Pay bills ; Keep using checks or go to online ???

[flatfinger]

We have been paying the bills the old fashioned way and recently some schmuck was able to open the online part of our account and started doing " quick pays " in an attempt to drain all the assets out of the account .

 

The bank who allowed this shall remain nameless , and , suffice to say , will soon be past history . ( a stolen ATM card would only yeild $300 a day max , and these were much bigger numbers in a 24 hour period !!! All done as soon as the online part was switched on ; all without a peep from the bank !!! I caught it myself !!))

 

 

 

 

 

So the question is this ;

 

The local banker was pimping for the online banking and said that checks are everybit as vunerable....... And that accounts that don't ever have the online part activated are only hackable since no password has been set up (Personally I think the banks are angling to have customers do it all without them ever having to hear from you !!! And they also don't have to handle and clear the checks when it's all Electronic...........................

So that is why it happened ; they made it too easy to activate cause that's the way they want you to do it !!)

 

what do you think ??? Why would checks be as susceptible to fraud ???

 

 

Any advice to keep things more secure are most welcome !!!

 

 

:cop::cop:

[blue2blue]

We have been paying the bills the old fashioned way and recently some schmuck was able to open the online part of our account and started doing " quick pays " in an attempt to drain all the assets out of the account . The bank who allowed this shall remain nameless , and , suffice to say , will soon be past history . ( a stolen ATM card would only yeild $300 a day max , and these were much bigger numbers in a 24 hour period !!! All done as soon as the online part was switched on ; all without a peep from the bank !!! I caught it myself !!)) So the question is this ; The local banker was pimping for the online banking and said that checks are everybit as vunerable....... And that accounts that don't ever have the online part activated are only hackable since no password has been set up (Personally I think the banks are angling to have customers do it all without them ever having to hear from you !!! So that is why it happened ; they made it too easy to activate cause that's the way they want you to do it !!) what do you think ??? Why would checks be as susceptible to fraud ??? Any advice to keep things more secure are most welcome !!! :cop: :cop:

Well -- clearly -- judging from your story as you recount it, the bank's security seems extremely weak. That said, we don't know what personal info the bad guys needed to set up that online access to your account but it's probably worth reminding ourselves that many institutions treat your social security number and your mother's maiden name as though they were simultaneously proof positive that someone knowing them is you -- but they also throw them around like candy.

 

(Hell, even though it was against federal law, my old uni used personal social security numbers as generic student IDs -- and they kept on doing it for well after a decade that it was pointed out to them that that was illegal and a grave personal identity security issue. They finally cleaned that up some years ago but it was totally infuriating. They claimed the system was just 'too big' to change. I say they should have figured the Cal State system was too big to get it wrong -- and illegal at that. But you couldn't tell the Reagan appointed regents anything, they ran that place like it was their personal fiefdom.)

 

 

With regard to paper checks -- you bet they're extremely vulnerable.

 

My mom -- who does not do online bill paying or banking -- has had checks stolen and subsequently copied/forged in several fashions on two occasions. In one case they used all the routing numbers, etc, but fabricated an identity to imprint on them. In the other, they just used her name. Both times, big hassle.

 

 

FWIW, I use my bank's online bill payment and online banking and have for years. I love it. (And, for much of the 90s, I used the old CheckFree system -- but it got hosed up pretty good over time. I think it was while they were owned by AT&T. When I had an important payment take the better part of two weeks to get to payee, I cut 'em loose. I assume that one of the big outfits through whose hands they passed finally put 'em in the ground.

[Ernest Buckley]

Damn!

 

We`ve been doing the bills here now a little over a year mostly via Internet. Some bills are still payed via check/postage but I can see it all going online in another 2-3 years. Just easier at the end of the day.

 

FWIW, we`ve been using HSBC and Chase and knock on wood... have had no problems. However, my Mastercard has been tampered with 2 times in the last 5 years.

 

Welcome to the Digital Evolution.

[Johnny-Boy]

I have one of my accounts online also. Though I don't pay bills from that account. The security is as follows: 1. User Name 2. Password (only accessed if a certain picture is present) 3. Access from any other computer must answer two security questions 4. Bank notifies me immediately if access fails when attempted through another computer 5. I have only three access attempts (failures) from my computer, then I must contact the bank and change all security (it happened once when I screwed-up my password three times in a row).

 

Anyway, with that kind of security, I think it's fairly safe.

 

Was your security similar to mine?

 

Yeah, a scary age we're living in.

 

John

[blue2blue]

It's always a scary age.

[Johnny-Boy]

It's always a scary age.

 

Yep, life is a scary proposition. Of course death isn't much better.

 

John

[Ernest Buckley]

Yep, life is a scary proposition. Of course death isn't much better. John

 

Well, when you`re dead, you don`t have to worry about paying bills so its got something going for it.

 

I lease two Hondas and every month I get a letter from them suggesting I use their online payment instead, you know... to save a tree. However, when I go to their site, it just doesn`t look right so I send my payments in with a check.

[flatfinger]

It's is quite disconcerting to be wondering how in hell it happened , but the person I'm working with mentioned it was a new program that had just started . I have been with this bank for ten years , but it was one of the one that went Bye Bye with last years near meltdown .

The bigger bank ( the one whos name is on the building now ) Probably got shot gunned weddinged into taking over and picking up the pieces so they are implementing there ways into the system .

( I caught this by listening to the recordings of the telephone system , where I check to see that things ( checks ) are clearing in a timley manner .

 

 

 

As far as paper checks , Indeed it becomes messy if some one gets physical possesion of them , but I was refering to what someone can do if they only have the account and routing numbers and nothing else .( cause lots of folks in payment processing centers , for instance , could get those .)

 

 

At this point I'm leaning twoards going electronic because that way I can monitor it EVERYDAY !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

[veracohr]

I don't use checks for anything if I can help it. In the past few years, the only thing I've used checks for is paying my mom for a car I bought from her, and paying some court fees. All my usual bills I do online.

[rasputin1963]

Interesting that this question should come up; the bank officer at my bank just today told me that I should stop writing checks for all my routine bills and start using their QuickPay autodebit/autocheck program.

 

Why aren't I seduced by it? It seems like a good deal. But some part of me doesn't like just how easy it is.

 

I feel like a Vietnamese immigrant who totally distrusts banks... and who keeps sheafs of cash in their mattress.

[blue2blue]

Yep, life is a scary proposition. Of course death isn't much better. John

I'm thinking that if we're lucky, there won't be as many responsibilities.

[cooterbrown]

 

Interesting that this question should come up; the bank officer at my bank just today told me that I should stop writing checks for all my routine bills and start using their QuickPay autodebit/autocheck program. Why aren't I seduced by it? It seems like a good deal. But some part of me doesn't like just how easy it is. I feel like a Vietnamese immigrant who totally distrusts banks... and who keeps sheafs of cash in their mattress.

 

 

What's your address, again?

[rasputin1963]

I'm thinking that if we're lucky, there won't be as many responsibilities.

 

 

 

Maharishi Mahesh Yogi: "Suicide is not a way out, because your physical death does not relieve you of your Karmic debts."

 

:eek::eek:

 

 

Yeesh, think about THAT one for a mo'.....

[rasputin1963]

What's your address, again?

 

 

You'll meet my friends Mr. Smith and Mr. Wesson...

[rasputin1963]

It's always a scary age.

 

 

Probably true.

 

A scholar who specializes in the study of human intelligence says that the distribution of IQ across society is exactly the same today as it was 1000 years ago. This flies in the face of the naive assumption that somehow "we're all getting smarter" due to technological innovations, etc... :eek:

[rasputin1963]

But back to Auto Bill Pay:

 

I asked the bank officer today if there was any fee for the auto payment of bills. No, she said.

 

Now this seems dodgy to me somehow.... so what's the payoff for the Bank to perform this service? And there HAS to be a payoff for them (somewhere).

 

Is it that they derive marketing intelligence (which they can sell to other entities) about where your money is routinely going?

[rjt]

My understanding is that there is far more identity theft from snail mail than over the internet. That may be an untrue factoid, but I have read/heard that from numerous sources. Regarding the OP, I use exclusively internet bill pay and have (totally) for about 3 years (and partially for several more.) One nice feature (aside from saving stamps and money on checks) is that you tell them (at least my account) when you want it delivered and it is there on time....so the money stays in your account longer. Also, a credit card was ripped off last year (bank caught it) so I lowered my limits to be notified via e-mail of a transaction. You can be notified of transactions of as low as $25...... so not much happens in my accounts without my knowledge. It is very easy for me to keep track of my online accounts. I also use a home version of Quicken to track my (measly cash resources and) bills. So cross checking is easy. I must say, since I got Quicken I know how much money I have to the penny..... which was never true for the first 30 years of my bill tracking life. Sorry to hear you got ripped off.... as I said, someone stole a credit card number (interestingly it was my travel card and I had used it in Spain) and was making small purchases in Miami..... credit card company caught it. I did not owe them anything..... but now I read the transaction alerts. Take care

[Beck]

I do a lot of electronic payment, but I don't like it automated. I always initiate payments via phone or web. I haven't written a paper check in a long time. Debit card is usually what I use these days... and I balance my account online.

 

I did have some funds withdrawn without my permission one time from some bogus organization when I had a joint account at another bank, but the bank covered it once I caught it. Now that I'm on my own it's a lot easier to notice stuff like that.

 

What I don

[coyote-1]

A strong password helps enormously. Upper/lowercase, numbers, special characters such as ? ? ?, etc.

 

Once you do that, online banking with a good bank is a great tool. As one example, I'v not had a credit card late fee in years. Because I schedule $100 per month to go to that card. I make up the difference manually, but it at least avoids late fees in case I forget.

 

Likewise I've averaged all my utility bills over the years, and automatically pay out that average. All my util accounts carry a positive balance of @ fifty bucks. All other monthly bills (car, etc) are of course automated. I never have to look at them, and they get paid. How cool is that?

 

 

 

 

I do a lot of electronic payment, but I don't like it automated. I always initiate payments via phone or web. I haven't written a paper check in a long time. Debit card is usually what I use these days... and I balance my account online.   I did have some funds withdrawn without my permission one time from some bogus organization when I had a joint account at another bank, but the bank covered it once I caught it. Now that I'm on my own it's a lot easier to notice stuff like that.   What I don

[Coaster]

 

But back to Auto Bill Pay: I asked the bank officer today if there was any fee for the auto payment of bills. No, she said. Now this seems dodgy to me somehow.... so what's the payoff for the Bank to perform this service? And there HAS to be a payoff for them (somewhere). Is it that they derive marketing intelligence (which they can sell to other entities) about where your money is routinely going?

 

 

cashless society. its real, its scary, its mind blowingly awful. look into it.

 

ever use the thumb scanner at the grocery store? i refuse. its training you to submit to cashless society.

 

i use cash a lot and it pisses me off when the teller gives attitude that now they have to make change. tough {censored}.

[veracohr]

 

ever use the thumb scanner at the grocery store? i refuse. its training you to submit to cashless society.

 

 

What the crap? Thumb scanners for payment? I've never even heard of that (in reality).

 

I use my debit card a lot. Sometimes I take out cash for the food budget because I tend to spend too much on food (and beer), and I'm less likely to if I do it all with cash. But often I end up forgetting I have cash in my wallet, and use my debit card anyway. It's such a habit.

[Johnny-Boy]

A fingerprint scanner. They're being tested in grocery stores. :cop:I didn't think it reached the USA yet though.

 

No thank you!

[djwayne]

I've been using money orders to pay my bills. I can get them for free at my bank, or pay $0.69 cents at the grocery store. I haven't bounced a check in years. For every day stuff I use only cash, or on rare occasion a credit card.