Anyone who has ever used Zelle has probably had this problem before. Zelle for short is a money app that allows Americans to transfer funds to each other — but there has always been one caveat to this app.
The Lowdown
The caveat of course is that Zelle is almost like paying for cash — once it’s done it’s done and there’s no going back. This week, however, a new effort to change that has cropped up in Washington. According to CNN, a group of Senators have introduced a bill that would make it possible.
Zelle is often the target of complex and deep scams. With the app’s one and done policy, scammers have long used that to their advantage if they perhaps manage to gain access to someone’s zelle account. The bill if passes would also protect consumers on other apps like Venmo and more.
Using Zelle, customers should always check who they’re sending money too and if something sounds suspicious don’t.
The bill is being headed by Rep. Maxine Waters in the House and Sens. Richard Blumenthal and Elizabeth Warren.