Banks Dont Want to Pay for Stupid | I Allegedly

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Summary

➡ I Allegedly talks about Zelle, a peer-to-peer payment platform, has been used in scams where people lose large amounts of money. Banks like Bank of America, Wells Fargo, and JP Morgan have decided not to refund any Zelle transfers, even if they’re fraudulent. This decision came after they refunded $221 million in 2022 and faced $430 million worth of Zelle crimes in 2023. Despite this, some people, including Senator Richard Blumenthal, believe that consumers should have the same protections with Zelle as they do with credit cards.
➡ The article discusses various economic issues in California, including the closure of popular pizza chains due to high operating costs and the impact of a $20 minimum wage. It also mentions the difficulties of maintaining fire insurance for homeowners, a growing shortage of prescription medications, and the potential for the state to control electricity. The article ends with a discussion about Elon Musk’s controversial pay package and a recall of 211,000 SUVs by Stellantis Chrysler due to a technical issue.

Transcript

Hey, welcome back. This is IAllegedly, and I’m Dan, and banks used to cover stupid. They don’t need more. So please like the video, please subscribe to the channel. There’s so much to cover. Plus today we have a sponsor, Dr. Amy, and first things first, guys, Zelle. Zelle is a peer-to-peer payment platform where you can transfer money from one person to the next, and very fast. In fact, when you do it, it’s basically instantaneous, and you can’t reverse it. Oh, I didn’t mean to send you that. So it is something a lot of people use, and right now people are getting victimized by Zelle scams.

Now we talked about this two years ago, about the insanity of people that had things like $1,300 transfers, then it went up to $6,800. We had people that had $13,000 transfers, and we had two people that had a $26,000 transfer and a $32,000 transfer out of their accounts without their authorization, or so they said. The thing about Zelle is you basically have to give people your information. They just don’t take it and transfer via Zelle. It’s not like having your credit card hacked where somebody can punch the number in, get your zip code for your billing address, and take advantage of it.

It’s a little bit more sophisticated and complicated, but with that, people are stupid. People are getting text messages from what they think is Bank of America, and it’s not. Hey, we need to verify that there’s fraud here. Give us your Zelle password and your account. Oh, okay, here you go. Oh my gosh, now you guys are stealing from me. Now, the problem with this is that during COVID, people were locked in their houses, people were paying for so many things online, but the scoundrels and the thieves, they stepped up and worked overtime during this time.

And what was crazy about this was that they went out of their way to figure out ways to rip people off, and very, very fast, very, very sophisticated, and or so you’d think, you know, but again, people were stupid. People gave up their information and transferred the money. Now, the problem with this is that there were three main banks that had Zelle transfers that were the biggest. Bank of America, Wells Fargo, and JP Morgan, and they got together and said, listen, in 45 days, this is in 2022, we’re not going to allow these, you know, transfers.

If you make a transfer of Zelle, you’re stuck. It is permanent and we will not refund it under any circumstance, okay? So, people, you know, heard this and immediately didn’t pay attention, didn’t listen to it, and there was over, during that time, the banks got sick of refunding money because there’s 221 million dollars that was refunded, 221 million. Now, they shut this down. Now, last year, think about this, in 2023, Zelle crimes was 430 million dollars worth of Zelle crimes, where people had their accounts hacked for whatever reason. But here’s the problem, you have to authorize these payments.

You have to sit there and know somebody’s, you know, email address, you have to know who to send this money to, and you have to then say, I accept, boom, and when you press that, you’re responsible for that, and the banks were saying no more. Under no circumstances are we going to refund this money anymore. Now, it’s not like a credit or a debit card. It is different. Now, you can sit there and say, why is this a big deal? Because all we, one of the main things we talk about here is identity theft, credit card fraud, bank fraud, protecting yourself, being quiet and not letting people know your identity, like the VPN stuff.

It’s all important that you cover yourself to make sure that you’re protected during this time. When you, you know, you use a credit card out there, and you didn’t authorize a charge, it’s very simple. And this happens all the time. You know, you may walk to a, you know, to a merchant and try to, hey, oh, the machine’s not working, let me swipe it. Well, they can put your card in a card reader, they can take it, you can go to a gas pump. And that’s a really popular thing to do is that they put skimmers on gas pumps, you swipe it, and they have all your information.

Well, if you report it in a timely fashion, and you didn’t authorize that, these charges, because they go and use them all over the place, then you can get a refund for that. About 14 months ago, I had that exact situation happened to me, where I had a credit card compromised. And then they, you know, I mean, these idiots were going to jack in the box, they were going to, you know, a gas station and getting $10. Now, again, I’m sure this is to, let’s see if we can use this card, let’s see if it’s going to work.

And it did. So they went to jack in the box at midnight, and got themselves, you know, some tacos and some burgers and stuff. Needless to say, was, you know, they issued a new card, they refunded the money, and it was fine. Now, my mother had a wild situation or discover cards 15 years ago, where she calls me and tells me somebody’s buying athletic equipment on her discover card in Nashville. And I’m, Mom, what are you talking about? Drive over there. And it took so long for her to figure it out.

She got the statement. When she got the statement, and she found out weightlifting equipment, and, you know, you have a boyfriend, Mom, anybody you gave the car to? No, no, no. Well, they, you know, refunded her the money and gave it back to her. Now, with over $430 million worth of this fraud, Richard Blumenthal, the senator, he wants to get rid of this. He wants to make it so that if you were stupid, and you sent people this information, he wants a refund for stupid. And he’s saying, people should have the same consumer protections that you have on a credit card.

And it’s completely different. Because when you send a Zelle, you have to authorize the transfer. And that’s what people just don’t understand. It’s very, very different than your credit card getting hacked. And I’ve been the victim of identity theft in several different ways. You know, you don’t have to do that by somebody else. Crazy, crazy stuff. So we can talk about that later again. But the problem with this is that they want to take the lowest common denominator of, oh, you know, you were victimized, you were stolen from? That’s not your fault.

You gave the information. Hey, here’s the password. Here’s everything. And again, what do you think about this? You know, hey, let me sign some blank checks and leave them out for you guys. Oh, my gosh, my checks for cash. It’s that stupid. It’s that insane. Let me know what you think about this. Let’s talk about our sponsor, Dr. Amy. In this world with all these medical advances, it is shocking to hear that there are still foods that are causing this harm. Dr. Amy is a board certified physician and natural nutritionalist who is dedicated in her life to getting people healthy.

You know, when we have bloatedness, you know, fat stomach, joint pain, people just say it’s all part of aging. It’s not. There are health foods that we eat that really aren’t health foods. In fact, Dr. Amy has found three foods that are banned in other countries that most people shouldn’t even be eating. And here, they’re considered legal, which is kind of wild. If you go to three harmful foods dot com forward slash Dan, you can see what these are and you can check it out and see how you can reverse these issues today.

But Dr. Amy has dedicated her life to this. Do what you can do now to take a look at this. The easiest way is use the link below. Go to three harmful foods dot com forward slash Dan check it out today and check out Dr. Amy’s video. Now think about this. There were 79 bank branches closed in the month of May 2024. If you add up all the bank branches that are closed in the United States, it’s over 500 already individual bank branches. Is that crazy? This is not, you know, a bank failure bank problem yet, right? Sure.

Okay, it’s bubbling, guys. We’re having serious, serious issues right now when it comes to the banking situation. And everybody thinks that the Silicon Valley banks, a future bank, you know, First Republic, everything was fine because it’s out of sight, out of mind. They wrote such huge checks last time for this. And all these unrealized losses are going to be the next thing. We’re going to talk about this a lot in the future. One thing that was sent to me from a subscriber in Arizona was 12 restaurants that closed.

You can sit there and say, Dan, restaurants closed all the time right now. No, how about 12 restaurants that had over 20 years of service and closed? That is wild, guys. When you think about that, because I don’t know about you, but when I think about, wow, this place made it, spend here six, seven years, it’s like a staple. It’s going to be there, right? How about 20 years? And then they go out of business. That’s just crazy. California has this war right now with this $20 an hour because it’s killing things.

And let’s face it, people don’t have the extra money to go out right now and spend at restaurants. That’s what we’re seeing. That’s the main problem. Mod Pizza, which is a great pizza, is closing. Now, Blaze Pizza. OK, Blaze Pizza just announced that they’re going to not have any more stores open in California, zero, and they’re going to choose expansion elsewhere. So Blaze Pizza is going to join Mod, and they’re not going to open any more stores. Now, these are the places where you can, like, Pyology was the first place that did this.

We walked up and they basically make the pizza in front of you and toss it in the oven, thin crust, cooked in a couple of minutes. It’s great. Blaze is like that. And they all have, you know, I’ve tried them all here in Southern California, and Blaze is good. But done. No more. Don’t don’t expect a new Blaze Pizza any time soon. And this is what you’re seeing is that the expense, employee expense, is through the roof right now. The insurance expense. We haven’t even talked about workers comp right now.

You know, people talk about being self-insured. And, you know, one thing that was discussed last week was about how State Farm is not going to cover you for fire damage. Well, you know, it started with my brother. Then it started with all these different mortgage brokers comments. And wait a second. You have to have fire insurance when you have a mortgage with us. And which is what I’ve heard. So people have to go out. If they want to stay with State Farm, they’ve got to get fire insurance elsewhere to maintain their mortgage.

Oh, they will call the mortgages in. Would you imagine if you had, let’s, you know, you know, hundreds of thousands of people that had the mortgages called the same time. That would be, you know, devastating, to say the least. So let me know what you think about this when it comes to the economy and it comes to what you’re seeing. What are you seeing with restaurants? What are you seeing with places closed? I get I get blown away by all the different types of restaurants and some hardware stores.

You know, it’s not retirement. It’s not, well, John was so old his kids didn’t want to run the place. They’re talking about restaurants that cannot make it right now and cannot make any money right now. And people don’t have any extra money to go out and eat right now. So let me know what you’re seeing. You take any medication prescriptions of any kind. You know, right now we have such a shortage of so many prescriptions out there and nobody wants to look at that. And people when it comes to this are basically lazy when it comes to refilling their prescriptions.

They wait to the last minute and then, oh, my gosh, I’m down to one pill and then they go get their prescription refilled. And what they’re seeing is that more and more pharmacists do not have the prescriptions right now and have a shortage right now. I had a pharmacist in here in California, Central California, that wrote me detailed issues two years ago about how this is growing and it’s only going to get worse and people need to protect themselves. If you have any type of prescription that you have on a regular basis, try to get more of it.

Try to get a one month supply. And, you know, things that I take, I’m protected for that very reason that I have that. And, oh, you may have to pay out of pocket for that. Look at how much that is because your peace of mind is worth a little bit of money and having this in a drawer and then using that the most current supply that you have is the best thing. But read the story below because it’ll freak out. It’ll freak out family members because living with someone that had cancer and how difficult it was, I don’t know how anybody becomes a drug addict, first of all, when they sit there and prescribe 30 pills in a month and then give you six.

So you’re finding yourself calling the pharmacist over and over again. I could go on for hours about this stuff. But protect yourself because it’s a major, major issue. California is insane for many reasons, but they’re thinking about trying to be a state agency when it comes to electricity. Could you imagine that Looneyville, Looneyville, running your electrical, you know, panel in your house? Whoa, whoa, whoa. Why are you using so much? Well, I’m mining Bitcoin from my garage. Okay, well, we’re not going to allow that.

You know, it seems like you use a lot of electricity at night. Well, I’m an IT worker. It’s the only time I work. I mean, could you imagine that? Imagine answering to those people on a regular basis. I’m going to pass on that. One thing that you’re going to see more and more and more of is there was recently and the story is below a building that was sold at a 38% discount in Philadelphia in the old town district. And the thing that’s wild about this is the new owner was excited because of his occupancy.

The occupancy is 30%. Think about this. 30% of the offices are full and he seems to think he can work with that. You got a 38% discount in the building and some people have said that it should have been bigger, but 38% discount. And this guy is jumping up and down over that. Is that crazy? Crazy. Stellantis, Chrysler, they just announced a huge recall right now and it’s 211,000 SUVs. And the problem with that is that your engine could be taken over while driving and you’re steering.

The computer could be taken over. OK, so kind of like terminator type stuff, but we need to fix this. Yeah, I bet you do. So isn’t it wild? We hear about this. Think about there’s 211,000 cars, that wild number and nobody sits there and says, Oh, I should be concerned about this. You should be. We all should be concerned about things like that. So let me know. Beautiful sunny day. Let me know what you think about this stuff. I’m going to finish this video with this last story.

And, you know, it’s funny. I give you Elon Musk a very hard time all the time. You guys have seen that. But the California, you know, teachers retirement fund just stepped forward and they say his $56 million pay package is ridiculous and we need to do something about this and it should be, you know, rejected. What do you pay the guy? The guy worked for free. You know, is $56 billion a lot of money? Yeah, but he you guys agreed to this package, which is wild.

They fought it in Delaware. Now they’re fighting it to the bitter end for this for this guy to get his money. How much should Elon Musk get paid? And how would you feel if it was time for payday? Hey, my bonuses do. And I saw this happen during Covid. I saw a guy work for a company who invented an entire new stream for them to make money. And he was a salesman, sales manager, and his bonus was based on sales. And they’re they’re like, it came time to pay the most.

They’re like, you make more than the owner of the company does with this. And again, he took a company that was going to die during Covid and made them millions of dollars and they didn’t want to pay up to where he had to sue them. Huh? OK, hope you guys liked the rally video. Let me know about the other two guys. OK, if you guys want me to go there, I want the invitation like I got from that place where I can go to the press booth and and not just be given an address and wait in line in the heat of the day.

And I’ll be happy to check it out for you guys and film it for you. So let me know. Share your thoughts on all this stuff. And don’t forget to sign up for our email list because an email is going out this week and it’s going to be amazing. My mother thinks it’s going to be the best one yet. OK, so. Onward and upward. Like, subscribe, comment, and I will see you guys very soon. [tr:trw].

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Bank of America Zelle refund policy Closure of pizza chains in California Economic issues in California Fire insurance difficulties for California homeowners Impact of $20 minimum wage in California Prescription medication shortage in Senator Richard Blumenthal on Zelle protections Wells Fargo and JP Morgan Zelle fraud Zelle crimes in 2023 Zelle peer-to-peer payment scams

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