I think what you really want to change is your checking account number, that's the one they have all the information for.

Scottrade account comes with a password, which wasn't mentioned most likely because it is stored on a scottrade system, not the third party.

I have been pretty happy with Scottrade ...I don't like the fact that they don't offer ach transfers.

They also don't offer a nice way to offer suggestions for improving their service like a forum, etc....

This latest news is very unsettling and I am going to contact them tommorrow about what the situation is.

Maybe its time to start looking into other brokers....FirstTrade was suggested...Who else is there? ACH transfers would be very nice...Low <= 7.00/trade would be nice...as well as no maintenance fees....

One more thing I am looking at....I really like Medved Quotetracker...I have been using it for as long as its been out and am impressed with its features..I am going to look for brokers who offer this tool as their main quote and trading tool..On the medved page they feature all their feeds as well as brokers who offer their tool. I recommend FW's checking it out and offering their opinion on this.

If a fruadulent ACH takes place, who eats the cost ?

Me, or the bank ?

And a second question: is a bank routing number, customer name, and account number all that is required to process an ACH pull ? Or is a password involved somewhere ?

For those of us with scottrade accounts but who have not signed up for the eCheck service, does this mean we are unaffected by this?

Got my letter on Friday. Put fraud alert on my credit history. Can it hurt my credit history?
Will call my bank and Scottrade tomorrow.

What a fuc*&^g pain in the a%$!

For those of you who have the 'How can you blame ScottTrade for a mistake by a 3rd party?' mentality, are you nuts?

As a ScottTrade customer you have have no relationship with Troy Group. Your contract is with ST and it's their responsibility to protect your information, period. If they choose to use a 3rd party vendor, it's their responsibility to make sure that they protect the information to the same level of diligence and their responsibility to deal with any problems that arise.

Just a few similar examples... you buy a new Toyota. After 6 months, the front seat falls apart. The seat was made by Lear. So, who do you complain to... Toyota or Lear?

You buy a new Dell laptop... after 2 weeks the hard drive dies. Who do you complain to... Dell or Hitachi?

You send a package with the US Postal Service. It doesn't arrive. Who do you complain to... the USPS or the private long haul trucker contracted with to haul the mail cross-country?

Good luck to all who were impacted (from a Power e*trade customer)!

Since ACH can only be initiated by a bank, the bank is still responsible if you keep monitoring

the csr i spoke with at my bank was very clear about this. she said that if someone were to act on that information by forging a check or initiating an ach transfer then i'd be basically SOL. it's not covered by Visa protection, she did not mention fdic. she said that i would have to report it to the fbi/police and hope they apprehend the person.

the first thing that i did was disable ACH's and wire transfers out of my account. this will prevent your friendly neighborhood nigerian from pulling money out via a fraudulent electronic transaction.

the next thing i will do is to close and reopen my account to get a new account number. I could not do this quick enough due to having to wait for some items to settle. this will prevent the scammers from ordering up checks with my information on them.

as an added precaution i changed all my passwords and will get new account #'s at scottrade.

Folks, this is bad. scottrade as a financial institution is responsible to safeguard my data. a third party company should pass a security audit by them.

furthermore, it is inexcusable that scottrade took more than a month to notify us of this breech.

finally, scottrade should purchase a year of credit protection for everyone affected. i'm spooked enough that if they don't i will pay for it. Has anyone had any luck in asking scottrade to pony up the bucks? I could friday evening just for the heck of it and the individual's voicemail box was full. Go figure.

piss, piss poor.

SegaRob said:For those of us with Scottrade accounts but who have not signed up for the eCheck service, does this mean we are unaffected by this? Yes, you are unaffected, Scottrade was not hacked, Troy group was, I received my letter on Sat. at the bottom where they give suggestions on what to do, they don't include change your bank account #, but they do suggest changing Scottrade account #, odd.

sathishk1973 said:can anyone tell me how to put fraud alert on the credit report?

Check this link. Call one of the credit agencies.

Scottrade Security

Closing a checking account is easy --

Making sure checks and ACH pulls do not bounce will be a PITA.