PHOENIX — You scored a deal on social media and you’re ready to Zelle the payment.
Hold on! Not so fast - Chase Bank is pulling the plug.
The bank is blocking Zelle transactions for social media buys, saying it’s to fight fraud.
It’s a move to protect consumers.
Customers received notice of the policy change via recent bank statements.
According to Chase, nearly 50% of fraud reports it received from June 1, 2024, through December 31, 2024, came from social media.
Chase said it's hoping to stop fraud before it happens.
Scammers will use social media to get consumer’s personal information and money. The updated service agreement will allow the bank to decline or block payments it believes started via social media.
Zelle payments may also be delayed or held for the bank to request information from the customer to authenticate the transaction. Customers may even be asked to verify where the payment originated from.
The following statement from Chase Bank was released:
“Zelle is designed for sending money to others you know and trust, not for purchasing items on social media.
We've updated the language in our Terms and Conditions to help our customers protect themselves from scams that predominantly originate from social media interactions.”
The new policy terms and conditions are effective March 23, 2025.
There are other methods to send money safely.
Credit cards offer another layer of protection.
Other payment apps like PayPal, Venmo, Apple Pay and Google Pay offer purchase protection.
For more tips on how to use mobile apps, visit the Federal Trade Commission website.
You can also report fraud, click here.
