On 3 July 2020, Friday (while the US was on 4th weekend holiday) I sold a bicycle on Craigslist for $850 - a Zelle 'transfer' to my registered account with Chase bank. Today, 6 July, Monday - it still shows as 'Pending'.
I checked with Chase and reviewed previous posts about Zelle whether Zelle payments can be invalidated while a payment is in banking system limbo. The normal thread and Chase's comment was 'You are fine'. But the info is ambiguous. For instance in the previous post on this site it said:
" As long as both parties are previously enrolled, it is instant and irreversible. This can now be confirmed with direct cites: Can I Cancel a Payment and User Service Agreement (section 11 last paragraph) However If you have not properly registered your email or phone number ahead of time, you run the risk that they cancel the transfer before you complete enrollment. --emkman "**
This is clearly false - my sale, after 3 days is still 'Pending' - not 'Instant'.
Further the Chase rep said 'The Federal Reserve is closed over the weekend'. This implies to me that in the future Zelle payments would potentially be 'pending' anytime we sell over the weekend (or holidays).
Now it may be that, as far as the Zelle 'leg' is concerned, the money is irreversibly out of the senders account and on its way; but nowhere have I been able to verify that a Zelle payment showing has 'pending' in one's bank account, can't be, post sale, invalidated by the sender.
Does anyone have knowledge from Zelle about the this issue and security of Zelle transfers 'when the Federal Reserve' is closed ??? I certainly won't trust accepting payment from Zelle that might be 'pending' until this is resolved.