How to Lose $50K with Biz Bank Account-No Recourse

D

dowork

New member
Apr 12, 2011
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Must of us have business bank accounts. Do you know you only have 2 days to alert your bank to a fraud transaction. After that you are 100% liable for the fraud. (Consumers have 60 days). Also if they find your security was lax, your on the bill.

What do you big ballers do to protect your selves? The banks legally allowed to do this.

Also brings up why networks will ask us to email are banking info to set up wire payments. Even if you call in and give it, they prob just email it to accounting.

Examples:
Banking laws leave business customers vulnerable to Internet fraud - Los Angeles Times
NBC: Internet banking perils - Nightly News - msnbc.com
ACH Fraud Protection
-RBC spells it out
 


Bank of America's secure code via text message or the little card is pretty helpful. Nobody can take over $1000 from my account maximum without having the secure code generator or my phone.
 
papajohn56 said:
Bank of America's secure code via text message or the little card is pretty helpful. Nobody can take over $1000 from my account maximum without having the secure code generator or my phone.
Click to expand...

Thats great, so its like the paypal security key fob.

With what you have, if someone tries to do a wire or debit your account with an ACH, they need to have the secure code?

Like when you pay your biz CC, before the transaction will go through the bank asks for the secure code?

All banks should be doing that.
 
SeoFuel said:
you saying you just lost 50k?
Click to expand...

No, I just became aware of it and was shocked. Banks don't tell you this when you sign up for a biz account. Did your banks tell you this when you signed up?

Also would be nice if networks had a secure way to send them our banking details. Most say to just send an email with this data to set up ACH or Wires.
 
Dark Cognitive said:
They should be. $50k? is that a figure derived randomly from OP's asshole?
Click to expand...

I pulled it from the article.
Banking laws leave business customers vulnerable to Internet fraud - Los Angeles Times

When Huang reached the bank later in the day she declared the transactions fraudulent. By then, BofA was able to recover only the second transfer, for $99,100. The $50,000 transfer, executed earlier in the day, had already been withdrawn from the Croatian bank.

Should of used $93,769 obv pulls better in copy.
 
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