4 ms·
1) What is more secure - Venmo behind face ID on an apple phone or a checking account that literally anyone who has the numbers (which you give when you write a
by privateSFacct 8y ago
1) What is more secure - Venmo behind face ID on an apple phone or a checking account that literally anyone who has the numbers (which you give when you write a check) can take money out of, either by creating a versa check or doing an ACH debit so all your money disappears? You are a poor person - are you in a good position to see dispute resolution through?
2) Garnishment orders - can the state or other collectors garnish the checking account - so all your money disappears?
3) Will the bank allow the account to go negative, charging major fees, then blacklisting you with checksystems?
4) How controllable is saving money in these accounts? Some folks "save" money by not cashing their checks, then going to a check cashing place when they need the money.
Is it possible that a few % of population have medical debt, tax debt or other support orders that make using a normal checking account difficult? Past experience with fraud or being ripped off in a checking account?
- RhysU 8y ago> What is more secure - Venmo behind face ID on an apple phone... Anything broadcasting transactions, by default, with no way to turn off egregious abuses strikes me as a personal security risk. See https://www.google.com/amp/s/www.wsj.com/amp/articles/whats-wrong-with-your-venmo-account-and-how-to-fix-it-1543932128 https://www.google.com/amp/s/www.wsj.com/amp/articles/whats-...
- mcv 8y ago1) Why would you allow other people to take money out of your account? Modern checking accounts require two-factor authentication. (And who even uses checks these days?) 2) Not without a court order I would hope. 3) Depends on what you choose and what the bank will allow. It's safer not to. 4) I'm still puzzled over the relevance of checks. I admit, every time I discuss such financial issues with Americans, I keep being surprised by how medieval American banking still is. Isn't there a market for modern banks over there?