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Giving Bank Account Number - is it ok ?

Discussion in 'Payment Processing' started by deadlychaos25, Mar 13, 2008.

  1. Alex D

    Alex D Greenhorn

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    #41
    There won't be problems if it is just an account number without pin number and others...
    SEMrush
     
    Alex D, Aug 10, 2016 IP
    SEMrush
  2. ShortGuyzRule

    ShortGuyzRule Member

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    #42
    Why am I getting the nauseating feeling that every person who replid that there is "no risk" in giving out a bank account number said so because they also make a living by depleating bank accounts or benefit by proxy from people's ignorance to the risk? Forgive me if I am offbase, I can only go by what is true with bank accounts in the US....

    IT IS RIDICULOUSLY easy to withdraw from a bank account with the account number and billing zip code...that's all you really need besides the aba rounting number (and if you don't have that, all you need to know is the name of the bank and the general geographic region of the country and you can find that online in 2 seconds)......
    Think about it for a second......seriously....play the tape to the end here...
    A) When you go to make a payment via ACH, what is asked of you in order to complete said transaction?.... Account Holder's name (which isn't checked in realtime), Routing and account number, and address (usually only zip is verified in real time)...

    When you go to wire money via western union/money gram/xoom, or purchase BitCoin (or other cryptocurrency) - same info is asked of you.....

    B) when you get set up with a TPP like PayPal or Square, there are 3 parts to the process of verifying your bank account....
    1: They make a micro deposit to make sure that it is an active account
    2: They have you verify the amount of the deposit (s) to ensure it is the CORRECT active account
    3: They WITHDRAW that microdeposit to ensure that it is a CHECKING account (vs a prepaid debit which can receive a direct deposit inbound only) because by definition a CHECKING account can be withdrawn from and they have to be able to ensure they can get their money in the event of a million chargebacks and no legit sales lol.... (seriously, if you read the portion of the terms/conditions for paypal or square (both) regarding the bank account verification it literally tells you exactly that)

    AND an additional risk of gng out your account number:

    C: It is insanely easy to manufacture false checks nowdays.....and extremely easy to obtain MICR ink cartridges that will fit just about any laserjet - OR INKJET - home printer.....a fake ID with whatever name a scammer wants a versacheck or equivalent kit that they can pick up at their local staples/office depot or get off amazon and a home printer.....fast forward to about 30 minutes to an hour later (assuming they're slow at figuring out how to use that ridiculously easy software and btw the cartridges come in the correct sizes for all printers) and thousands of dollars could wind up missing from your account after a single trip to the mall for them...


    ShorT ANSWER:

    NEVER EVER EVER EVER give out your bank account info unless it's to a repuatable company that YOU contacted, it makes complete sense based on a lack of better alternative means of achieving your desired outcome,AND there is an exchange of a veritable mountain of paperwork (or the digital equivalant) for your account number clearly designed to protect both parties....

    BTW there are A MILLION better ways for the guy in India to send you that money.....WU..Green Dot... Google Wallet....list goes on ad nauseum
     
    ShortGuyzRule, Aug 10, 2016 IP
    wco likes this.
  3. jestep

    jestep Prominent Member Premium Member

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    #43
    I get the idea that non ABA bank accounts are more difficult to draft out of than US accounts. Otherwise the classic Nigerian or whatever other african country's dead relative/ambassador/king/etc., money transfer scheme wouldn't still be going like it is.

    I would not give out a US bank account number indiscriminately.
     
    jestep, Aug 22, 2016 IP
  4. siddharthkk

    siddharthkk Member

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    #44
    if you need a direct payment in your account then you need to give or it will depends on you.
     
    siddharthkk, Sep 4, 2016 IP
  5. BuySomeBitcoins

    BuySomeBitcoins Greenhorn

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    #45
    there are lots of risks.

    If your bank is in the US, you have chances to get an ACH DEBIT fraud, all the hacker need to know is the account holder name, account number and the routing number.
    Same case for UK
    Same case for Europe.

    Big companies share their bank details because they have lots of protections, you ? you do not.

    Thank you all for misleading the readers.
     
    BuySomeBitcoins, Nov 21, 2016 IP
    wco likes this.
  6. mmerlinn

    mmerlinn Well-Known Member

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    #46
    This thread is NINE years old. The OP will NEVER have any reason to view this thread over this issue. He has either given out the number or not and he has been either scammed or not.

    Looking at the number of BANNED users on this thread makes me very leery. Are all of these BANNED DPers scammers and thieves? It sure looks that way. Therefore, I would be very careful about heeding WHAT THEY HAVE WRITTEN.

    As far as the OPs issue is concerned, one should never ever give out ANY information of ANY kind to ANYONE that CONTACTS YOU FIRST. You have NO way of verifying their legitimacy because they can tell you ANYTHING without you being able to verify it.

    If you contacted them FIRST to purchase something, then you are PROBABLY safe in giving out information required to complete the purchase.

    The OPs issue, of course, did NOT result from him purchasing anything, but instead from someone owing him money. In his case giving out his bank account number CAN be risky. I would not give the information out since there are MULTIPLE safe ways that he could receive payment that have NO risk to his account.
     
    mmerlinn, Jul 20, 2017 IP
  7. Penny’sWlrd

    Penny’sWlrd Peon

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    #47
    Just wondering... did everything work out ok for you? I’m in a similar boat now. What’s your advice for me?
     
    Penny’sWlrd, Sep 29, 2017 IP
  8. Arun Kumar Soni

    Arun Kumar Soni Active Member

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    #48
    Don't Give your bank Account Number to Unknown person.
     
    Arun Kumar Soni, Sep 29, 2017 IP
  9. Penny’sWlrd

    Penny’sWlrd Peon

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    #49
    Okay thank you
     
    Penny’sWlrd, Sep 30, 2017 IP
  10. Arun Kumar Soni

    Arun Kumar Soni Active Member

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    #50
    Welcome
     
    Arun Kumar Soni, Sep 30, 2017 IP
  11. CiprianManolescu

    CiprianManolescu Greenhorn

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    #51
    As long that you don't give your date of birth and the 3 security digits of your credit cared should be safe.
     
    CiprianManolescu, Jan 7, 2018 IP
  12. Jim Moore

    Jim Moore Peon

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    #52
    There is not risk, but do not give too much other vital information such as name, address, etc. If they have a lot of info on you, they can then do a wihdrawal.
     
    Jim Moore, Jan 11, 2018 IP
  13. Superman81

    Superman81 Member

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    #53
    Hi, I would recommend you get more information about the person before revealing the details. A expert hacker can know how to trace easily with the info at hand. Information is power and understanding.
     
    Superman81, Mar 1, 2018 IP