Wells Fargo Says US Scrutinizing Zelle Complaints Behind Scenes

Wells Fargo & Co. said US authorities are scrutinizing how consumer complaints about Zelle payments are handled, following larger rival JPMorgan Chase & Co. in acknowledging behind-the-scenes interest in what has been a hot political topic in Washington.

“Government authorities have been conducting formal or informal inquiries or investigations regarding the handling of customer disputes related to fund transfers made through the Zelle Network,” the San Francisco-based bank wrote in a quarterly filing Thursday. It didn’t elaborate.

Scams using peer-to-peer systems such as Zelle and Venmo have prompted calls by regulators and lawmakers for financial firms to improve consumer protections ...