There was a big problem with the Zelle money transfer platform at Bank of America over the last few days, where some customers did not have their deposits credited for several days. And some of these accounts went into the negative, where it looked like money was taken out and there was no deposit for this Zell money. This is something that was attributed to a programming glitch at Bank of America. It didn’t seem to affect the Zelle payments at other banks like Wells Fargo or Chase, but only at Bank of America.
So consumers were understandably upset because these payments weren’t credited properly, even though the sender showed the money coming out of their account but not crediting the receiver’s account with any type of transfer of funds. First of all, the transfer of the transfer; then, the middleman or broker holds the money and transfers it to the new account. And anywhere along that pipeline, that flow of funds, there can be problems. And if there’s a holdup somewhere, that’s going to create delay in the recipient getting the money, or even a mismatch between the sending and the receiving, having the same amount, or if there’s a currency exchange involved, having it flow through properly.