Comment by zie
6 days ago
Wire Transfers are not undoable and instant, much like Zelle. So I always recommend people send $10 first, and confirm everything works, before sending real money. When doing the confirmation, try using a different channel of communication, to ensure you are getting the right person. i.e. call them directly from known good phone numbers or something.
Yes many banks charge $30 or more for a wire transfer, but I'd rather just pay the $60 than have a large sum wire transfer lost, stolen, etc.
Some banks/Brokerages are sane and do not charge extra for wire transfers. Fidelity is one such. BOA also(if you have enough assets there, $100k will do it).
Is it too paranoid that even for first time Zelle (with people I know in real life) I send a $ and ask them to see if they received it, before sending anything else?
100% not paranoid. I do this for basically all payments.
I do / did this between my own bank accounts when entering details the first time.