Zelle

Bank owned US FinTech

Zelle is a US-based digital payments network owned by Early Warning Services LLC, a private financial services company owned by the banks Bank of America, BB&T, Capital One, JPMorgan Chase, PNC Bank, U.S. Bank and Wells Fargo.

The Zelle instant payment service was launched in June 2017.Previously, the Zelle service was known as clearXchange, which offered payment services through member financial institutions and a website. Launched in April 2011, clearXchange was originally owned by Bank of America, JPMorgan Chase, and Wells Fargo. After Capital One and US Bank joined as additional partners, clearXchange was sold to Early Warning Services in January 2016. In December 2017, all clearXchange accounts for person-to-person payment services were rebranded as “Zelle“, and clearXchange users began being required to recreate their profiles in Zelle to continue using the service.

The company has received negative publicity for fraud incidents in which bank customers’ accounts were compromised through social engineering and Zelle then set up by the fraudsters and used to transfer funds out of the victims’ accounts, leaving victims with little practical or legal recourse. In some cases, bank customers have been compensated by the banks involved, depending upon the bank and its policies and the specifics of the incident.

We rate the company in our “Black Compliance” list due their involvements in several scams.

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Jurisdiction

United States

Legal Entities

Early Warning Services, LLC

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