Bank Charges

[StarTech]

Not sure about OZ but here paying with a paper check or with a debit card gives someone your bank routing number and your account number. All they need to take all your money. Using a third party processor like the evil PayPal hides your banking info is the safest tranaction. Costs a little but worth it. The laws governing credit cards here make the consumer not responsible for fraudulent transactions. It is not a courtesy but law. Most banking apps allow for all transactions to send texts to a phone so any fraudulent charges can be flagged immediately and a credit card can be replaced on 3 days. Electronic banking is more secure than paper if you work it right. Of course cash still works too. For now.

I wish it was only 3 days here it takes up to two weeks to get a replacement card. I been through it 3X now since 2014. I got to where I use Paypal as a go between even with eBay purchases. Amazon is the only one with my card number on file now.

And using bill pay from my bank takes up to two weeks to get Gardner paid. That was putting a heck damper on part purchases but I finally got them to increase my credit limit somewhat hopefully I won't be bumping into that limit as I pay as I receive orders.

It even takes up to two week to get my CC paid monthly and that is being a pain to deal with too.

 

[Hammermechanicman]

I wish it was only 3 days here it takes up to two weeks to get a replacement card. I been through it 3X now since 2014. I got to where I use Paypal as a go between even with eBay purchases. Amazon is the only one with my card number on file now.

And using bill pay from my bank takes up to two weeks to get Gardner paid. That was putting a heck damper on part purchases but I finally got them to increase my credit limit somewhat hopefully I won't be bumping into that limit as I pay as I receive orders.

It even takes up to two week to get my CC paid monthly and that is being a pain to deal with too.

I bank with US bank and pretty much all of my transactions process in one day. I have 2 different business credit cards and business checking accounts and a personal credit card and checking and everthing processes in one day including checks i deposit by phone. I don't need to worry about credit limits on the cards. I have deposited checks via my phone on the weekend and had them accepted and funds available the same weekend.

 

[StarTech]

I just wish every bank had the same rules but they don't apparently. When I started with Redstone they were holding my deposits for two weeks. A real pain during the busy season at the time. I had to take out a loan to pass the hurtle.

At one time when the Dayton CU was SRCFU they allowed external accounts linking. After about two years the new owners are saying it will be available once again in April when a software upgrade is done then I get funds move between the two CU with a couple days.

Anyway the my banking and business operations has changed since the start of Covid-19 which in some ways better and in other more of a pain. Learning how to get around the roadblocks is a challenge that has prove beneficial to my business. I now got one distributor that I can pay electronically but the other still has to paid by check as I refuse to pay 2.5% extra to use my CC. That vendor had to increase my $1000 credit limited to $4000 because I keep hitting the limit while checks were being processed.

Now the CC has a $2K limit that I imposed and I do run up against every month or so while funds are being transferred.

Either way I now got a handle of the process so my customers are no longer having to wait on me to order parts accept where I am trying to meet minimum free levels.

 

[bertsmobile1]

No form or electric banking is safer than cheques & over the counter transactions
And in particular if every withdrawl is a check & check only.
On my business account only cheques can be used to take money out. No electronic funds transfer so no one can make unauthorised transactions and of course when they do there will be 2 cheques with the same number so easy to prove fraud.
I go one step further and issue cheques from the back of the book to the front
If come criminal gets hold on one of my cheques & tries to make a transaction then naturally they will pick a cheque number bigger than the one they got hold of, but that cheque will have already been issued .
IT also makes it difficult for the tax auditors because they are used to seeing cheque numbers getting bigger over time .
And because the bank auto issues new books when it sees a number near the end of the book, you get your new cheque book very early on so never get caught without a cheque.
When we had employees I used a separate cheque book for each one of their wages which made the book keeping esier.
We also has a seperate book for paying tax another for deductable items and another for non deductables
When faced with some one who would not take a cheque then I paid it from my pocket and draw a cheque payable to me but with the vendors invoive number on the stub.
I go riding with 3 people who are involved with cyber security
None of them do electronic banking and that says heaps
Very had to be scammed when all transactions are done with paper.
Right now a club I am in has just had $ 4900 withdrawn from our account illegally
According to the banks records we initated the transfer , they sent the SMA with the authority numbers & we typed them in
However the treasurer did not authorise the transfer & no SMS was ever received
According to the bank records, we changed the linked number , then did the transfer then changed the linked phone number back again to the original one .
The bank stone walled so we made it a police matter and in the meantime have found 5 others who have had the exact same thing happen.
This is obviously some one INSIDE the bank but time will tell
The bank would not tell us the temporary new phone number but the police told us it was from a burn phone in Hong Kong .

If you have millions then the banks down here will issue you with a dongle .
The dongle costs around $ 2 and the softwear costs around 50¢ for every transaction.
That is the only "safe" electronic banking but it is reserved for the rich .

 

[Hammermechanicman]

I have my alerts setup so that every credit card transaction and checking accout transactions except check deposits sends a text to my phone. Anything hinkey and i would know in seconds. E banking works for me. Last time i got CC scammed was when the ISP Netzero did it.

 

[bertsmobile1]

The club account requires the treasurer to approve each transaction by responding to an SMS sent by the bank .
As mentioned some one got into the system & changed that alert number did the transaction then changed the number back again.
The currently most successful scam is an alerts that looks like it comes from your bank about a large with drawl .
When you react to it on screen you actually make the withdrawl or give the scammers all of your banking id numbers .
In the latter the scammers use your details to make a stack of on line purchases or banking transactions between 2 am & 4 am when most people are asleep. This has become so prevelant that one bank will not process phone / internet transaction between those hours without a third party authorization
If you are at home or in your office you can jump on the WWW and log into the banks portal directly
But if you out then way too many people open their banking phone app to verify what is happening and by doing that give the scammers their banking details .
Remember what you see on the screen is not necessarily what will happen when you hit touch screen buttons on your phone .
Another bank has changed their apps so they only ever use the phones keypad which is fine unless some one has installed a key tracker on your phone ( or computer for that matter ) , and according to a computer / phone security company about 1/4 of all computers & phones have a key tracker in them that the owner has no idea about .
There is nothing you can do with any app to make it thief proof other than to use an identification dongle and if that dongle encrypts the communication even better, but you won't get that level of security from any bank unless they consider you a valuable customer

 

[7394]

I have my alerts setup so that every credit card transaction and checking accout transactions except check deposits sends a text to my phone. Anything hinkey and i would know in seconds. E banking works for me.

Ditto.......

 

[7394]

Pennies don't last like they once did...So those store better be darn sealed to where no moisture ever gets to them. I find them half eaten away by corrosion.

Besides dimes are the way to go as they are smaller and take less space.

I was actually referring to paper money (sealed in plastic, then in jars), saying pennies was just my way of kinda joking.. LOL