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Electronic Funds Transfers -- good, bad, ugly?	by Concept	2005-12-19 10:49:52
Seing as this is what my company does :)	by classic_jon	2005-12-19 11:34:23
To be blunt EFT's are as safe as the people that are doing them are honest. The main points where you are at risk are the people that handle the paperwork to sign up for said EFT/ACH and how secure the server with the information on it is. Yes you are taking a risk but IMO it is less than with a check because the ACH network that the payments are transferred on is very automated and there are very few people with access to them which minimizes the risk. This is unlike when you send in a check to a lockbox provider to be processed and someone can write down the routing and acct #'s on any Check that comes through...each time you send a check I would recommend using a Credit Card or bank account that is specifically for paying bills to protect your actual bank account and have the bank note the account as to what it is for and what companies are allowed to take funds out of it. Many banks will "lock" accounts to where only specific companies can make ACH debits from them. It mitigates their risk and yours as well so they are normally happy to do so. Do NOT use your normal bank account if at all possible because no matter what the protections are that they put on it for overdraft and fraud if it happens on a friday night you may be stuck with your account locked down until late monday since the ACH network really doesent function (much) except on mormal business days and they will have to research what is happening before they can do anything. Happened to me with a debit card...sucks to be trying to go out of town and have your bank account locked and only have $30.00 to your name until monday...
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Good information, thanks! (n/t)	by Concept	2005-12-19 11:41:34

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