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> NEVER EVER give access to your bank account to ANYONE. The thing is, that’s the only way to do direct deposit. It makes me uncomfortable too, but that’s been
by commandlinefan 5y ago
> NEVER EVER give access to your bank account to ANYONE.
The thing is, that’s the only way to do direct deposit. It makes me uncomfortable too, but that’s been the standard for decades.
- nojito 5y agoYou should be funneling income into a separate account and moving it elsewhere after.
- ChrisMarshallNY 5y agoI have a friend that is extremely wealthy. He can pretty much buy whatever he wants. He does this all the time. He has a "cannon fodder" bank account that gets just enough for the expected payments.
- 41b696ef1113 5y agoI do this as well. This reminds me to look into a long standing request of mine. I want Chase to give me an account that has no external bank access allowed. Money can only be moved into/out of it from the other Chase account under my ownership. My immediate look a few years ago did not reveal any built in way to make this possible.
- chrisseaton 5y agoTo allow someone a direct deposit they should only need your name and bank account numbers. You shouldn't be giving them access with things like your password.
- gruez 5y agoGiving them your name/account number is all that's needed for someone to withdraw from your account. That's how gyms work. They just require your account number and/or a void check (which has your account number). They don't need you to sign into your bank account.
- chrisseaton 5y agoI don't think any responsible bank would let you withdraw using just an account number. What kind of security would that be? My bank certainly doesn't - allowing a debit requires me to authorise via 2FA - they obviously can't just take money.
- gruez 5y ago>I don't think any responsible bank would let you withdraw using just an account number What do you think a check is? It's a piece of paper with your account number, who to pay, and how much. There's a signature field, but it's not checked too closely (I don't think my bank even asked for a signature sample when opening my account) and signatures are trivial to forge.
- chrisseaton 5y ago> What do you think a check is? My bank doesn't give me a cheque book any more - haven't see a person use a cheque in about a decade. I can't believe they'd let someone cash a random cheque with no authorisation.
- kylebyproxy 5y agoJust guessing by "cheque", are you outside the US? The checking system & ACH might be more of a US-centric phenomenon. It's been busted forever, but it's just how we do things around here.
- CRConrad 5y ago> It's been busted forever, but it's just how we do things around here. Which is why the rest of the developed world wonders: So why don't you stop that and catch up to, say, the 1990s?
- easton 5y agoI do that when people send me money for birthdays once a year. Stick the check in the atm, i get money and the person wasn’t asked.
- midasuni 5y agoI assume checks in the USA have the equivalent of sort code and account number printed on them (as well as name of the account holder) like they used to in the U.K.?
- kube-system 5y agoChecks in the US have two numbers; the number that identifies the bank, and the account number. That’s all you need to transfer money between bank accounts in the US.