I haven't had ACH fraud before, but my bank has always worked quickly to restore debit card fraud.
Cost to electronic payments? Mine only cost the time it takes to enter it. ----- Mike Hammett Intelligent Computing Solutions http://www.ics-il.com ----- Original Message ----- From: "Fred Goldstein" <[email protected]> To: [email protected] Sent: Tuesday, November 25, 2014 10:02:07 PM Subject: Re: [WISPA] Quickbooks hosts On 11/25/2014 2:18 PM, Mike Hammett wrote: Who are you writing checks to and why aren't you doing something better? I haven't written a check in years. One of my Interisle partners is a financial-IT expert, and knows the banking system inside and out. He designed the network for Wall Street twice, most recently after a rather sudden massive failure event in September of 2001... but he doesn't do much finance work any more. The industry has gotten too distasteful. We prefer that our major clients pay by check. The partnership distributes member payments (e.g., my pay) by check. Why not electronically? Because he knows the system too well. It turns out that if you open your account to make ACH payments, it's trivially easy for someone to take an unauthorized payment. A personal account has 30 or 60 days to catch it and undo it, but a business account has two days. So if somebody literally robs you via ACH, you're out the money if you're not checking it daily. Corporations with dedicated finance staffs can do that; small businesses like us (four partners, no staff) can't. Similarly, the cost of electronic payroll-type payments is way too high for a small business. It is insane that the major automation to the US banking system (Europe is ahead of us) is to use scanners to pass around pictures of checks electronically. But the system works pretty well for handling checks, so once you leave that paradigm, it gets funky fast. So we print checks. And I then write checks out of my own business account, both to pay myself and to pay rent and a few other business expenses. -- Fred R. Goldstein k1io fred "at" interisle.net Interisle Consulting Group +1 617 795 2701 _______________________________________________ Wireless mailing list [email protected] http://lists.wispa.org/mailman/listinfo/wireless
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