Zelle is a peer-to-peer payment system allowing quick money transfers from one individual’s bank account to another. On Friday, some JP Morgan Chase customers said their transactions doubled, causing them to lose money they didn’t expect, as previously reported by MarketWatch.
Chase has confirmed that the issue is happening and that it is working on a solution.
“We regret that some customers are seeing duplicate transactions and charges on their checking account,” a Chase spokesperson said Friday, adding that the bank will reverse any of those duplicate payments.
A Zelle spokesperson confirmed that the issue is exclusive to Chase customers and there are no issues with its network.
What happens if your Zelle transactions go wrong?
Zelle is convenient because transfers go directly from one bank to another in minutes, unlike. However, because of this, Zelle transactions are final, meaning that a transaction is unlikely to be reversed, unless the recipient of the funds never created a Zelle account.
That’s why it’s important to be absolutely sure who gets the funds, and if it’s a big transaction, say rent, then it’s ideal to have an emergency fund to keep you afloat if something like a double payment happens.
If you’ve been affected by the current duplicate submission bug, Chase says it’s “working to automatically reverse all duplicates and correct any associated fees,” but didn’t give a timeline for when it will be fixed.