Zelle & Venmo money transfer apps generate thousands of complaints

 

Source: Jackie Callaway, WFTS-TV

The convenience that some of these person-to-person apps offer can come at a cost. The apps can open users’ bank accounts to thieves. And the Consumer Financial Protection Bureau reports a flood of complaints, more than 5,200 between May of 2020 and April of 2021.

“These transactions for the most part are instant, irreversible. It's on you to check that you are sending it to the right person,” Bankrate's Ted Rossman said.

 

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