If bankers with JPMorgan Chase and use Zelle to send or receive money, listen. Starting March 23, 2025, Chase May Limit the payments to Zel He believes he comes from social media.
Here's all you need to know about Chase's changes in his policy of paying Zell and what they mean to you.
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Read more: Clean these usual Veno, Gotovina and frauds on Zel
Why does Chase block Zel's social media charges
He took others Digital payment applicationssuch as Venmo and Cash App, make it easier Cheaters To get your money, and many fraudsters target people on social media. According to ChaseAlmost 50% of the reports of fraud it received from June 1, 2024, until December 31, 2024, came from social media.
A December 2024 lawsuit The Consumer Financial Protection Bureau claims that clients at JPMorgan Chase, Bank of America and Wells Fargo have lost more than $ 870 million through Payments Zelle from the 2017 application. While CFPB recently dropped the suitIt has still raised alarms that customers are at risk using the digital payment application. And since ZA has not offered purchase protection, after sending the application money, you probably won't return it.
With his new policy, Chase hopes to stop deceiving before happening. It has been updated Mobile Services Agreement will allow him to refuse or block the payments he believes to come from social media. The bank may also delay or keep payments so that it can ask you to authenticate the transaction, such as confirming your identity, the sender's identity or recipient and payment details.
Other ways to chase customers can safely send money
If you want to send or receive money through your chase account, there are many safe ways to do so. Chase partners with a few Other digital payment servicesSuch as PayPal, Apple Pay, Google Pay, Samsung Pay and Paze.
You should never send money through an application to pay someone you don't know and believe. Also helps to know Signs of deception Thus, you can avoid falling into the traps of fraudsters.