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Do you use Zelle? Clark says you should never, never, not ever use it! Find out how much money bank customers submitted in Zelle fraud claims later on in this email.

💵 Today’s Top Stories

💵 Anti-Zelle Sentiment Reaches U.S. Senate

Clark despises Zelle. He’s long characterized the person-to-person payment software as a fraud and scam magnet perpetuated by the big banks.

Typically, by law, banks must restore your funds if a fraudster gets into your account.

“But the banks are tying people’s accounts into Zelle, because their interpretation of the law is they don’t have to do that and for any fraud that occurs, it’s just too bad, so sad,” Clark said.

That interpretation is coming under scrutiny.

The Permanent Subcommittee on Investigations held a hearing in which Senator and Chairman Richard Blumenthal claimed bank customers submitted $456 million in claims due to Zelle fraud in 2022 alone.

“The banks of America have a dirty little secret. It’s called Zelle,” Blumenthal said. “Zelle markets itself as ‘a fast and easy way to send and receive money.’ But, as this Committee has found, a fast and easy way to lose money is often what happens on Zelle.”

Chase, Bank of America and Wells Fargo are among the seven banks that own Zelle, providing the appearance of trustworthiness. A Zelle transfer is nearly instant and irreversible.

Often the banks attached to Zelle shrug if a bank customer gets ripped off through Zelle, such as sending money to someone for a product that never gets delivered.

💸 Today’s Top Savings Rates

Check out our updated list of Clark.com-approved high-yield savings accounts with the highest rates. Here are the top five APYs on our list as of June 12, 2024.

See All Rates | High Yield Savings Accounts Calculator

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💰️ Deal Alert: Today’s Top Deals

🎙️ Podcast

Have you ever purchased a device and the company added a mandatory subscription, increased the original subscription’s price or stopped supporting it altogether? From fitness trackers to cameras to alarm systems, this can happen to almost anything. Clark walks you through the risk of purchasing devices, including the dilemma of companies selling our personal data. Also, medical bills can be very alarming. Before you just pay it, Clark encourages us to take an important step to make sure it’s accurate and there aren’t alternatives to negotiate it lower.

☎️ Need Money Help?

The Team Clark Consumer Action Center is a free helpline that can help you navigate your money questions. Call 636-492-5275. Visit clark.com/cac for more information.

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