Warren Calls Out Wells Fargo and Zelle for “Evasive” Responses about Fraud

Re:Warren Calls Out Wells Fargo and Zelle for “Evasive” Resp... by nrmitchi on Wednesday November 09, 2022 @07:31PM (#33540433)

> because the original protocol was file and FTP based

As if that's not largely how it still works today? :sad-face:

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Re:Warren Calls Out Wells Fargo and Zelle for “Evasive” Resp... by kylehotchkiss on Wednesday November 09, 2022 @08:43PM (#33541059)

Now the 3 days is beneficial to banks since whichever bank is holding the funds can claim the interest due on it.

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Re:Warren Calls Out Wells Fargo and Zelle for “Evasive” Resp... by nrmitchi on Wednesday November 09, 2022 @11:09PM (#33542083)

By that logic it works the other way too. They miss out on interest on funds that were delayed in being sent to them.

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Re:Warren Calls Out Wells Fargo and Zelle for “Evasive” Resp... by notch656a on Wednesday November 09, 2022 @11:16PM (#33542126)

Prisoner's dilemma. slow-slow is the stable equilibrium point, even though fast-fast is just as good or better. The other 'prisoner' can always beat your fast by going slow, so they pick slow so they can't lose.

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Re:Warren Calls Out Wells Fargo and Zelle for “Evasive” Resp... by nrmitchi on Thursday November 10, 2022 @12:00PM (#33549530)

But ACH isn't an ungoverned system where parties get to just behave in their own best interest. It, and the timing/behaviour, are governed by the NACHA Operating Rules.

If you are being a bad party and failing to submit transactions on time so that you can collect a bit of extra interest, you are going to get a very large hammer brought down on you.

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Re:Warren Calls Out Wells Fargo and Zelle for “Evasive” Resp... by xboxnolifes on Thursday November 10, 2022 @02:47PM (#33552089)

Nobody said anything about not being on time. Just not fast.

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