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Is it possible for someone to transfer money out of my bank account if they have my account number and routing number? If this is possible, how do I defend myself from this type of fraud? These two pieces of information should be easy to obtain.

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There are protections using the ACH system. There have been numerous threads about it.

Thanks. I'll do a search on ACH system protections.

To link an ACH account, most banks require that you verify a pair of microdeposits to ensure you are the owner of the account.

However, it seems I can pay my credit card bill via ACH by simply entering any valid routing number and account number. If someone else tries to fraudulently pay their CC bill using my account info, the transfer would be promptly reversed---if I notice, and report it. Does seem there's a loophole here that should be fixed.

bank to bank transfers using routing number and account number doesnt work if the names are different. I tried to move money from my account to my moms and verified account using trial deposits, but my account got suspended becasue the account names were not the same. So that is 1 safety measure.

however, using the account info to pay for credit cards are totally different. There are no checks at all for it. You just need to check your account at least weekly to make sure people havent used it to pay CCs.

I've also run across accounts that wont let you withdraw to any account other than the account that ACH funds came from, for a period of 90 days... They won't even let you wire the funds. Some protection, but keep it in mind if you need to move money around.

AnimEva said: bank to bank transfers using routing number and account number doesnt work if the names are differentI do it all the time with no account suspensions. It depends on the bank.

redyouch said: There are protections using the ACH system. There have been numerous threads about it.Name matching is not an inherent protection with the ACH system.

Besides the account and routing number, the names on the account are also verified and checked. If someone got a hold of all three pieces of information, they could submit a payment request using your name and account information. This happens a lot with fraudulent CC payment transactions (name, account number, and expiration date).

xoneinax said: AnimEva said: bank to bank transfers using routing number and account number doesnt work if the names are differentI do it all the time with no account suspensions. It depends on the bank.As do I, with never so much as a peep about the discrepency. Although most of them I have done were pushes to accounts with different names, not withdrawals from them.

Agent9 said: Is it possible for someone to transfer money out of my bank account if they have my account number and routing number? If this is possible, how do I defend myself from this type of fraud? These two pieces of information should be easy to obtain.

Did you ask your bank, and what did they have to say?

Agent9 said: Is it possible for someone to transfer money out of my bank account if they have my account number and routing number? If this is possible, how do I defend myself from this type of fraud? You reconcile yoru account each month, and dispute any unauthorized transactions.

If you are not in the habit of checking your account frequently, sign up for online bill pay with the bank where you have most of your money. That way when you logon to pay bills, you can spot a discrepancy in the account transactions. But to answer your question, somebody could even make fake checks with that information and use them, and then say 'Catch me if you can...'

fedguy said: Besides the account and routing number, the names on the account are also verified and checked. If someone got a hold of all three pieces of information, they could submit a payment request using your name and account information. This happens a lot with fraudulent CC payment transactions (name, account number, and expiration date).

Conveniently, all three pieces of information are printed on a check. Although I agree with others that verification of the names depends on the bank.



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