"I'm going to spend a lot of time on Social Security. I enjoy it. I enjoy taking on the issue. I guess, it's the Mother in me."—Guess Who? Washington D.C., April 14, 2005
posted on May 23, 2005 10:17:02 PM new
Tom...How many threads have been started in this forum in the last year concerning wire transfers and interbank transfers? And how many posters have jumped in to immediately claim it was safe to let a stranger in a foreign country know your routing number and checking account number? I may be wrong and these experts may be right, but I won't give that info over the internet. There are a lot of 12 year old babysitters out there waiting to rip you off.
A $75.00 solid state device will always blow first to protect a 25 cent fuse ~ Murphy's Law
posted on May 24, 2005 12:21:13 AM new
I had this problem with an organization in the Oakland area submitting such checks on my checking account. The Educational Employees Credit Union, here in Fresno, refused to assist me with an affidavit of fraud. Unfortunately, the Fresno Police Department was not interested without the bank's assistance.
BTW, we have a nice new train depot in Fresno. The taxpayers that paid for it can't use it, though. While Alan Autry argues with Amtrak over almost a million $ worth of plan change expenses, the depot stays locked. Thank God we didn't give them BIG plans, like light rail.
posted on May 24, 2005 10:35:15 AM new
had a zero feedback "buyer" in South Africa ask - twice - for my "banking details" to "complete the transaction," about a week ago. yeah, right...had to tell him twice that i was NOT sending him my "banking details", ever. claimed he couldn't use BidPay, PayPal, etc., etc. filed for FVF, can get them tomorrow. first time anyone ever asked for my "banking details." kinda creepy.
posted on May 24, 2005 04:04:34 PM new"One of the weaknesses in U.S. payment systems is how easy it is to create bogus checks and deposit them at a bank," said Michael Herd, a spokesman for NACHA/The Electronics Payments Association, which sets rules for electronic bank transfers.
There you have it.
So US banks are different that those in other OECD countries in that they still don't have adequate security in place to prevent banking fraud even in the new 21st Century Act legislation. Other countries that still use checks, allow money out of your bank account on presentation of a valid check (or cheque) signed in ink by the account holder(s), usually with 180 days recourse on funds depending on country. Other ways of withdrawing funds include direct debit, IBAN, BACS, electronic transfers, etc. but all with high security and usually dual-stage account holder verification.
