Automatic Debit Scams

November 22, 2004 07:05 AM

Automatic Debit Scams

Excerpt: Fraudulent telemarketers have found yet another way to steal your money, this time from your checking account. Consumers across the country are complaining about unauthorized debits (withdrawals) from their checking accounts.

Fraudulent telemarketers have found yet another way to steal your money, this time from your checking account. Consumers across the country are complaining about unauthorized debits (withdrawals) from their checking accounts.

Automatic debiting of your checking account can be a legitimate payment method; many people pay mortgages or make car payments this way. But the system is being abused by fraudulent telemarketers. Therefore, if a caller asks for your checking account number or other information printed on your check, you should follow the same warning that applies to your credit card number - do not give out checking account information over the phone unless you are familiar with the company and agree to pay for something. Remember, if you give your checking account number over the phone to a stranger for "verification" or "computer purposes," that person could use it to improperly take money from your checking account.

How The Scam Works
You either get a postcard or a telephone call saying you have won a free prize or can qualify for a major credit card, regardless of past credit problems. If you respond to the offer, the telemarketer often asks you right away, "Do you have a checking account?" If you say "yes," the telemarketer then goes on to explain the offer. Often it sounds too good to pass up.

READ FULL STORY ...

Debit Cards Lack Protections Of Credit Cards (November 28, 2004)

When you're making a big purchase, think twice about using a debit card in place of a credit card. If something goes wrong, you may have a tough time getting your money back with a debit card, if you get the money back at all ...

A New Era In Banking Begins (November 25, 2004)

Every night, millions of cashed checks fly around the country, headed for their home bank. Starting Thursday, technology will begin grounding many of those flights. And it may ground some consumers, too — those who try to sneak an extra day or two of "float ...

Bank Accounts Fail To Follow Fed's Lead (November 12, 2004)

The Federal Reserve raised the nation's key short-term interest rate yesterday, but bank customers probably won't notice it. If the recent past is any guide, only a fraction of that increase is likely to find its way into savers' pockets. With its latest move, the ...

ChexSystems Puts Him In Penalty Box (November 09, 2004)

Dear Dr. Don, I have problems with ChexSystems and cannot open a checking account at this moment. I found a Web site online that says it will make it possible for me to open a check-less checking account that will allow me to pay bills ...

Read all 22 posts in the same category of Banking:

Going Online To Balance Family Budget - Feb 17, 2005
Banks Speed Process For Opening Online Accounts - Feb 04, 2005
Online Banks Are Boosting Yields - Jan 15, 2005
Online Banks Are Boosting Yields - Jan 15, 2005
Momentum Is Gaining for Cellphones as Credit Cards - Jan 10, 2005
Rebels With A Cause, And A Business Plan - Jan 01, 2005
Banks Boost Customer Incentives, But Rates on Savings Remain Low - Dec 27, 2004
Online Bill Paying: How To Get Started - Dec 27, 2004
Banks Test ID Device for Online Security - Dec 24, 2004
Paper Checks Going Bye-Bye? - Dec 08, 2004
Check It Out: Incentives to Pay Bills Online - Dec 07, 2004
'Gift Cards' May Come Loaded With Fees - Nov 29, 2004
Where To Keep Your Rainy Day Fund - Nov 29, 2004
What's Your Bill-Paying Personality? - Nov 28, 2004
Debit Cards Lack Protections Of Credit Cards - Nov 28, 2004
A New Era In Banking Begins - Nov 25, 2004
Bank Accounts Fail To Follow Fed's Lead - Nov 12, 2004
ChexSystems Puts Him In Penalty Box - Nov 09, 2004
"Check 21" Starting in Late October - Nov 03, 2004
Gift Cards 04 - Nov 03, 2004
Save Electronic Checks for Your Taxes - Nov 01, 2004

Related Sites
• Structured Settlements
www.setcap.com - cash for structured settlements, sell annuity, lottery winnings, and more.

• Personal Finance: Finance News Today provides money saving tips, news, and articles on personal finance issues like insurance, real estate, college planning and much more.

• Compare all our 0% Credit Card UK against our 0% balance transfers and cash back deals.

• Browse through our Credit Cards deals and apply online.

• financial tip - financial tips article and more.

• Arizona llc - incorporate a arizona llc. they offer solutions for limited liability company asset protection in arizona and california. incorporation services are provided online with 24 hour filings and expedited approvals. www.paralegal-plus.com for cpa lawyers.

• Credit Repair
repairmycreditnow.com/Credit_Repair_Advice.htm - repair my credit now credit services offers credit repair, restoration and education through our exclusive "v" phase process â„¢.

• Citibank Home Equity Lines of Credit: Rates as low as Prime - 0.50% variable APR for Life, currently 5.50% variable APR.

• Day Trading - day trading signals for active stock and options traders.

• Ken Langone - ken langone: make my day

• Credit Repair - repair my credit now credit services offers credit repair, restoration and education through our exclusive "v" phase process â„¢

• Online Option Trading - oexoptions is an oex online stock option trading company offering a free 15-day trial for all new customers.

• fix bad credit

Want to See Your Ads Here? Claim Your Ad Space at Personal Finance Weblog by Writing to Webmaster. Starting at $25/month, see your text ads in more than 2,000 indexed pages at PFBlog, the Best Personal Finance Blog, or MM Money, MM's Daily Personal Finance Readings. Full Rate Card Available Here.