Thankfully no but, I know Truist, Chase and hundreds of other bank's customers have.

NBC did a story on that recently. The 10 banks who own Zelle (US Bank, BOA and WF and others) require that banks who offer Zelle be FDIC insured. Their customers are also backed by EFTA. 

I saw someone lost over $20K in a night via Zelle, which makes me wonder how true that is. Everyone has a transfer limit and $20K seems awfully high for an individual over a 24-hour period.

I have not.  I am not a fan of programs like Zelle and do not use it and for that reason ... just another source for hackers and fraudsters.  

I had a fraud on PayPal years ago. I had to eat the bonus charge for whoever sent a gift to someone I do not know. 

No Caroline. My credit union told me that was a fantastic way to get money to someone long distance. Glad I hesitated now!

      I have received money from people via Zelle.   I haven't sent any money out; I don't trust Zelle.   

Love Zelle!    I understand the risks and accept it.

If the account has been hacked, the consumer is protected, no worries.

EFTA also known as Regulation E is the consumer protection for electronic funds transfer. However there are limits of protection and the area of caution for Zelle is in initating a transfer out. Make sure the receiver info is correct, check it over multiple times and do NOT send a Zelle transfer to a stranger (you don't have the same protective recourse assurances compared to other payment methods). Use a credit card when paying strangers for greater protection.

EFTA=Electronic Funds Transfer Act

Saw that on the news. I don't have it so I'm not worried.

Hello Caroline Gerardo thank you for the warning. Glad I don't have Bank of America Zelle account.

Caroline,

I do not use Zelle.  A

Can't say I have. Bank locally

So far so good but my use is limited.

No we haven't. My husband keeps an eagle eye on all our accounts. And we shy away from payment streams like this one.

I do not participate in boa or their scams.

No. My bank is not on Zelle.