WTF someone used my checking account to pay their verizon wireless bill online

[mzkhadir]

here is the thing, the name and address must match your routing and account number for the charge to happen.

 

[Linflas]

If they have a check they have everything they need to clean out your account. Unlike the past when all you had to do was prove that the signature on the checks did not match your signature it is now up to you to fight to prove that you did not authorize the payments. Something will eventually have to be done to make this process more secure and accountable but I doubt it will come about until 60 Minutes or something similar digs up some grannies that have had their entire accounts cleaned out this way.

 

[EvilPaper]

Originally posted by: virtualgames0
Why is there no extra security/verfication as there is with credit cards to prevent these stupid typos?

There is. However, it's the merchants responsibility, just like with a credit card. And just like with a credit card, it costs the merchant if they don't take those steps. Most merchants use a payment processor that uses a basic address validation service, which only ensures that the address is real, not that it is tied to a specific person or account.

You, the consumer, has protection from unauthorized electronic transactions as long as you notify your financial institution with 60 days. If you really want to know a lot about the laws regarding ACH Debit transactions, you can look up Regulation E (should be in the packet of stuff they gave you when you opened your account), but its probably a lot more than anyone really cares to know.

 

[yhelothar]

Thanks for all of the info.

 

[spacejamz]

Originally posted by: mzkhadir
here is the thing, the name and address must match your routing and account number for the charge to happen.

just like what happened to the OP then?

 

[tfinch2]

owned