HopsGuy Posted July 1, 2008 Share Posted July 1, 2008 Automated Clearing House. Fancy way of saying wired. I'll pick a nit here. While to the user the differences are subtle, an ACH transfer is more like an electronic check, which is really why this thread came about. Because the checking account system has holes that allow for fraud, there can be problems like this. Remember the part in "To Catch A Thief" when Leo is using the routing numbers on the bottom of the check to steal? It's kinda like that, though much more sophisticated. At my old job I constantly had to explain that ACH transfers required a few days to 'clear' because they were not true wires and could theoretically 'bounce' (a few did). There are some good examples in this thread that show ways to mitigate any damage that could occur should you become a victim. In the traditional sense, a 'wire' is sent over the Federal Reserve system. When you wire funds, your bank will provide you with a "Federal Reference Number" for the wire. Our margin department were sticklers when it came to this stuff. A lot of thought goes into ways to steal. I've seen some brilliant instances of this. I shudder to think of the ones that don't get caught. Link to comment Share on other sites More sharing options...
BillsWatch Posted July 2, 2008 Share Posted July 2, 2008 American Express made two withdrawls from my account using an ACH. I never authorized it and I complained to my credit union. The person I spoke to over phone said they would investigate but there was nothing I could do about it and the person did not need any signature or any other verification. They asked if I wanted to file a fraud report and of course I said yes. Next time I went to credit union I told them I wanted to remove all funds from them. "Why?" I was asked. I told the person the situation and he was immediately on phone to someone at headquarters. It was blocked immediately and I was told the person who told me that transactions from a specific enitity could be wrong and the person on the phone was wrong. I got the money back but never got any compensation even minimal interest lost. BTW hackers are now cracking banks using Microsoft servers for ATMs now. Citibank banks have been hit for at least $2 million so watch your accounts. Link to comment Share on other sites More sharing options...
zow2 Posted July 9, 2008 Author Share Posted July 9, 2008 Just wanted to check back in and let you know that the bank replaced the money back into my account late yesterday. If you are a victim of an electronic crime (money illegally wired/ACH'd from your bank account)...it is the banks reponsibility to replace it. If you keep your large savings in a CD it's smart. Apparently, there is no routing number attached to a CD account so even if they have an account number, the criminals can't snatch it electronically. Link to comment Share on other sites More sharing options...
Beerball Posted July 9, 2008 Share Posted July 9, 2008 Just wanted to check back in and let you know that the bank replaced the money back into my account late yesterday. If you are a victim of an electronic crime (money illegally wired/ACH'd from your bank account)...it is the banks reponsibility to replace it. If you keep your large savings in a CD it's smart. Apparently, there is no routing number attached to a CD account so even if they have an account number, the criminals can't snatch it electronically. Glad you are back to even. Link to comment Share on other sites More sharing options...
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