<< <i>I just received a call from the bank manager. The question wasn't what happens with a bank wire. When we give wire instructions, we give a routing number and our account number. The question now is what happens if the person we gave that information uses that information for fraudulent purposes.
The answer ( drumroll please)
WE are liable. That's right from the horses head. They will "help us fill out papers to dispute it" but the bottom line is we , the customer are liable.
That's the position from Peninsula Bank Florida. >>
ACH (Automated Check Handling) transfers can be reverse up to 4 business days IF you catch it in time and file a fraud complaint on their FORM at the bank. I'm told that's why it takes x days for echecks to clear thru PayPal. I was also told that the same can be done with wire transfers.
No one said the bank would volunteer the money. Some will try to stick it to you and hope you are dumb enough to accept it. This is common with any business where they can avoid a liability. But it won't go to court cause they know the answer.
They may even claim it WAS your authorization and force you to prove it wasn't. They are full of tricks. Just don't accept thier BS.
If the bank takes money from your account and gives it to someone else without your authorization, aren't they guilty of embezzelment?
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
There is lots of speculation/opinion about who is liable for what. But the bottom line is, you don't want to be put in the position of trying to get your money back or figure out who is liable. If you ever have to hire a lawyer, you've already lost in my opinion.
So just keep a seperate account and don't give your main account to anyone you don't fully trust.
Mike is correct, your bank is full of crap. I know, because exactly the same thing happened to me after a burglary a few years ago. The slimeballs stole a checkbook and not only forged physical checks and cashed them, but also made purchases online using eChecks. I didn't lose a penny.
<< <i>If you give me your bank account number and routing number, I do not need to do a wire transfer which will require passing various levels of security. All I need to do is fire up Quicken and start printing checks. By the time you figure out that the checks were forged, your money is mine. >>
And, you give out all that information and more every time you write a check.
<< <i>Mike is correct, your bank is full of crap. I know, because exactly the same thing happened to me after a burglary a few years ago. The slimeballs stole a checkbook and not only forged physical checks and cashed them, but also made purchases online using eChecks. I didn't lose a penny.
<< <i>If you give me your bank account number and routing number, I do not need to do a wire transfer which will require passing various levels of security. All I need to do is fire up Quicken and start printing checks. By the time you figure out that the checks were forged, your money is mine. >>
And, you give out all that information and more every time you write a check.
Russ, NCNE >>
What would I know I've only been a banker since 1971 as well as my wife. Ooops wife has only been a banker since 84. She only knows more than me so it seems longer.
<< <i>I have spoken to my branch manager, the banks operations manager and NOBODY knows who is liable. I've been on the phone since 7:55 and have gotten nowhere. Simple question. IF someone uses the bank routing and account information on my check or from wire instructions, to send echecks, or for any other fraudulent action, who is liable? Nobody could ( or would ) answer the question. No idea. >>
I got similar unclear answers. The only thing they were clear on was that it was a good idea to open up a seperate account for wire transfers. Why don't you just open a new account this morning and move all the money to it leaving the old account for the wire transfer account? >>
<< <i>There is lots of speculation/opinion about who is liable for what. But the bottom line is, you don't want to be put in the position of trying to get your money back or figure out who is liable. If you ever have to hire a lawyer, you've already lost in my opinion.
Comments
That's mighty nice of them!
<< <i>I just received a call from the bank manager. The question wasn't what happens with a bank wire. When we give wire instructions, we give a routing number and our account number. The question now is what happens if the person we gave that information uses that information for fraudulent purposes.
The answer ( drumroll please)
WE are liable. That's right from the horses head. They will "help us fill out papers to dispute it" but the bottom line is we , the customer are liable.
That's the position from Peninsula Bank Florida. >>
ACH (Automated Check Handling) transfers can be reverse up to 4 business days IF you catch it in time and file a fraud complaint on their FORM at the bank.
I'm told that's why it takes x days for echecks to clear thru PayPal. I was also told that the same can be done with wire transfers.
They may even claim it WAS your authorization and force you to prove it wasn't. They are full of tricks. Just don't accept thier BS.
They suck is all I can say.
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
So just keep a seperate account and don't give your main account to anyone you don't fully trust.
--Jerry
<< <i>If you give me your bank account number and routing number, I do not need to do a wire transfer which will require
passing various levels of security. All I need to do is fire up Quicken and start printing checks. By the time you figure out that the checks were forged, your money is mine. >>
And, you give out all that information and more every time you write a check.
Russ, NCNE
<< <i>Mike is correct, your bank is full of crap. I know, because exactly the same thing happened to me after a burglary a few years ago. The slimeballs stole a checkbook and not only forged physical checks and cashed them, but also made purchases online using eChecks. I didn't lose a penny.
<< <i>If you give me your bank account number and routing number, I do not need to do a wire transfer which will require
passing various levels of security. All I need to do is fire up Quicken and start printing checks. By the time you figure out that the checks were forged, your money is mine. >>
And, you give out all that information and more every time you write a check.
Russ, NCNE >>
What would I know I've only been a banker since 1971 as well as my wife.
<< <i>
<< <i>I have spoken to my branch manager, the banks operations manager and NOBODY knows who is liable. I've been on the phone since 7:55 and have gotten nowhere. Simple question. IF someone uses the bank routing and account information on my check or from wire instructions, to send echecks, or for any other fraudulent action, who is liable? Nobody could ( or would ) answer the question. No idea.
I got similar unclear answers. The only thing they were clear on was that it was a good idea to open up a seperate account for wire transfers. Why don't you just open a new account this morning and move all the money to it leaving the old account for the wire transfer account? >>
Excellent advice
Even better to do so at a different bank.
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
<< <i>There is lots of speculation/opinion about who is liable for what. But the bottom line is, you don't want to be put in the position of trying to get your money back or figure out who is liable. If you ever have to hire a lawyer, you've already lost in my opinion.
--Jerry >>
You're on a roll!
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870