And, if one NEVER allows incoming or outgoing ACH or debit, it is
trivial to defend against them when someone does attack your account.
My bank knows that neither have ever been allowed on any of my accounts...
We have never used ACH or debit since being screwed by PreyPal back in 2001.
--
On 11/25/2014 11:02 PM, Fred Goldstein wrote:
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
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Allegan, Michigan 49010
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