NEW YORK (WABC) -- There is a consumer warning about a bank scheme that's fooling customers, costing them thousands of dollars in just seconds.
Even some of the savviest consumers are losing money, and 7 On Your Side has the warning signs and ways to get back your money if you've been scammed.
She was out for a walk when the scam struck, receiving a text message asking if she just authorized a Zelle transaction for $1, 375.50.
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I wrote no, and so instantly, two minutes later, I get a phone call, she said. It's a guy, he says his name is Shariff, he's here to help me.
She was certain the call came from Bank of America, but it was not. Both the text and the call were not her bank, but a growing nationwide scam striking people coast to coast.
7 On Your Side at our sister stations in San Francisco and Chicago flagged nurse and teacher who were taken for $3, 500 each in the same way as Zyhajlo, a phlebotomist with the Red Cross who kept working to support her family on the front line of the fight against COVID.
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Now she's in the red after being convinced to use Zelle to transfer all the money in her checking accounts to a new account.
He had me put my own name, and then that's why it seem like going to a new account that he created, she said. (I realized it was a scam) maybe an hour after I did it, when I went back into my account and saw there was no money in it.
That's when she called 7 On Your Side, and we asked Bank of America to take a second look at the fraud.
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I love 7 On Your Side, she said. I would recommend it 100 times over again...You guys are definitely my favorite news station.
Privacy rules prohibited Bank of America from discussing the case, but the big takeaway is a warning to never transfer money or provide personal information as a result of an unsolicited call, text, or email.
But the most important part is to get a police report and submit it to your bank as part of the investigation.
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In cases like this, scammers may spoof legitimate phone numbers and impersonate legitimate businesses and attempt to convince individuals to provide their personal information. We remind clients that they should not provide confidential account information to unidentified individuals. Bank of America and other legitimate companies would not ask a customer to transfer funds between accounts in order to help prevent fraud nor request sensitive account information. We alert clients during the transaction if they are sending money to a new recipient that they should only send to people they trust. Additionally, they see: BEWARE: Bank of America will never ask you to transfer money to anyone, including yourself. Don't transfer money as a result of an unexpected text or call. To move forward with the transaction, they need to click OK. We also have a number of measures in place to proactively warn clients about scams, and we periodically reach out to customers with information about how to stay safe and avoid scams. In addition, we keep clients informed about new scam alerts through our Client Security Center on our website.
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Mobile payment tools make it faster and more convenient for you to send and receive money for personal, professional or small business purposes. Along with PayPal, Cash App and Venmo, Zelle is a platform that allows you to send money from your bank account to an intended recipient with no fees attached.
Here’s a closer look at how Zelle works, its limits at many of the country’s top banks and what you can do if you reach these monthly and daily limits.
Each bank has its specific daily and monthly transfer limits for Zelle. Here’s a look at the daily and monthly Zelle limits at some of the country’s largest banks
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Good To Know Many person-to-person payment methods set limits for users because it’s difficult to recoup money if it’s sent to the wrong place. Zelle limits how much you can send in 24 hours and during a 30-day period. These limits are relatively easy to meet, especially if you use Zelle for business purposes. If you feel hindered by the limits, you might have to get creative with the ways you send money.
How Does Zelle Work? Here are the steps for sending or receiving money through Zelle. Step 1: Choose your recipient. Due to increasing Zelle fraud, you should only send money to people you know and trust, like repaying a family member or friend or paying a service provider. Step 2: Obtain the recipient’s phone number or email address. Anyone with an account at a U.S. financial institution can receive money through Zelle with their phone number or email. Step 3: Decide your payment amount. Your Zelle limit depends on your bank or credit union. If you want to send a large amount consistently, you may need to find an alternative payment option. Step 4: Send the money. Your recipient will typically receive the money in minutes if they are already a member of Zelle. They’ll receive instructions on obtaining the funds via email or text if they are not enrolled. Step 5: Verify the payment. You should always follow up, contacting the recipient to make sure they received the money. You should also check your bank account to ensure it deducted the proper amount from your account.
One of the biggest benefits of using Zelle is that it is free and there are no fees to send or receive money. Most competitors charge a small fee if you use a Visa, Mastercard, debit card or credit card to send money, while others charge to transfer funds received to a bank account. Zelle can offer the service at no cost to customers because money is sent directly between bank accounts with no middleman.
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While there’s no cost to use Zelle, you can only use your checking, savings or debit card to send or receive money, and you can’t make credit card payments. To be sure, you should check with your bank or credit union to make sure it doesn’t charge extra fees for using the Zelle feature.
An additional benefit of using Zelle over another payment application is the instant nature of the service. The money is immediately transferred to your recipient’s bank account because there’s no intermediary. It takes a few days to transfer funds from the app to a bank account with other services. Other platforms that do offer instant transfers charge a fee for the service.
Your bank must have a partnership with Zelle for you to access its features. More than 1, 000 financial institutions in the U.S. offer Zelle to their customers. Financial institutions typically incorporate Zelle’s capabilities into their mobile banking apps.
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If your financial institution offers Zelle, you should contact it directly to inquire about its daily and monthly sending limits. If your bank or credit union does not provide the service, you must download the Zelle app to send and receive payments.
The article above was refined via automated technology and then fine-tuned and verified for accuracy by a member of our editorial team.
Our in-house research team and on-site financial experts work together to create content that’s accurate, impartial, and up to date. We fact-check every single statistic, quote and fact using trusted primary resources to make sure the information we provide is correct. You can learn more about ’ processes and standards in our editorial policy.
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