3 ms·
The checking system is so much worse. The only parameters needed to make an ACH payment are a name, a routing number, and the account number -- all of which are
by duskwuff 4y ago
The checking system is so much worse. The only parameters needed to make an ACH payment are a name, a routing number, and the account number -- all of which are printed on every check. There is very little fraud protection, and it is difficult for an account holder to dispute an incorrect or fraudulent transfer.
- tremon 4y agoThere is very little fraud protection, and it is difficult for an account holder to dispute an incorrect or fraudulent transfer. I see a cause and effect here. Make it easier (by law) for the account holder to dispute a transfer, and I'm sure the banks will suddenly spend more effort on fraud prevention.