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When Customers Say Their Money Was Stolen on Zelle, Banks Often Refuse to Pay


Argelys Oriach was on his way home from a shopping trip one evening in March when he was robbed at gunpoint. The thief demanded his iPhone and passcode. Mr. Oriach turned them over and fled.The next morning, Mr. Oriach, who lives in Brooklyn, said he discovered that the thief had drained $8,294 from his bank accounts at Capital One, using multiple money transfer apps including Zelle. He contacted Capital One, fully expecting the bank to refund him the stolen cash, as required by federal law. The bank refunded only $250, saying it found no evidence that the rest of the money was stolen. Mr. Oriach was stunned.“I filed a police report, identified the suspect at a precinct and even testified a …

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