I agree we should understand things before we post.Come on people, let's understand things before we post.So your downside liability is 5,500/month for life? Yowza. So basically if you get scammed, your only recourse is to entirely cancel your relationship with that institution(for this thread Schwab) and move to Fidelity, Vanguard or some other brokerage? That's a serious downside risk and pain in the behind. That's even worse than I thought and I had a terrible perspective of Zelle to begin with!
No, not for life, not for another day, you call the bank and they have EWS remove the Zelle "tokens" from your account, and from your email, or from your phone, however it is set up. For those that don't understand, and for obvious reasons, you can only associate one phone number or email to one account.I have removed tokens and shut Zelle down at one bank recently:A token is the email or United States mobile phone number used to identify an enrolled user and associates that user with their enrolled account. Each token is unique to one user and one financial institution within the Zelle network.
(1) to move my DW's EWS token from Truist to Ally. She no longer can Zelle from, and no one can Zelle to, her Truist account. It has no association to anything.
(2) Also, somehow (I think it was because we set up the account before she went to college) I had a token at Truist on her account connected to my email that had to be removed.
One thing I am not sure of is so-called "turning Zelle off" on an initial account set up at a bank. Zelle is not account based to the outside world, it must be associated, and this is the key-associated as mentioned above, with either a phone number or email connected to the account. So I don't think the banks will automatically associate, but I could be wrong. Stated differently, I don't think you are automatically enrolled in Zelle when you open the account. If I think this through it makes sense because I may already have my phone associated with say Schwab and my mobile associated with Ally. Also, this is how the issues arose above, when my DW went to set up Zelle at Ally, it would not let her do it because she had both email and mobile tokens associated with Truist. Zelle and Ally also did not like that my email was also in Ally's system and Truist's system, so it locked her out from enrolling.
I have asked Ally to remove Zelle tokens from my account and they have refused. So Zelle is active and available on all my Ally accounts. I only used Zelle once to a family member and now I am forever exposed to fraud.
Since you say it is so easy to do can you please explain how I can do this at Ally?
Statistics: Posted by anagram — Thu Feb 22, 2024 1:36 pm — Replies 281 — Views 43286