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Update 2: Reviewing the Bank of America web site (since the employees were of no help), it appears that they have a ' Full Analysis Business Checking' account offering that might have some relevant ACH fraud prevention features. The Bank of America employees simply shrugged and said that the only solution is to close the compromised account and open a new one. Trust me, I asked multiple times and pointed out how incredibly absurd the situation was. But with the ACH fraud I experienced, there were multiple merchant IDs, so that would not have helped me. He did mention that he does have the ability to block ACH withdrawals from a specific merchant ID, such as those that occur with a recurring monthly fee, like a gym membership. The only way he could block withdrawals from my account was the close the account. The branch manager said no-he said that there is no way to prevent an ACH withdrawal from hitting my account. I asked if they could block all ACH withdrawals on my account. They both clearly and definitively said that there is absolutely nothing I can do to prevent such random fraudulent ACH transactions. I asked two different Bank of America employees (one call center rep and one at my branch with over 15 years of experience as a manager at BofA) if there is anything I can do to prevent this type of ACH fraud. While that may theoretically be true with some banks, certain types of business bank accounts, some corporate treasury management solutions, and for some payment scenarios (such as outbound payroll), I was told that Bank of America Small Business bank accounts have no such services that could be used to prevent the type of ACH fraud that I experienced. Update: On his blog post sharing this article, Mark Polino says that there are solutions, similar to Safe Pay / Positive Pay, that can be used to prevent ACH fraud. But for the rest of the world, I suspect it's an archaic, horribly designed system that has zero security. In the US, it's a modern form of 'electronic' banking.

Consumers often use ACH to pay their bills-if you want to automatically pay your cable TV or cell phone bill, you send the merchant your bank account information, and they automatically withdraw the funds each month from your bank account. Employers often use ACH to electronically deposit pay checks into employee bank accounts, and companies often use ACH to pay their vendors electronically. NOTE: For readers outside the US, ACH stands for Automated Clearing House, which is an electronic payment system we use to deposit and withdraw funds from bank accounts. I will no longer be posting to Dynamics GP Land, and all new posts will be at Read on to learn more about ACH payments and how they can help you send money easily.My blog has moved! Please visit the new blog at: Someone who uses mobile payment apps like PayPal or Venmo to send money to friends and family.A person who receives a tax refund or interest payment straight into their bank account.A customer who pays a bill via ACH payment instead of writing a check.An employee who receives their bi-monthly paycheck via direct deposit from their employer.Here are a few common examples of ACH payments: In other words, ACH payments facilitate the transfer of funds between bank accounts via a centralized clearing system. Here’s how ACH payments work: These electronic transactions allow business owners or their customers to debit funds directly from their respective bank accounts instead of processing a transaction via credit card, paper check, wire transfer, or cash. ACH, or Automated Clearing House, is a direct payment method that can electronically transfer money between banking networks in the United States.

Ach electronic debit chase credit crd epay