Reversals? Yep they take place. I sold some digital goods, got the zelle payment and so released them from escrow. Later my bank US Bank, to be exact, drained every penny from my checking and savings accounts. They said it was reported as fraudulent. And took out what they could. I’d moved some out already. I tried to get information on which Zelle transaction, the bank on the other end and the owner of the account. The bank wouldn’t part with the information. I went a couple days later to close the account. It was negative. They’d said I had a payment arrangement. I didn’t. US Bank defrauded me. So I paid to get it to zero. Then closed it. And my consulting business account. And 5 other business accounts, and recommended to clients to move their accounts. All in all Wells Fargo gained about 65 accounts.
When Chase, Wells Fargo and Bank of America had fraudulent Zelle transaction, those banks did not go after the receivers. They instead made good the claims internally. So, it is reversible. And Zelle has false advertising leading people to trust it has non-reversible transactions. And lately they are expanding the advertising to make it more general purpose. Don’t trust it.