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Zelle Banking App and Reg E

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Question: 
We are not yet partnered with Zelle. If a customer uses the app to transfer funds and the funds do not reach the receiving end, is it a Reg E matter?
Answer: 

If you do not have a contract with Zelle, then Zelle is acting as an electronic fund transfer service provider as defined in 1005.14. The answer to the question asked is, "Yes, it is a Reg E matter." However, it is a Reg E matter between Zelle and the customer. The bank's only responsibility is to provide periodic statements so the customer and Zelle can identify transactions that may be disputed.

First published on 09/06/2020

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