Zelle operates at such a large scale — $806 billion transferred in 2023 — that even a tiny percentage of scam and fraud problems translates into a large amount of money. But Zelle operates at such a large scale — 120 million users, 2.9 billion transactions and $806 billion transferred in 2023, according to Early Warning Services — that even …
Zelle is jointly run by seven major banks. We will report the information you provide to the recipient’s bank or credit union to help prevent anyone else from having the same experience.” Some critics argue that Zelle and its banking partners are misinterpreting the federal Electronic Fund Transfer Act of 1978 and the regulation implementing it, which shield consumers from …
