J.P. Morgan Chase is reportedly resolving some duplicate transactions experienced by its customers who used Zelle.
The bank has apologized to customers, is working to resolve the issue, and will fix any double payments and related fees, The Wall Street Journal (WSJ) reported Friday (June 2).
Reached for comment by PYMNTS, a Chase spokesperson said in an emailed statement: “We resolved the underlying issue and have started the process of reversing duplicates and adjusting related fees.”
A Zelle spokesperson told PYMNTS via email that the issues were not caused by the Zelle network.
The number of customers affected has not been disclosed, but WSJ found some complaints on social media, with people saying they were charged twice for payments, the report said.
Zelle, a peer-to-peer (P2P) payment service, is owned and operated by Early Warning, which itself is owned by a group of banks including J.P. Morgan Chase, Wells Fargo and Bank of America.
Early Warning reported in April that consumers’ and businesses’ use of Zelle increased in the first quarter, with the number of transactions rising 29% to 639 million and the amount of money sent growing 31% to $180 billion.
During the quarter, the number of financial institutions that were on the Zelle Network topped 1,900.
In one of the latest expansions of the availability of Zelle, Citizens announced in February that it was making the P2P payments network available to small business customers through its mobile banking app.
The financial institution said at the time that Zelle allows small businesses to pay and get paid quickly and easily, receive payments on the go, and reduce the need to handle cash and checks.
PYMNTS research has found that P2P transfers in general — including those sent via PayPal, Venmo and others — are on the rise.
The share of consumers who reported making a P2P transfer in the previous 30 days rose from 27.5% in December 2021 to 34.5% in March — an increase of seven percentage points in just over one year.
The value of transfers also increased over the same time frame, with the average amount sent rising from $190 in late 2021 to $234 in March.
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