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Thank you for explaining it, you did a great job at helping me understand what happened. The whole process seems way too convoluted for something as serious as
by apacheCamel 7y ago
Thank you for explaining it, you did a great job at helping me understand what happened. The whole process seems way too convoluted for something as serious as paychecks. It really relies on everybody acting in good-faith and in the proper fashion. By Cachet working Step 2 before Step 1 and possibly assuming Step 1 was going to happen, they already were too far gone and only made the situation worse for them and a bunch of employees.
- lotsofpulp 7y agoThe whole idea of ACH transfers and giving everyone write access to everyone's account in this day and age is crazy to me. There should not be a way for money to leave an account without the account owner's explicit permission.
- privateSFacct 7y agoWe insisted that our bank provide positive pay for ACH. If you are a business you should consider this if you hold large balances. It works very well. Only authorized ACH entities up to authorized limits can debit (or I can set it to notify and someone has to approve each one).
- londons_explore 7y agoThere are lots of multi-day delays in the ACH system. It's common to pay money out of an account on the expectation that a matching amount of money will be paid in the same night.