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"any org can initiate an ACH transaction from your account without you approving the transaction first" When I went to the US to clean up my mother's affairs,
by bradley13 3y ago
"any org can initiate an ACH transaction from your account without you approving the transaction first"
When I went to the US to clean up my mother's affairs, I found this shocking. Companies saying "oh, we'll just take XXX out of her account". Um, like hell. I closed out her accounts immediately.
Writing checks to settle legitimate claims was like a trip back into history. In Europe, everything goes electronically with zero or minimal fees. No one can just suck money out of your account.
I can only assume the US banks are earning good money keeping such a horrible system alive?
- JumpCrisscross 3y agoYou can turn off ACH at some banks. (You can also reverse fraudulent ACH transfers more easily than Fedwires.)
- bradley13 3y agoMaybe, but what is fraudulent? If a company claims you owe them money, you claim you don't, but they suck money out of your account? That should not be possible.
- JumpCrisscross 3y ago> what is fraudulent? In my experience, the bank sides with whoever claims fraud.