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Actually, you can't just take funds out. How would you do that, counterfeit a check and commit fraud by cashing it in? The bank ATMs/teller machines would rejec

Actually, you can't just take funds out. How would you do that, counterfeit a check and commit fraud by cashing it in? The bank ATMs/teller machines would reject that check and you'd find yourself in prison very quickly.

thaumasiotes 13y ago
You use the system backing check processing, ACH. Theoretically, this is similar to counterfeiting a check, except: - these are electronic requests, so there's nothing to distinguish "genuine" from "fraudulent" ones - you really do have all of the information that goes into an ACH payment Really, it's much more similar to forging a check than to counterfeiting one.
- aioprisan 13y ago
  What service allows you to specify a debit from an account that's not authorized, in hte US? No bank that I've even used provides that, nor does an online service or API without first authorizing a debit via ACH with the deposit confirmation.
  - tedunangst 13y ago
    deposit confirmation seems to have disappeared. I pay several of my bills (including rent, kind of a biggie) via direct withdrawal and never confirmed the account. Just went to a website one day, typed in some numbers, and clicked pay. (oh, I did have to mark the checkbox that says "I authorize this payment", but that doesn't seem like foolproof security to me.)
wiredfool 13y ago
Actually, you can. 1) ACH. Everyone has mentioned that already. I'd need routing and account number, and likely need to know if it's checking/savings or business/personal. Like they've said, everything that I can find on a check. You could contest it for ~ 60 days, but you'd have to sign something at the bank, and you're out the money till you do. 2) Drafts. They're like checks, but not. Some health clubs (Curves, iirc) do this as well as some other less reputable businesses. Basically, once you sign an authorization (that they keep on file, not like it gets passed to the bank or anything), they can print a check like thing and put some specific language in the signature block area, and deposit it. Typically, this is done in bulk. Often times, it's then immediately converted into an electronic equivalent check (Check21 law) and then deposited in one big file. Return rates on these are astronomical. Most banks won't touch them. They should die.

thaumasiotes 13y ago

You use the system backing check processing, ACH. Theoretically, this is similar to counterfeiting a check, except: - these are electronic requests, so there's nothing to distinguish "genuine" from "fraudulent" ones - you really do have all of the information that goes into an ACH payment Really, it's much more similar to forging a check than to counterfeiting one.

aioprisan 13y ago
What service allows you to specify a debit from an account that's not authorized, in hte US? No bank that I've even used provides that, nor does an online service or API without first authorizing a debit via ACH with the deposit confirmation.
- tedunangst 13y ago
  deposit confirmation seems to have disappeared. I pay several of my bills (including rent, kind of a biggie) via direct withdrawal and never confirmed the account. Just went to a website one day, typed in some numbers, and clicked pay. (oh, I did have to mark the checkbox that says "I authorize this payment", but that doesn't seem like foolproof security to me.)

wiredfool 13y ago

Actually, you can. 1) ACH. Everyone has mentioned that already. I'd need routing and account number, and likely need to know if it's checking/savings or business/personal. Like they've said, everything that I can find on a check. You could contest it for ~ 60 days, but you'd have to sign something at the bank, and you're out the money till you do. 2) Drafts. They're like checks, but not. Some health clubs (Curves, iirc) do this as well as some other less reputable businesses. Basically, once you sign an authorization (that they keep on file, not like it gets passed to the bank or anything), they can print a check like thing and put some specific language in the signature block area, and deposit it. Typically, this is done in bulk. Often times, it's then immediately converted into an electronic equivalent check (Check21 law) and then deposited in one big file. Return rates on these are astronomical. Most banks won't touch them. They should die.