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The controversial regulator alleges the banks failed to prevent fraud on Zelle, a payment platform they co-own. ... Bank of America, and Wells Fargo sued over Zelle scams that cost $870 million.
For its part, Bank of America asserted that incidents of fraud are rare and that 23 million of the bank’s customers use Zelle. “More than 99.95 percent of transactions across the Zelle network ...
At least three of the banks behind Zelle — JP Morgan Chase, Bank of America and Wells Fargo — are discussing a possible new reimbursement plan for customers that get scammed using the service ...
Bank of America, in its own statement, said that "more than 99.95 percent of transactions across the Zelle network go through without incident. When a client has an issue, we work directly with them."
Zelle (/ z ɛ l /) 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.
Zelle, a payments network owned by seven banks including JPMorgan Chase and Bank of America, initially promoted its mobile app when it launched in 2017 to users whose financial institutions had ...
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