Quote:
Originally Posted by Caymus
FWIW, Consumer Advocates like Clark Howard do not like these services. His main issue is the lack of customer protections. A standard checking account has much more safeguards.
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Of course True, and handing someone cash in person has even more safeguards.
Checks don't serve the same purpose as the payment methods being discussed, it's Apples and Peaches.. The purpose of these payment methods get cash to someone in seconds not days or weeks like a check takes. I have probably written 10 checks in the last 15-20 years. My remaining checks (and account numbers which never changed ) are from probably from over 15 years ago when Union Center National Bank got bought by City Federal who got bought by First Union who got bought by Wells fargo (probably missed a couple in between).
"Clark Howard" actually has very LITTLE bad to say about Zelle and the others other than to keep a separate checking account and watch out for obvious fraud. Doesn't the fact seniors get sucked into the bad stuff more than others tell you something? Can't blame the SERVICE for that. One needs to take responsibility for what they do wrong.
Howard says:
Fraudsters are actively trying to exploit Zelle and other payment apps, so Clark advises using it only when transacting with a person you know. [DUhhhh!!!]
In fact, on the Zelle website, it says, “You can send money to almost anyone you know and trust with a bank account in the U.S.” The “almost anyone” part means that Zelle intends this app to be used only by close associates.
Exactly. If some Nigerian Prince asks you to send him $1000 by Zelle to free your little grandson from the head hunters of southern Monrovia one has to CAREFULLY think about it before sending.