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The American personal banking experience feels so shady and insecure. Afaict companies often have the ability to pull money out of my bank account or credit car
by klabb3 5y ago
The American personal banking experience feels so shady and insecure. Afaict companies often have the ability to pull money out of my bank account or credit card, that's just the way subscriptions work here. I just have to trust they don't abuse it.
In my home country we've had a national system for electronic invoices for ~10 years which allows you to receive invoices to your bank account. You can remove any such entry at any point in time. You also see all scheduled payments ahead of time and need to sign them before the due date, using a 2fa system that isn't tied to the bank itself. It's not perfect, and even feels a little aged today, but it's so much better than here in the US.
- prashantsengar 5y agoSame here in my country. It feels so weird that the service provider has the ability to just charge a card in the US if you enter the three things printed on the card. That would cause a lot of frauds if it happened here. Fortunately, the central bank has strict regulations here and we need to authorize a payment by using a password or an OTP.
- kube-system 5y agoRather than having strict regulations to require password or OTP, the US has strict regulations that require banks to reimburse consumers for any credit card fraud. I’ve had it happen a couple of times. It’s a minor inconvenience to switch over any subscriptions to a new card, but it has never cost me a penny.
- viscountchocula 5y agoIt causes a lot of fraud in the US, too!