Many people have elected to allow direct debit access to their bank accounts for routing bill payments. I've never felt comfortable with the associated risks ever since NACHA relaxed the prenotification requirements. Fortunately my banking institutions still offer a bill payment service that provides some isolation by issuing drafts and/or EFTs from an intermediate account.
If somebody compromises your data and an unauthorized debit occurs, you'll have 60 days to detect and report the fraud for personal accounts. Business accounts have only 24 hours to detect and report the fraud.
If you make the report after the time limit expires, your bank has no responsibility to recover your funds.
Comments
Many people have elected to allow direct debit access to their bank accounts for routing bill payments. I've never felt comfortable with the associated risks ever since NACHA relaxed the prenotification requirements. Fortunately my banking institutions still offer a bill payment service that provides some isolation by issuing drafts and/or EFTs from an intermediate account.
If somebody compromises your data and an unauthorized debit occurs, you'll have 60 days to detect and report the fraud for personal accounts. Business accounts have only 24 hours to detect and report the fraud.
If you make the report after the time limit expires, your bank has no responsibility to recover your funds.
https://firstbusiness.bank/resource-center/managing-payment-...
https://www.nacha.org/rules/minor-rules-topics-2