# Forced Electronic Funds Transfer



## Philbilly2 (Aug 25, 2007)

Have any of you had any issues with companies telling you that they will not be accepting or sending out paper checks any longer?

I understand that we are living in a tech world now, but I am still old school when it comes to my books. I use quickbooks, but I can follow every single that happens on the computer up with paper copies that are in filing cabinets.

I do not like to give out personal information or allow any "hands to get in the cookie jar" if you will.

My latest one that I am dealing with the the Pipefitters hall. They will not accept a check for paying my manpower's monthly benefits nut.

Do we have any rights to say no as the payer?


----------



## BossPlow2010 (Sep 29, 2010)

You should be able to connect your quick books with your bank account to track what's going in and out.

This is a good read. I'm with you, I always get uneasy giving out financial information 
https://www.consumerfinance.gov/abo...o-automatic-debit-payments-from-your-account/


----------



## Philbilly2 (Aug 25, 2007)

BossPlow2010 said:


> You should be able to connect your quick books with your bank account to track what's going in and out.
> 
> This is a good read. I'm with you, I always get uneasy giving out financial information
> https://www.consumerfinance.gov/abo...o-automatic-debit-payments-from-your-account/


That is funny, I have that up in my tabs on the top and have been reading threw it as I get bored with other stuff.


----------



## FredG (Oct 15, 2012)

Philbilly2 said:


> Have any of you had any issues with companies telling you that they will not be accepting or sending out paper checks any longer?
> 
> I understand that we are living in a tech world now, but I am still old school when it comes to my books. I use quickbooks, but I can follow every single that happens on the computer up with paper copies that are in filing cabinets.
> 
> ...


 I don't believe they can force you to do anything that you don't want or feel safe doing. Lots of company's try to strong arm you to do these things to there advantage. Not because they want to be dishonest but some employee could. All this tech stuff is for the birds when it comes to money. Pay them with a credit card if you have to at least your covered if anyone is dishonest. CC trumps all in a dispute or dishonest activity. You give somebody your routing #'s the bank could turn there back on you.


----------



## Philbilly2 (Aug 25, 2007)

FredG said:


> I don't believe they can force you to do anything that you don't want or feel safe doing. Lots of company's try to strong arm you to do these things to there advantage. Not because they want to be dishonest but some employee could. All this tech stuff is for the birds when it comes to money. Pay them with a credit card if you have to at least your covered if anyone is dishonest. CC trumps all in a dispute or dishonest activity. You give somebody your routing #'s the bank could turn there back on you.


That is the way that I feel also.

I don't care about CC's. They are easy to dispute. I don't want people in my bank accounts. I refuse to provide bank info on credit apps anymore.


----------



## John_DeereGreen (Jan 2, 2011)

A dishonest employee of any vendor already has everything they need on every check you write. My online banking lets me see pending debits/EFT requests before they're even finalized. I check it every day by 9 am, because the (easy) cutoff is 10 am to deny any pending charges.


----------



## Mr.Markus (Jan 7, 2010)

If you go into the bank to pay a bill, transfer money whatever etc it is all electronically done. Get over it and with it. You would be amazed how much easier and quicker you get paid.
And for the record, I was hesitant at first, now cheques are hard to deal with.


----------



## m_ice (Aug 12, 2012)

Philbilly2 said:


> Have any of you had any issues with companies telling you that they will not be accepting or sending out paper checks any longer?
> 
> I understand that we are living in a tech world now, but I am still old school when it comes to my books. I use quickbooks, but I can follow every single that happens on the computer up with paper copies that are in filing cabinets.
> 
> ...


On our ACH payments we print off a hard copy to file with other payments. 
We just had a customer that was hacked from a source in Russia, I contacted my banker with my concern and he assured me there was nothing to worry about.
For the sake of convenience it is nice to not go to the post office box, not fill out the deposit slip, not go to the bank, etc.


----------



## Philbilly2 (Aug 25, 2007)

m_ice said:


> For the sake of convenience it is nice to not go to the post office box, not fill out the deposit slip, not go to the bank, etc.


Not going to lie... all of the things you described are some of my favorite things...


----------



## FredG (Oct 15, 2012)

John_DeereGreen said:


> A dishonest employee of any vendor already has everything they need on every check you write. My online banking lets me see pending debits/EFT requests before they're even finalized. I check it every day by 9 am, because the (easy) cutoff is 10 am to deny any pending charges.


 Yes they will have your routing #'s on the check, but have no authority to take from your account with out proof of you giving your routing #'s were given to them with authority. I'm not talking about identity theft. I'm insured either way. If you give your routing #'s to a vendor, crook, hacker etc, You could have serious troubles. AGAIN CC TRUMPS all!


----------



## 98Chevy2500 (Nov 27, 2005)

Paper checks and CC are the only way we will pay. Don't like, it? Then you don't get paid.

Payroll tax deposits are required to be electronic, we have a separate account set up and deposit only the amount needed to pay that month's dues.


----------



## m_ice (Aug 12, 2012)

If you have employees cashing checks at liquor stores or currency exchanges your vulnerable to fraud. 
I would have to ask the CFO but there are certain styles of checks that are safer. Thieves are bleaching out totals and pay to and altering.


----------



## leolkfrm (Mar 11, 2010)

open an account for receiving payments only, transfer funds online as you need it


----------



## seville009 (Sep 9, 2002)

The only information you provide to them would be your bank routing number and account number. Both of those are on your checks, so every time you send out a check, you’re giving the recipient all of that information anyway. 

I wouldn’t worry about it. Should be in the habit of checking your bank account online everyday anyway for unauthorized transactions.


----------



## EWSplow (Dec 4, 2012)

Philbilly2 said:


> Have any of you had any issues with companies telling you that they will not be accepting or sending out paper checks any longer?
> 
> I understand that we are living in a tech world now, but I am still old school when it comes to my books. I use quickbooks, but I can follow every single that happens on the computer up with paper copies that are in filing cabinets.
> 
> ...


Yes and I haven't had good luck with a couple of the "instant cash transfer"companies. I've used clearXchange, now zelle and venmo (pay pal).
ClearXchange worked OK. They switched to zelle and nothing but problems. I'm now officially banned from using their service. 
I've been trying to find an invoice app where the payor , not the payee gets wacked the 3% they want, but no luck. With all I've found, the invoice is free, but they charge 3% on the payment you received. 
From what I've read, your account could be vulnerable to hacking with the account and routing number. 
I've got one client who uses a service that writes his checks. They also offer electronic transfer, but I declined . I wait the week for snail mail on those. He approves the invoices the day he gets them in his email, so it's only a week total wait time.


----------



## Mr.Markus (Jan 7, 2010)

All your transfers notify you by email, if you get email on your phone you know when your account has been accessed immediately.
Today my wife made some transfers to a name I didn't recognize, I texted her, she verified it was her. My next call was going to be to the bank. You have to get over the fear if bank fraud. The banks don't want the bad publicity either. You're pretty safe...


----------



## iceyman (Mar 1, 2007)

Philbilly2 said:


> That is the way that I feel also.
> 
> I don't care about CC's. They are easy to dispute. I don't want people in my bank accounts. I refuse to provide bank info on credit apps anymore.


Im in the concessions biz for big festivals.. used to be at the end of the festival we would pay cash for our percentage owed. Now we must take ccs which is run thru the organizers cc system. In order to get our money we have to provide our banking info to be linked to theirs. I dont like it one bit but in order to get big jobs we have to play by their rules. The worlds a changin


----------

