| Electronic Funds Transfers -- good, bad, ugly? |
by Concept |
2005-12-19 10:49:52 |
I'm trying to simplify my life a bit by considering going with paperless billing and online payment for many of my fixed monthly expenses (e.g. utility bills, phone bills, etc.). This would save me on stamps and checks as well as concerns of the payment getting lost in the postal mail (may have happened once, but it left an impression).
I generally prefer to pay by credit card (limited liability in case of fraud, plus venues for disputing charges and stopping payment if need be), but most of the utilities either charge a ridiculous fee for credit card use OR only offer direct bank withdrawls.
So my question is "how safe are electronic fund transfers from banks?" They do the standard "we need your account num and routing num", and it irks me that apparently those are the only pieces of information that one really needs to take money OUT of my account. Do I really want it floating around out there?
People have told me "look, that info is on every check that you've written, so what's the big deal?" but paranoid me thinks that perhaps I've just been dodging the bullet. :P
Risk migitating measures may include opening up a low-balance account just for ETF payments, or shifting more of my current checking account balance to my savings account. I don't know.
Thoughts? Comments? |
|
[ Reply ] |
|
Your bank probably covers you for fraud | by arachnid | 2005-12-19 10:52:44 |
|
Well, with credit card number | by Concept | 2005-12-19 10:58:18 |
|
Yes, but they generally go together | by Arachnid | 2005-12-19 11:43:57 |
|
*ANY* ACH request to a bank account | by classic_jon | 2005-12-19 11:56:44 |
|
You're vulnerable in a thousand ways. A utility | by bobmon | 2005-12-19 11:00:33 |
|
Thanks for the note | by Concept | 2005-12-19 11:03:39 |
|
Check and see if your bank offers | by P.Buttercup | 2005-12-19 11:01:35 |
|
Interesting option to look into. Thanks! (n/t) | by Concept | 2005-12-19 11:05:31 |
|
I have the bank pay all my bills | by Rattler | 2005-12-19 11:02:50 |
|
Good point, will look into that. (n/t) | by Concept | 2005-12-19 11:06:39 |
|
They need: | by McNutcase | 2005-12-19 11:02:53 |
|
Really? Wasn't the impression I got | by Concept | 2005-12-19 11:04:59 |
|
It depends on the source of the request. | by AndyA | 2005-12-19 11:25:13 |
|
Your checking account SHOULD be low-balance. | by esbita | 2005-12-19 11:04:16 |
|
Yeah, yeah, I know... :) | by Concept | 2005-12-19 11:08:55 |
|
My current setup... | by esbita | 2005-12-19 11:23:11 |
|
Seing as this is what my company does :) | by classic_jon | 2005-12-19 11:34:23 |
|
Good information, thanks! (n/t) | by Concept | 2005-12-19 11:41:34 |
|
After considering the input given, I think I'll go | by Concept | 2005-12-19 11:44:25 |
|
That is what I do to pay bills | by emlaabs | 2005-12-19 12:30:23 |
|
Merry Hannumas and Happy Kwanzika! (n/t) | by RetiQlum2 | 2005-12-19 12:55:56 |
|
Well that went into the wrong place. (n/t) | by RetiQlum2 | 2005-12-19 13:04:09 |
|
And I thought you were just being nice :P (n/t) | by bara | 2005-12-19 13:30:02 |
|
LOL, yes, but I did laugh at the utter non-sequitu | by Concept | 2005-12-19 16:45:44 |
