Major banks are making headlines, not for good reasons. From Zelle payment restrictions to massive reimbursement denials and even a case of mistaken death, things are getting messy.
Zelle Gets Stricter
JPMorgan Chase is tightening its grip on Zelle payments to fight fraud. They’re now blocking payments that seem to originate from social media or online marketplaces. Chase emphasizes that Zelle is for friends and family, not online transactions, and won’t cover Zelle payments under its purchase protection policy.
Wells Fargo’s $60,000 Denial
A Colorado non-profit, The Struggle of Love Foundation, lost $60,000 to a scammer posing as a Wells Fargo employee. The scammer tricked the organization into transferring funds. Wells Fargo refused to reimburse the money, claiming the foundation actively participated in the fraudulent transaction.
Bank of America’s “Dead” Customer
Eighty-two-year-old Ned Johnson is battling a bureaucratic nightmare after Social Security mistakenly declared him dead. This led to his benefits being stopped and Bank of America sending condolences to his wife and deducting his benefits. Johnson’s advice? “Watch your bank account, and be persistent if you run into problems—it’ll take time to sort out.”
