ACH Security

"Mr.Jan" wrote in news:03c7d814-1d74-43ad-990f- snipped-for-privacy@m17g2000yqm.googlegroups.com:

It's called trust. Either you trust the payee or you don't. For instance, I keep an eagle eye on Verizon, because I don't really trust them, after repeated problems with their billing. And I recall my permission when they violate my trust until they correct their overbilling.

Here's what I do, but I welcome additional advice:

(1) Don't use ACH if a CC is acceptable (2) Don't write a check if a CC is acceptable (3) Use debit card only at bank ATMs - set daily withdrawal limit at a minimum (4) Keep checking account balance at a minimum practical balance (5) Decline overdraft protection (6) Keep checking/savings and CC accounts at separate banks (7) Keep a fraud alert on my checking account

I use ACH only to pay my CC balances, the IRS and one company that charges a fee to bill to a CC. I manually authorize each ACH transaction and the payment amount. I allow automatic charges only to my CC accounts.

I grudgingly write checks only when necessary and never leave any outgoing checks in my mailbox.

Jerry

Here's on of mine - don't use a ACH withdrawal if the amount is variable. I don't trust the systems going haywire and deducting a huge amount, or even a billing error. I wish I didn't use them, but I do for a few "stable" deductions, like auto insurance monthly payments and I have a regular (small) payment for my credit card to cover the monthly minimum set as well so I never get slapped with a non-payment fee.

"Andrew" wrote in news:4dfca1c2$0$9086$ snipped-for-privacy@cv.net:

I sure hope I am right in considering that overly cautious. Here's what I do. I have many authorized pull transactions. Let's say, my Costco/American Express charge card. When the statement becomes available, I reconcile it. Then I issue a "handwritten check" for the amount due on the payment date. As that day approaches, I make sure there is sufficient money in my bank account to cover (I also have averdraft protection). Come the day of reckoning, so to speak, I monitor what is happening, and if it isn't what I expect, I'll be on the phone in a flash. Happened a couple of months ago, when Chase did NOT pull the money. Turned out that in contrast to Citibank (IIRC) Chase counts a return as a payment, and I didn't owe because returns exceeded payment due (don't ask particulars). Problem solved.

Since you've given your vendor permission to dip into your account, there's very little you can do from a security perspective. The interface is between your vendor and the vendor's bank.

Han wrote: :: "Andrew" wrote in :: news:4dfca1c2$0$9086$ snipped-for-privacy@cv.net: :: ::: Here's on of mine - don't use a ACH withdrawal if the amount is ::: variable. I don't trust the systems going haywire and deducting a ::: huge amount, or even a billing error. I wish I didn't use them, ::: but I do for a few "stable" deductions, like auto insurance monthly ::: payments and I have a regular (small) payment for my credit card to ::: cover the monthly minimum set as well so I never get slapped with a ::: non-payment fee. :: :: I sure hope I am right in considering that overly cautious. Here's :: what I do. I have many authorized pull transactions. Let's say, my :: Costco/American Express charge card. When the statement becomes :: available, I reconcile it. Then I issue a "handwritten check" for :: the amount due on the payment date. As that day approaches, I make :: sure there is sufficient money in my bank account to cover (I also :: have averdraft protection). Come the day of reckoning, so to speak, :: I monitor what is happening, and if it isn't what I expect, I'll be :: on the phone in a flash. Happened a couple of months ago, when :: Chase did NOT pull the money. Turned out that in contrast to :: Citibank (IIRC) Chase counts a return as a payment, and I didn't owe :: because returns exceeded payment due (don't ask particulars). :: Problem solved. :: :: -- :: Best regards :: Han :: email address is invalid

re/'I sure hope I am right in considering that overly cautious.". Han., you're probably correct! I am probably being overly paranoid. But I've read a few horror stories, so I prefer not to deal with that - although I am sure this can happen no matter if they are 'stable' payments anyway.

"Andrew" wrote in news:4dfe03bd$0$28685$ snipped-for-privacy@cv.net:

Life is a set of compromises . Hope your day is going well :-)