Quote:
Originally Posted by bushpilot
#90-GTSC... these days there no freekin' way im linking any cards to a checking or bank account of any kind.
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My career was home mortgages and banking. Eight of the last ten years of my working life was spent in the Operation Risk department of the 22nd largest bank in the country with $65 billion in assets. The size of the bank and my responsibilities exposed me to the operational aspects, the risk checks and balances, and the compromises associated with the bank's products.
Two of these products were credit/debit cards and Automated Clearing House (ACH) transactions.
We experienced MANY more security breaches and compromised accounts with credit and debit cards than we ever experienced with the ACH system. Credit/debit breaches ranged from a lone wolf putting a scanner on the pump at the filling station or ATM to employees at a restaurant copying your card information when they took the card "in back" for processing to massive breaches resulting from compromised card processors.
I eventually came to the conclusion that it isn't a matter of "if" any of the bank's cards were going to get compromised the issue was "when".
In my fairly knowledgeable opinion, the ACH transactions are much safer. The ACH system is a "closed" system. Both the sender and receiver of the transactions must be qualified and meet various underwriting criteria by the banks handling both ends of the transaction. The rules regarding chargebacks for inappropriate or improper charges are pretty liberal and are in favor of the customer who had the money taken out of their account.
If you're against giving someone your account information to allow the ACH transaction to occur, then you shouldn't be writing a check to anyone. All the information that's needed to initiate a transaction from you checking account is right on the front of your check. Bank Routing Number and account number.