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I believe the main mitigation is the settlement time and reversibility. You have appx t+2 days to notice the issue and report it.
by throwaway1777 4y ago
I believe the main mitigation is the settlement time and reversibility. You have appx t+2 days to notice the issue and report it.
- gernb 4y agoI don't get any notices from my bank so I certainly would not notice with in 2 days that someone took my money.
- Turing_Machine 4y agoIt's 60 days (or 2 days, if you are a business) from the date you receive the statement with the fraudulent transaction, not from the date the transaction occurs. Within that time, the bank(s) are required to reverse the transaction, no questions asked. I believe you can even get your money back at a later time, but if you don't make the deadline there are more hoops to jump through.
- wiredfool 4y agoI'm pretty sure that it's 60 days from origination (+ a few days for potential holidays and weekends, like if it hits on the 23rd of December as a Saturday and the 24th and 25th are holidays), but it's been a few years and I don't have my NACHA books any more. But that's certainly not hard and fast, I think I've seen roughly twice that time frame for extraordinary cases.
- Turing_Machine 4y agoStripe's FAQ says that it's 60 days from when you receive the statement. https://stripe.com/legal/ACH https://stripe.com/legal/ACH
- wiredfool 4y agoThey do, but they also don't mention dishonored returns. My source was the NACHA rules, which I was coding to at the time. Point stands though, it's a long time.
- throwaway1777 4y agoAlso every account needs KYC so the authorities will know who you are if you try to steal money this way.
- esotericimpl 4y ago
- wiredfool 4y agoFor consumer accounts, it's 60 days.
- snotrockets 4y agoNot 2, at least 60 days. The reason you are seeing those funds debuted after 2 days is that your bank decides to hold the credit risk after a couple of days.