out. I love that i don't have to enroll with some other company and wait for funds to get there. I clearly need to do some research because how do people get scammed with this is beyond me. Like are people sending money for products they bought online before they receive them? Are scammers pretending to be someone they know and asking for money?

@manp1039 Жыл бұрын

how are you sending money to a friend with zelle? does your friend open thier bank app and open the zelle qr code from within the app and then you open your bank app and scan the qr code from within your bank app to allow your app to know which acct to send (zelle) the money to? or?

@AustinWirl Жыл бұрын

yeah the fraud thing is a issue although it isnt really the banks fault that people are dumb

@A22DNAL Жыл бұрын

@@manp1039 It uses contacts and phone numbers...just like the other apps use usernames. Plus, Zelle confirms with you the name of the person you are trying to send a payment to to make sure you have the correct entity.

@akeyeguy7996 Жыл бұрын

@@manp1039easy. U just need their phone number or email address. If they are not registered with zelle already , they will get an email or text. I think all they have to do is login once with their regular banking credentials? I forget, i registered along time ago. Im a small business owner and i pay all my employees via zelle. I run my own payroll. Makes everything super easy. Just have to double check everything before hitting send because you cant cancel or reverse the transaction.

@mosesnandi Жыл бұрын

@@manp1039 Zelle uses a phone number or email. So from your bank app using Zelle you will just type their phone number or email and immediately they will receive the funds. Your friend has to be using Zelle too.

@junesilvermanb2979 Жыл бұрын

Zelle is a United States-based digital payments network run by a private financial services company owned by the banks Bank of America, Truist, Capital One, JPMorgan Chase, PNC Bank, U.S. Bank, and Wells Fargo. The Zelle service enables individuals to electronically transfer money from their bank account to another registered user's bank account (within the United States) using a mobile device or the website of a participating banking institution. The Zelle instant payment service was launched in June 2017, as the successor to the clearXchange payment service. Zelle has expanded over the years, and as of 2022, eighty percent of the US population could connect to Zelle through their banking app, with support by over 1600 financial institutions.

@theresabell2492 Жыл бұрын

This is the best video this what students should be learning in school it's called financial literacy.

@mikeg3810 Жыл бұрын

Best idea the banks came up with which sounds kinda unusual to say. Quickest way to move money between my bank accounts and friends. Time is money.

@KuldeepKothari1994 Жыл бұрын

Crazy to see a country as advance as America falling behind in banking to developing countries like India. We in India have UPI (unified payments interface) even Google has an app for payments in India known as Google Pay which uses UPI for peer to peer and other forms of payments. USA should implement these tech from other countries

@stepahead5944 Жыл бұрын

Perhaps you had less to lose.

@Shaolin91z Жыл бұрын

Now if you can get Indians to stop drinking milk after the mice drank from it first

@booooooooooooooooooooooo Жыл бұрын

Canada has had Interac etransfer for god knows how long. I was surprised when I moved to the states on how hard it was to transfer money to my friends

@michaelreid8857 Жыл бұрын

Not only that. Interact is very much user friendly. I have a few accounts and have an interact account for each one. Much more difficult to do that with Zelle. I’ve tried!

@booooooooooooooooooooooo Жыл бұрын

@@michaelreid8857 and you don’t have to sign up for it either. It just works with whatever account you have

@michaelreid8857 Жыл бұрын

@@booooooooooooooooooooooo good point

@harnessworx3046 Жыл бұрын

I have customers in Canada that use paypal-I’d rather use my USA merchant service processor but its aggravating because canadian zip codes are 6 digit and credit cards have 4 digits on the back so I cant process those Mastercards and Visas. Ugh…sometimes the US seems to be lagging on financial tools like this. :(

@jerryfacts9749 3 ай бұрын

In Canada there is no ZELL service. In Canada there is Interact. The banks put limits per 24 hour period over 30 days. Typical limit can be $3500 up to a max of $10,000 over 30 days. If you need a greater amount than allowed you have to call your banking service by phone and properly ID yourself. Security issues from Scammers is still a risk in Canada. If the client gives out their authentication code, or password, or any critical personal info, the banks are not responsible. When making a transfer there would be a very prominent warning indicating if you are solicited called over the phone to move money this is a Scam. DO NOT DO IT! Call your bank using the phone number on your bank card or from your personal directory to verify.

@Jazna1 Жыл бұрын

Nope. No smart phone, no desire to engage in banking via a phone. Life is so much less complicated when you do not text, do not have a smart phone and your car just carries you places and doesn't tell you how to drive. I like it that way but then I'm a "senior". Whatever works for people is fine by me but honestly it scares the dickens out of me.

@71M3L4PSE Жыл бұрын

Based and boomerpilled

@AIBot929 Жыл бұрын

It think one of the reasons America is so behind because it is hard to convince Americans to use these services young and old. I'm in finance just getting older ppl to use their debit card at all, let alone the ATM was a struggle because so many are untrusting of the financial system here.

@stephenebert6820 Жыл бұрын

Sorry, older ppl were not so much “untrusting of the financial system” as they were, being older, simply more conservative and stuck with what they knew, and, to a degree distrusting of new fangled TECHNOLOGY…now, more folks are be8ng conned out of and losing their money NOT by “evil banks”, but scams and stuff like bitcoin. This is all part of the same idiocy that shrieks about government/big brother grabbing our private info when in fact it is PRIVATE, totally unregulated big tech like Google, FB, etc. But the narrative of fear mongering works quite well for our far right wing and QAnon types.

@dougroyce5784 Жыл бұрын

Untrusting; rightly so.

@kevinm.8682 Жыл бұрын

I don't use the service because I don't see the need. I pay bills online; I make purchases via debit card or (rarely) credit card, and about half the time I pay using the Google Pay app. I can't remember the last time I needed to exchange money with another individual. I get cash from the ATM at the beginning of the week and use that to cover incidentals. Perhaps in time I may see a need for something like Zelle, but for me it seems like a solution looking for a problem.

@A22DNAL Жыл бұрын

Using a debit card is not the move for sure.

@spazzman90 Жыл бұрын

No one should be using a debit card.

@Jonteponte71 Жыл бұрын

In Sweden we have a p2p payment-app that now reaches an overwhelming majority of the population and it's run by basically all the large banks. Mobile payments and digital payments in general has been a thing for many years now. To the point where over 80% (!) of all payments are digital. I haven't used cash at all, since at least 7-8 years. I have some in my wallet for emergencies. But that is basically it. I used to be all about cash, but once I started using debit and credit cards it was just too convenient to transition over to no cash and then to mobile payments.

@kioly_ah Жыл бұрын

sweden social credit is bind with the p2p payment app, have you know thing?

@moho472 Жыл бұрын

Canada has something similar. It's called Interac e-transfer. It's very useful

@Jonteponte71 Жыл бұрын

@@kioly_ah What social credit? We don't even have a credit score on our credit.

@feppfepp Жыл бұрын

It also builds on a long tradition of just using direct bank transfers between individuals that goes back at least 30 years. Banks always made it easy to move money, even if the settling took a day back then. Checks went out the window in the late 1980s. The US banking system is always behind for some reason.

@weird-guy Жыл бұрын

We don’t have social credit in my country with only thing that could be comparable is people that default on loans get in to blacklist of the national bank (bdp).

@sundarrajn1003 Жыл бұрын

It's upi in India. It's pretty seamless and fast. It's protocol based, so no one bank or person owns it.

@kw9158 Жыл бұрын

Living in europe, this is so weird to me. All you need to send money from your bank account to another bank account in europe, is somebodies name, IBAN (aka, their bank account number), and the amount you need to send. All of our banks allow money transfers between all types of banks, instantly. I don't really understand why American banks don't allow this?

@weird-guy Жыл бұрын

They also pay fees for withdrawn money from atm’s😂

@jeffreyfurtado3681 Жыл бұрын

Fraud is the reason.

@edgargalvao1056 Жыл бұрын

The us can be so dystopian. I live in a “third world country “ and have access to a free 24/7 trackable government backed system of transferring money that banks have to opt in and that transfers can’t take more than 10 seconds. Why do you have to rely everything on private institutions when clearly their intentions is always get monopoly or profit a lot

@WJWeber Жыл бұрын

In America very few things are truly government run. Government makes laws and gets bids to do just about everything.

@alb12345672 Жыл бұрын

Parts of the American City I live near could be considered third world.

@goodfellabeats Жыл бұрын

We're good. Americans have a great distrust in having the government to control and track monetary activities. Every major power in the world has proven to misuse that power and information throughout human history. In a country as big as America, government having access to that kind of information would be disastrous.

@alb12345672 Жыл бұрын

@@goodfellabeats The american gov't seems to do what is good for them. Take out more than 10K from a bank, they have you flagged in a database. I am sure for any reason the US govt can get your banking history by the end of the hour, if not sooner.

@johnh8705 Жыл бұрын

Your 3rd world country is what?

@castform57 Жыл бұрын

Just get on the IBAN and SWIFT system. I can send money between banks in my own country almost instantly, and within the IBAN system as a whole with some delay, depending on the receiving country's banks.

@blink182bfsftw Жыл бұрын

That's for international transfers. This is talking about smaller p2p nationwide transfers. Completely different things

@matthewb3113 Жыл бұрын

Strongly agree!

@helloworld963 Жыл бұрын

Too much fees that makes swift a giant trash for peer to peer transactions.

@helloworld963 Жыл бұрын

@@blink182bfsftw even for international peer to peer transactions the fees are garbage for swift. I personally use Wise and not pay more than 1-2 USD per transaction. Swift is not even close to that.

@BurnzOfficial Жыл бұрын

I got scammed on zelle once. But I guarantee it will never happen again. It was my fault and I owned it and I still use zelle

@lincohnpelegrini8689 Жыл бұрын

ZELLE is trying to create something similar to Brazil's PIX payment and money transfer system. The difference here is that PIX was developed by the Central Bank of Brazil, so no profit is looked for. It is secured, matured (+2 years), free and instant, available to transfers between any bank operating in Brazil. Now, unfortunately, the government is look to tax a range of amounts.

@feppfepp Жыл бұрын

But the banks are sure to charge for their service in some way. Guess it's all baked into the yearly fee for having an account or payment card or something

@guilhermetavares4705 Жыл бұрын

You are lying. There is no taxation being planned at PIX.

@saulgoodman2018 Жыл бұрын

Everyone have a bank account. So this is better and easier to use,. Then someone having to use another app to download and give your personal information to. Just to receive money.

@quyletran Жыл бұрын

Be careful with scammers on Facebook, if you are selling something on Facebook and they want to buy it and pay with Zelle. What they would do is sending you a fake Zelle link. If you enter your bank info and password, you are doomed all your money in your account will disappear and no way you can get back the money.

@earthling_parth Жыл бұрын

Situation like these really drive home the point "US is a third world country with a Gucci bag".

@harnessworx3046 Жыл бұрын

Next they need to step up with a comprehensive international P2P money transfer platform. For retailers who sell overseas this would be amazing!

@twerkingfish4029 Жыл бұрын

I didn’t know these services were anywhere near as popular as they are. I can’t think of any scenario i regularly encounter in which I (20M) wouldn’t be better suited by some other means of payment.

@themed7434 Жыл бұрын

I got scammed using Zelle in Arizona. It’s my fault for being naive but i remember the customer support absolutely couldn’t do anything .

@F1Fanatic76 Жыл бұрын

Huh?

@manp1039 Жыл бұрын

how did you get scammed using zelle?

@RahulJha-mc6nz Жыл бұрын

Can you elaborate on scam?

@themed7434 Жыл бұрын

@@manp1039 while in a fraternity in the university of Arizona. The sigma alpha epsilon fraternity to be exact. They forced us (pledges) to hand our phone and give the passwords. They sent an average of 3k$ issuing Zelle to their accounts. Costumer service couldn’t do anything. I filed a police report but that’s all I could do?

@arnaldocesarmirandadealmei6110 Жыл бұрын

That's not a scam, that's robbery It's the same as if they used your credit card, or transfered money using other transfer methods Can't you identify the recipient? It's a criminal, you should sue

@AMD-1087 Жыл бұрын

I went back to India after 7 years. Omg, things are way ahead there from a technology perspective including peer to peer payments.

@Shaolin91z Жыл бұрын

Too bad they aren't ahead on soap and water 🤟

@zuluone6752 Жыл бұрын

Banks are in business to make money and keep access to it at all cost…please research the companies that you trust with your money…a reputable bank can transfer funds to any reputable bank and don’t have to rely on a third part app to do it for them…lastly, cash is king for a reason…you don’t have to carry a lot but I don’t trust any bank enough to let them hold all of my money and limit what I can take out of the ATM every day…

@JB-pd3ir Жыл бұрын

Common sense!

@patrickpaterson8785 Жыл бұрын

A word of caution - apps like this are convenient to send your buddies some money for pizza or whatever, but don't rely on being digital-only for money since we've seen how quickly governments can shut off your access to money if they feel like it.

@Shaolin91z Жыл бұрын

Glad I don't have it. I don't need friends nickel and dimeing me from all over the country 🤟

@JB-pd3ir Жыл бұрын

Exactly!!

@wondermaid6452 Жыл бұрын

What do you mean changed the world ?!?! In every other developed countries except the US we have been doing peer to peer mobile payments for over a decade

@aleenaprasannan2146 Жыл бұрын

It's been there in so called developing country India as well for the past 8 years

@CalvinCai_Frisbee Жыл бұрын

the problem I had with zelle was that the scammer sent me the money in exchange for a product but they charged it back. like I thought it was like a bank transfer that could not be reversed

@TopShot501st Жыл бұрын

Same thing happens with PayPal from my experience. They always side with the supposed business over the customer.

@value4363 Жыл бұрын

It’s interesting that this concept has been succesful in a really big market (the US) and in some small markets like Switzerland (Twint) or Belgium (Payconiq), but Afaik hasn’t broken through in medium markets like the UK, France or Germany.

@MichaelMJTH Жыл бұрын

In the UK "online bank transfers" (known as wire transfers in the USA I believe) are still used quite often. You only need account number, sort code and the receivers name in order to do a transfer, which I believe is less information then what is needed to do a wire transfer in the US, meaning that it is more convenient. Also in the UK we've had a similar service to Zelle, since 2014 called Paym. It was a collaborative service set up by most British banks and building societies (alternative bank system that is popular in the UK). In order to pay someone who had Paym all you needed was their phone number. However Paym is shutting down in March, because online bank transfers are still popular and online app only banks such as Monzo allow you to make payments with QR codes and hyperlinks. This has effectively reduced Paym's market relevance.

@berenlea486 Жыл бұрын

In the uk we can just send money directly from the account all you need is the recipients account number and sort code

@matthewhungerford1861 Жыл бұрын

the US is simply late to the party most other advance economies had this for 10 - 20 years and other ones like the UK, France, Germany don't need it as their banks do it already with no need for a middle man.

@brett4264 Жыл бұрын

PayPal was free? I say WAS because it sure isn't now. They take a lot from transfers between people.

@SWLinPHX Жыл бұрын

It's less and less free, but it's still free to send funds to a personal account or between personal accounts if funded from your PayPal or bank account balance.

@ScrapKing73 Жыл бұрын

If you’ve never used a P2P payment app, then this report leaves it unclear how they work. Canadians out there, help me out please. Is this like Interac e-transfer?

@McTavish01 Жыл бұрын

Basically yes. If you don't get down to the united states much, all of their payment stuff is at least 10 years behind. I recall being in LA and I used tap on my credit card without thinking and they gal behind the register was just dumb founded at what she just saw. This was about 11 years ago.

@werkdatdancefitness Жыл бұрын

Yes it's like E-transfer. I'm from the states and live in Canada now. It crazy that we hand out cards over to cashiers in the US. In Canada a lot of stuff runs on tap and the workers don't hold your card.

@ScrapKing73 Жыл бұрын

@@McTavish01 Thank you for this. The video seemed to presume you'd used Zelle, or Venmo, one of the others they listed. So they didn't spend a lot of time describing it. And yes, Americans are only really starting to become accustomed to "chip and pin" on cards now, whereas Canadians have been doing that for what feels like forever now.

@ScrapKing73 Жыл бұрын

@@werkdatdancefitness Thank you for the confirmation. Yeah, handing my card over to a cashier is something I haven't done in so many years that I don't even know the last time I did so!

@kayis21 Жыл бұрын

Weird that the US just started having this. In the Philippines, everyone’s been seamlessly transferring from one bank to another. Hec, you don’t even need to have a bank account. Nit just here in Ph, but also in China. Weird that US is the slow one here

@manp1039 Жыл бұрын

how do you transfer money from one bank to another without a bank account in the phillipines?

@kiane9465 Жыл бұрын

@@manp1039 could be e-wallets. But major local e-wallets are all acting as branchless banks at this point.

@apostate1234 Жыл бұрын

@@manp1039 we have something called offline transfer where we can send money to bank account without internet, card, or going to bank. It just requires a cellphone no matter if it is smart or not. 🤣🤣

@pearpo Жыл бұрын

Basically PayPal was the precursor to Zelle. Look at PayPal's customer reviews.. negative.

@pearpo Жыл бұрын

Corrupted by Indonesia cartels

@Bad-Squishy Жыл бұрын

It's insane watching how late to the game the US is. In Canada we've had interac for decades. Cheques haven't been an acceptable form of payment since the mid to late 90's. We've had e-transfer (p2p through interac via email) since the early 2000's.

@Shaolin91z Жыл бұрын

Keep watching how fast other countries adopt the Mark of the Beast when it comes out. Lol 😂

@cherithreddy4317 Жыл бұрын

In simple terms, it's just a copy of the UPI(Unified Payment s Interface) from India under a different name.🤣😅😅 Regardless of what name or technology they use, the truth is known to all.

@sumitdas6596 Жыл бұрын

Oh yeah Bay Bay.But Still UPI is The Fastest Real Time platform in the World

@landonkirk5444 Жыл бұрын

Zelle came out in 2017 shortly after UPI. It’s doubtful they were heavily influenced

@Gameboyreaper Жыл бұрын

This is why blockchain is important because all will be track lol.

@drigocrews Жыл бұрын

Y'all late. Zelle been a thng

@celieboo 6 ай бұрын

I love zelle.

@shdmd2118 Жыл бұрын

Interface of Zelle is terrible. Save yourself some trouble and just use Apple Cash

@JcLazy1 Жыл бұрын

There are more people who own an android phone.

@andrewmclaughlin2701 Жыл бұрын

Apple Cash is way better.

@Jaiprasad11 Жыл бұрын

In India I use G-Pay, where I use tap and pay (NFC) for payments through credit card or scan through UPI (Instant bank transfers). There are no wallets here, and digital payments have exponentially grown in India especially UPI as there are no fees/commission. Of course Credit card payments do have MDR charges hence the UPI is more successful. India's digital payment transactions amounted to $ 1.5 trillion annualized basis and has already clocked about 70 billion digital payment transactions in 2022. China has 1/3 of India's digital payments and other developed countries are no where close to the volume of transactions happening in India.

@verreal Жыл бұрын

"P to P" is hilarious. It takes exactly the same amount of time to say "peer to peer."

@tyrand Жыл бұрын

Why don't they just have free BANK transfers.. like most civilized countries?

@RoolSkool Жыл бұрын

Bcuz just about everything in America is about making money. A few years ago they decided to work on a real time payment system I think it's launching or will be in testing this summer. The #1 concern the banks had was how are they going to make money from this since they won't be making interest off of the money that's taking 3 days to transfer

@ramoraid Жыл бұрын

they did for years it just took 3-5 days

@zhangwei4622 Жыл бұрын

Because banks are trying to milk you for every dime.

@apostate1234 Жыл бұрын

I think you are also living in past. Payments can be done in app nowadays. Also, we here have offline money transfer without card, bank or internet. 💁‍♂️💁‍♂️

@ejonesss Жыл бұрын

i think the education should include like paypal does where they alert users on how to read the official emails and what to look for in fraud emails. other ways is to never use the links on emails to make the payments always go through the official page

@liamhuish123 Жыл бұрын

When I made a complaint to PayPal, the customer service was in a different country. They then sent actual police to my home as I 'sounded vulnerable'. Then closed my account permanently. Magnify this issue across the board and fast forward to a cashless society/economy and this would've been super harmful to me (I wouldn't have a payment method for lots of places because I complained). These apps syphon and sell your data too.

@vern0312 Жыл бұрын

How are people getting frauded through zelle? I use it and never had an issue.

@mike325ci Жыл бұрын

Yet in 2023, banks still charge $15-$30 for wire transfers... Why are we as consumers accepting this??? Also, why does ACH transfers take 3-5 days in this digital world? Something is up. Next story idea, @CNBC?

@A22DNAL Жыл бұрын

To Ms. Warren: The system is safe; It was the consumer's stupidity that was unsafe.

@02nupe Жыл бұрын

Then the system isn’t safe if it doesn’t account for that.

@A22DNAL Жыл бұрын

@@02nupe 🤦🏾‍♂️

@johnsmasterplan Жыл бұрын

If person A tricks person B into sending them money... How is it the responsibility of the platform to rectify their lack of perspicacityr? If the money is still available maybe but if its gone... and based on what evidence? The person simply have to say they were scammed? When do we once again begin taking personal responsibility for our actions ... or lack thereof?

@818deadboys Жыл бұрын

💯

@MasterRichStocksOptions Жыл бұрын

Good video. It is better to invest in Square stock than banks’ stocks.

@liamhuish123 Жыл бұрын

I only use cash. Cash is king.

@emmanuelmatos9925 Жыл бұрын

Love your comment cash is king 👑

@prashantupadhyay0 Жыл бұрын

India is millenniums ahead of United States in pear-to-pear transfers, UPI is the real king. US banks need to learn a thing or two from UPI and India.

@enadegheeghaghe6369 Жыл бұрын

Why are there so many Indians bragging up and down on this thread?

@Denverian Жыл бұрын

We still use checks. What are you talking about?

@prashantupadhyay0 Жыл бұрын

@@enadegheeghaghe6369 No one is really bragging here, everyone is sharing their experience with Unified Payments Interface as it is fundamentally similar to Zelle but isn't owned or controlled by Banks or MNCs.

@enadegheeghaghe6369 Жыл бұрын

@@prashantupadhyay0 lots of countries have similar systems for transferring money from one account to another or from person to person. Even my 3rd world African country has been doing it for almost a decade. Indians need to calm down on this thread. This video is not a competition

@x3dominator28 Жыл бұрын

You mean India is leaps and bounds ahead of the US in tracking it’s citizens spending right? Wake up, whenever these corporations join together to do something, it’s to gain power over you. Sheep..you are all sheep.

@Anti-socialSocialClub Жыл бұрын

It's not that complicated. If an account is less than a week old, or if an account has received more than 5 transactions in 24 hours, they cannot withdraw the funds within 48 hours. If its a scam, 48 hours will give the victim time to realise it's a scam and call the bank to retrieve their funds.

@robertlee8805 Жыл бұрын

CNBC You let Jaime Toplin's name and title appear for less than a second. I had to rewind several times to pause it to pause her name and title. So what's up with flashing her name and title so fast?

@carlcofr 24 күн бұрын

🛐🙏🛐🙏 I hope the Girl in the tela chat, gets better. She must have been hit so hard for her voice to sound like that. Sending prayers. 🙏🙏🙏🛐

@iamdenislara Жыл бұрын

Why should banks pay me for money I gave to someone else who was scamming me?... how is the bank at fault?

@willinton06 Жыл бұрын

They should allow you to reverse the transaction, if they can’t, that’s a flaw in their system, and they should pay up

@iamdenislara Жыл бұрын

@@willinton06 what if the scammer took the money out?... lets take some personal responsibility

@scott2228 Жыл бұрын

Love having access to Zelle as part of my Wells Fargo app.

@Shaolin91z Жыл бұрын

Wells Fargo...that's the bank with all the ghost applicants right? No thanks

@GridironSteady Жыл бұрын

@@Shaolin91z yup 😂

@SWLinPHX Жыл бұрын

All major banks and financial institutions have Zelle as part of their payment services tab.

@eddie918 Жыл бұрын

How it’s 2023 and we can have instant account to account transfer is beyond me. Like I want to see the $100 leave my checking and arrive at your checking within moments, no middleman, no limitations based on geographical or institutional basis