Zelle Says Not Our Fault Following Double Transfers by Chase

Last week, Chase (NYSE:JPM) experienced a significant problem as some online banking accounts saw Zelle transfers apparently sent out twice. For some smaller accounts, this led to overdrafts and a negative balance – something most consumers and businesses wants to avoid.

After several hours of apparent confusion at one of the world’s largest banks by assets, Chase issued a statement via Twitter acknowledging the bug adding that it was working to reverse the duplicate transfers and reverse any affiliated fees.

This is not the first time a bank has experienced issues with Zelle, a payments and transfers provider used by thousands of banks in the US. CI received a note from a Zelle representative seeking clarification that the error was NOT due to anything Zelle did but the fault of BofA.

A spokesperson stated:

“Chase may have experienced issues with some of their customers’ Zelle transactions. This was not due to any problems with the Zelle Network.”

Traditional banks are in a battle with more nimble Fintechs. Events such as the one that impacted Chase account holders make one wonder if old banks are up to the Fintech task.


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