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"Anyone with your routing number and account number, 2 numbers printed on every check, can ask your bank for all of your money and the bank will not confirm any
by tyingq 4y ago
"Anyone with your routing number and account number, 2 numbers printed on every check, can ask your bank for all of your money and the bank will not confirm anything with you"
Well, sort of. A very broad set of people can do ACH deposits into your account. A much smaller set of people (though still lots of them) can do ACH withdrawals.
Also, some banks offer a way to have a whitelist for entities allowed to do ACH debits/withdrawals. Chase calls it "ACH Debit Block" for business accounts.
- xd1936 4y agoHow is this decided?
- nickphx 4y agoThe same as any other banking product? Due diligence, know your customer laws, and incredibly high fees.
- tyingq 4y agoVaries by what company and service you're using. Here's what Chase says about adding the ability to ACH debit customer accounts to a business account: https://www.chase.com/business/online-banking/ach-collections https://www.chase.com/business/online-banking/ach-collection...
- PeterisP 4y agoThe bank decides arbitrarily but effectively since if you're a crook, they lose that money so they limit the ability to the degree that they trust you, and once their own money is on the line, banks weirdly become much more effective at restricting fraud. In essence, it's just equivalent to any other customer risk management by the bank, since allowing you a certain amount of ACH withdrawals is in some sense similar to credit risk.