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View Full Version : Life The EFT Horror story thread.


BIG_DADDY
02-15-2010, 11:09 AM
After reading Guru's thread I thought posting this might be fun. BTW EFT is Electronic Fund Transfer or at times is referrred to as AFT Automatic Fund Transfer. I remember when EFT first came out. I was in the health club industry and and we had a saying "EFT will set you free" Many top health club owners like Ray Wilson felt it saved the entire industry. It was an awesome creation for many businesses and a god send to the finance and insurance companies. Imagine the power of hitting a button and knowing within a few percentage points exactly how much money will be transferred into your account. This was sold to the consumer as a convenience and on the surface looks like one. You don't even have to pay your bills all you have to do make sure enough money is in your account. This very small convenience isn't really convenient at all and creates a lot of problems and corruption. Here is a small laundry list of complications.

1. Many times you don't get to review your bill or at least question it.

2. Not knowing your total debt can create overdrafts that can be very costly.

3. You have to constantly be on top of your monthly statements. In health clubs for example every week I would get a calls from a customers who's initial membership was for a year then went month to month. They would catch this 4 years later. $29 x 48 months. Expensive mistake.

4. You are allowing other people access to your account and the money in it. This has been complicated lately by companies who may need additional funds for a variety of reasons but the main one is just floating cash. If pushing the button once is good then there has to be a lot benefits in pushing it twice. With small monthly payments most customers don't even catch the double billing at all. When you have a lot of customers you can make huge money doing this.

Each and every bill you put on EFT allows more and more people access to your account and the ability to scam you. If you think you are saving time by doing this think again. Just one mistake can take hours to deal with and cost you a lot of money.

So lets hear your EFT horror stories, I'll bet there is a boat load.

Fish
02-15-2010, 01:50 PM
LOL.... crickets....

I don't understand why you fear this. It's not like you're giving businesses unrestricted access to your account like you're trying to describe. And you should constantly be on top of your monthly statements regardless. This is necessary with or without EFT. Companies cannot use an EFT bill pay contract as a means for liquidity without prior authorization to do so. That's silly. And I've never been denied the right to review my EFT bill or question it.

This is no more dangerous than writing checks. Quit fear mongering...

Brock
02-15-2010, 01:56 PM
Wow, so, look at your bank statement once a month? This is a real life-saver.

BIG_DADDY
02-15-2010, 02:02 PM
LOL.... crickets....

I don't understand why you fear this. It's not like you're giving businesses unrestricted access to your account like you're trying to describe. And you should constantly be on top of your monthly statements regardless. This is necessary with or without EFT. Companies cannot use an EFT bill pay contract as a means for liquidity without prior authorization to do so. That's silly. And I've never been denied the right to review my EFT bill or question it.

This is no more dangerous than writing checks. Quit fear mongering...

I dealt with it for years at 24 Hour Fitness and noticed billing errors becoming more frequent recently. Frankly I am very surprised we didn't hear lots of stories on here. I'm betting Guru's issues most likely are EFT issues as well.

Of course they can't liquidate funds without your authoization Sherlock that's why you don't give it to them unless you have recourse. An investment account would be a good example of that. Double billings happen all the time. Another example would be quitting a service and the billing continues. They will tell you they have no record of you quitting that service.

beach tribe
02-15-2010, 02:03 PM
I have on-line banking with BOA.

So I get an email fro Geico telling me they woulf give me insurance for 30 a mo. cheaper than I currently had it. I set up EFT, and the 3rd month in,they pulled $723 out of my account. I blew a gasket, and they said that my premiums had gone up to over $400 and they had to recoup the difference for the 1st two months.
I told my bank it was an unauthorized transaction, and they recovered all of my dough in about 2 weeks.

I went back to my old ins. co. for less than i was paying before.
I could not believe that Geico would try some shit like that.

BIG_DADDY
02-15-2010, 02:10 PM
I have on-line banking with BOA.

So I get an email fro Geico telling me they woulf give me insurance for 30 a mo. cheaper than I currently had it. I set up EFT, and the 3rd month in,they pulled $723 out of my account. I blew a gasket, and they said that my premiums had gone up to over $400 and they had to recoup the difference for the 1st two months.
I told my bank it was an unauthorized transaction, and they recovered all of my dough in about 2 weeks.

I went back to my old ins. co. for less than i was paying before.
I could not believe that Geico would try some shit like that.

There is tons of this shit going on right now. Brock insures us though that none of this will be an issue if you just check your statement once a month.

Just out of curiosity how much time did you spend on the phone with Geico and your bank to get this straightened out? My point was that it doesn't take much time to wite a check. I might spend 4 hours a year paying bills, maybe. Time well spent IMO.

Brock
02-15-2010, 02:11 PM
3. You have to constantly be on top of your monthly statements.

:drool: duh, no shit.

Earthling
02-15-2010, 02:12 PM
I pay my credit cards off on the internet. I log onto their site to make payment so there is no automatic transfers of money, or any chance of a double payment, unless I personally screw it up on my end...

mikeyis4dcats.
02-15-2010, 02:18 PM
I have on-line banking with BOA.

So I get an email fro Geico telling me they woulf give me insurance for 30 a mo. cheaper than I currently had it. I set up EFT, and the 3rd month in,they pulled $723 out of my account. I blew a gasket, and they said that my premiums had gone up to over $400 and they had to recoup the difference for the 1st two months.
I told my bank it was an unauthorized transaction, and they recovered all of my dough in about 2 weeks.

I went back to my old ins. co. for less than i was paying before.
I could not believe that Geico would try some shit like that.

I'm having trouble believing this....they need to have your written approval to change any EFT arrangement.

BIG_DADDY
02-15-2010, 02:19 PM
:drool: duh, no shit.

The point of EFT is that it is supposed to be that it is a time saver for the customer. Mistakes that can take hours to correct and the fact that you have to stay on top of it constantly eliminates any real convenience. That was the point being made. I see you have purposely taken it completely out of it's intended context though in a weak attempt to clown me. Shocking. Once again you have added absolutely nothing of value to any thread you post in. I admire your consistency though. You're kind of like a sideshow or something.

wild1
02-15-2010, 02:20 PM
I pay my credit cards off on the internet. I log onto their site to make payment so there is no automatic transfers of money, or any chance of a double payment, unless I personally screw it up on my end...

Same for me. If I set up auto-deduct, I don't have control over it. Instead of setting up all this "convenience" EFT, I'd much rather spend 15 minutes a week glancing over my statements and paying bills online manually.

wild1
02-15-2010, 02:22 PM
I'm having trouble believing this....they need to have your written approval to change any EFT arrangement.

It sounds like a case of not reading what was being agreed to.

Fish
02-15-2010, 02:24 PM
I dealt with it for years at 24 Hour Fitness and noticed billing errors becoming more frequent recently. Frankly I am very surprised we didn't hear lots of stories on here. I'm betting Guru's issues most likely are EFT issues as well.

Of course they can't liquidate funds without your authoization Sherlock that's why you don't give it to them unless you have recourse. An investment account would be a good example of that. Double billings happen all the time. Another example would be quitting a service and the billing continues. They will tell you they have no record of you quitting that service.

Double billings happen all the time, completely regardless of EFT or check writing. Humans make mistakes.

You're acting like you have no control of the process after setting it up. But that's anything but the truth. EFT still requires responsibility. And if you neglect that and don't check for mistakes, then you can't bitch if something happens. But EFTs are customizable. And if mistakes happen, it can be corrected just like any other mistake.

If you quit a service, you do so on record. That should be the case with or without EFT. Diligent record keeping will prevent all of these fears from ever happening.

Earthling
02-15-2010, 02:26 PM
Same for me. If I set up auto-deduct, I don't have control over it. Instead of setting up all this "convenience" EFT, I'd much rather spend 15 minutes a week glancing over my statements and paying bills online manually.

Yep. With myself it is 15 min once a month. :thumb:

mikeyis4dcats.
02-15-2010, 02:35 PM
EFT is made for recurring charges that are the same every month (insurance, health clubs, etc.) You glance and make sure it is there and right, otherwise you forget about it.

Auto billpay (like your gas bill, phone bill) is more risky in that it varies each month, and the wise consumer still reviews the statement for accuracy. Auto bill pay for these types of payments is fine if you are astute, but if you tend to be lazy and inattentive, there is a little more risk of error and trouble.

beach tribe
02-15-2010, 02:36 PM
I'm having trouble believing this....they need to have your written approval to change any EFT arrangement.

Which is why I got all of my money back.

I assure you. It is no Joke or lie.

They actually tried to bill me for the $ afterwards. I wrote You must be out of your ****ing mind on the back of the paper in bold letters, and told them that they would be hearing from my attorney, and I never heard about it again.

You know what's REALLY crazy? All I did was give them my bank info to assure that I could get that rate, and presto. About a week later, I receive ins. cards in the mail.

I was supposed to get an e-mail telling me whether I would be approved for that rate, and confirm everything from there. Hell I cancelled my other ins. a week after having Geico, because I thought it was strange, but kept it because it was "cheaper"

NewChief
02-15-2010, 02:41 PM
This might not fit, but I've got one horror story:

I charged a $32 bag of dog food at a vet supply store on a Friday. The nimrod ringing me up put an extra zero on the charge, so they charged me $320 for the bag. He credited it back, then charged me the correct price. Well, the freaking credit back too 5 fucking days to go through. I mean, seriously. 5 fucking days with a $320 debit from my account. Luckily I had the money to cover, but I can easily imagine a situation where someone would be completely fucked over by this screwup.

The vet supply store said that it was Visa's fault.

dtebbe
02-15-2010, 02:47 PM
This might not fit, but I've got one horror story:

I charged a $32 bag of dog food at a vet supply store on a Friday. The nimrod ringing me up put an extra zero on the charge, so they charged me $320 for the bag. He credited it back, then charged me the correct price. Well, the freaking credit back too 5 ****ing days to go through. I mean, seriously. 5 ****ing days with a $320 debit from my account. Luckily I had the money to cover, but I can easily imagine a situation where someone would be completely ****ed over by this screwup.

The vet supply store said that it was Visa's fault.


The above is exactly why debit cards should never be used period.

You are dealing with real money instead of a credit limit, on a system that was not designed to deal with real money.

I get a chuckle every time Visa pimps how safe and secure debit Visa card is. Debit cards are for people who can't qualify for or manage a credit card.

Visa really has nothing to do with it, it's the acquiring bank (ie. your bank) that slows the whole process down, the longer they delay the return of funds to your account, the more likely they will get to collect some yummy fees.

DT

wild1
02-15-2010, 02:50 PM
The above is exactly why debit cards should never be used period.

You are dealing with real money instead of a credit limit, on a system that was not designed to deal with real money.

I get a chuckle every time Visa pimps how safe and secure debit Visa card is. Debit cards are for people who can't qualify for or manage a credit card.

DT

They're for people who prefer to buy things with money they have rather than credit.

mikeyis4dcats.
02-15-2010, 02:51 PM
The above is exactly why debit cards should never be used period.

You are dealing with real money instead of a credit limit, on a system that was not designed to deal with real money.

I get a chuckle every time Visa pimps how safe and secure debit Visa card is. Debit cards are for people who can't qualify for or manage a credit card.

DT

Debit cards have reasonable limitations and rules. And in many cases using a Visa branded card is better and safer than cash or check.

I use a bank branded card, its not a Visa debit, but I've never had an issue in 18 years.

BIG_DADDY
02-15-2010, 02:52 PM
This might not fit, but I've got one horror story:

I charged a $32 bag of dog food at a vet supply store on a Friday. The nimrod ringing me up put an extra zero on the charge, so they charged me $320 for the bag. He credited it back, then charged me the correct price. Well, the freaking credit back too 5 ****ing days to go through. I mean, seriously. 5 ****ing days with a $320 debit from my account. Luckily I had the money to cover, but I can easily imagine a situation where someone would be completely ****ed over by this screwup.

The vet supply store said that it was Visa's fault.

It would certainly fall under the floating cash part of it anyway. They are getting more creative with this all the time. Banks, credit card companies, insurance companies. We are not talking about the moral pillars of society here. Why people would give them access to their account is beyond me. I don't think there is anything these guys do that shocks anybody anymore. I was talking to my father last night. He made 2 mortgage payments a month ago. One was on time and the other a month ahead of time. He was notified last week that he was late which of course was impossible. What they did was not apply his 2nd payment to his mortgage, They literally opened another account and put it in there and then forgot to apply it to his mortgage. Friggen amazing.

dtebbe
02-15-2010, 02:52 PM
They're for people who prefer to buy things with money they have rather than credit.

ie. people who can't manage a credit card.

DT

Mr. Plow
02-15-2010, 02:54 PM
I've know a guy who still pays for things with checks.

BIG_DADDY
02-15-2010, 02:59 PM
ie. people who can't manage a credit card.

DT

That just not true dude. People with real money run their business on credit cards and their personal life on debit cards. I don't have any idea what made you draw those conclusions.

wild1
02-15-2010, 03:00 PM
ie. people who can't manage a credit card.

DT

I have no issues managing debt whatsoever.

Fish
02-15-2010, 03:08 PM
It would certainly fall under the floating cash part of it anyway. They are getting more creative with this all the time. Banks, credit card companies, insurance companies. We are not talking about the moral pillars of society here. Why people would give them access to their account is beyond me. I don't think there is anything these guys do that shocks anybody anymore. I was talking to my father last night. He made 2 mortgage payments a month ago. One was on time and the other a month ahead of time. He was notified last week that he was late which of course was impossible. What they did was not apply his 2nd payment to his mortgage, They literally opened another account and put it in there and then forgot to apply it to his mortgage. Friggen amazing.

Again... you're not giving them access to your account with an EFT. That's not true. You're creating a payment agreement. A contract that is pre-defined with agreements written out and agreed to ahead of time. That's very different than "giving access to your account."

BIG_DADDY
02-15-2010, 03:14 PM
Again... you're not giving them access to your account with an EFT. That's not true. You're creating a payment agreement. A contract that is pre-defined with agreements written out and agreed to ahead of time. That's very different than "giving access to your account."

I am not going to argue about something so fucking stupid. You gave them your account information and they have access to it. You may have an agreement but that doesn't mean shit. I dealt with thousands of EFT issues at 24 Hour Fitness. Anyone who works in an industry that uses EFT where there are is little to no recourse for the consumer knows exactly what I am talking about.

Mr. Plow
02-15-2010, 03:19 PM
I am not going to argue about something so fucking stupid. You gave them your account information and they have access to it. You may have an agreement but that doesn't mean shit. I dealt with thousands of EFT issues at 24 Hour Fitness. Anyone who works in an industry that uses EFT where there are is little to no recourse for the consumer knows exactly what I am talking about.


They can't just dip into your acct anytime they want....well, they probably could, but it's not like they could just take the extra money and say "You'll never get this money back....it's ours!"

Fish
02-15-2010, 03:21 PM
I am not going to argue about something so fucking stupid. You gave them your account information and they have access to it. You may have an agreement but that doesn't mean shit. I dealt with thousands of EFT issues at 24 Hour Fitness. Anyone who works in an industry that uses EFT where there are is little to no recourse for the consumer knows exactly what I am talking about.

You started the thread, and now you don't want to talk about it huh? OK then.

You give them your account information on a check. Your account number, along with the routing number and your name, address, and phone number. WTF?

And your individual experience at 24 hour fitness cannot be applied to the rest of functioning society. Sorry. I work in an industry that uses EFT, and you're wrong. You don't take money from someone with no recourse. Saying a legal binding agreement "doesn't mean shit" is ignorant.

Saul Good
02-15-2010, 03:23 PM
Again... you're not giving them access to your account with an EFT. That's not true. You're creating a payment agreement. A contract that is pre-defined with agreements written out and agreed to ahead of time. That's very different than "giving access to your account."

You are wrong on this point. Yes, you've created a payment agreement, but they absolutely have access to your account. That is exactly what an EFT is.

You can leave all of your money in a shoebox on the front porch with a sign pointing to it that says, "This box is filled with cash. Don't touch it", and it's not legal for anyone to take the money, but they do have access to it.

BIG_DADDY
02-15-2010, 03:28 PM
You started the thread, and now you don't want to talk about it huh? OK then.

You give them your account information on a check. Your account number, along with the routing number and your name, address, and phone number. WTF?

And your individual experience at 24 hour fitness cannot be applied to the rest of functioning society. Sorry. I work in an industry that uses EFT, and you're wrong. You don't take money from someone with no recourse. Saying a legal binding agreement "doesn't mean shit" is ignorant.

It all depends on who you are doing it with. We use EFT with our clients but they have major recourse starting with the SEC. The point is the control is in the hands of the company who you gave access to your account to. Even when paid back in a week or two allows companies to float cash. It's not about my one experience. I have seen a lot of people have issues with EFT before. to be honest Ithought this would be a 100 post thread even on a day when hardly anyone is here.

Mr. Plow
02-15-2010, 03:32 PM
Personally, I've only had issues with being double charged for a purchase with my debit card - but that is on my bank....which will soon be my ex-bank.

BIG_DADDY
02-15-2010, 03:32 PM
You are wrong on this point. Yes, you've created a payment agreement, but they absolutely have access to your account. That is exactly what an EFT is.

You can leave all of your money in a shoebox on the front porch with a sign pointing to it that says, "This box is filled with cash. Don't touch it", and it's not legal for anyone to take the money, but they do have access to it.

Amen brother. IMO giving access to your account to some of the scumbags out there is the equivilent of getting your hot model 19 year old wife drunk and dropping her off at a bikers bar but not before leaving with a signed contract that they won't touch her. Give me a friggen break. They absolutley have access.

BIG_DADDY
02-15-2010, 03:34 PM
Personally, I've only had issues with being double charged for a purchase with my debit card - but that is on my bank....which will soon be my ex-bank.

Do you pay all your bills with EFT?

Mr. Plow
02-15-2010, 03:39 PM
Do you pay all your bills with EFT?

No. Only a few of them...mortgage, loan, and phone bill. All the other bills I either pay by logging into their site and paying, or by paying through my banks online bill pay.

Fish
02-15-2010, 03:41 PM
It all depends on who you are doing it with. We use EFT with our clients but they have major recourse starting with the SEC. The point is the control is in the hands of the company who you gave access to your account to. Even when paid back in a week or two allows companies to float cash. It's not about my one experience. I have seen a lot of people have issues with EFT before. to be honest Ithought this would be a 100 post thread even on a day when hardly anyone is here.

It depends on who? Really? So I shouldn't setup an EFT with Cletus who mows the lawn? I guess I'll have to talk with him....

The fact that it's not a 100 post thread should tell you that most people are capable of handle funds in this manner with no problems whatsoever.

BIG_DADDY
02-15-2010, 03:45 PM
No. Only a few of them...mortgage, loan, and phone bill. All the other bills I either pay by logging into their site and paying, or by paying through my banks online bill pay.

One of the little scams out here is your water/sewer/garbage bill. You call in and cancel when you move. You get charged again and when you say you canceled already they ask you who you talked to. That dealio isn't EFT specific though. If you pay by check they just charge you again and if you don't pay they just fuck up your credit. That's how they got me. When I told others about my experience I discovered they were automatically taking it from people signed up on EFT.

BIG_DADDY
02-15-2010, 03:52 PM
It depends on who? Really? So I shouldn't setup an EFT with Cletus who mows the lawn? I guess I'll have to talk with him....

The fact that it's not a 100 post thread should tell you that most people are capable of handle funds in this manner with no problems whatsoever.

Whatever. Maybe we are just having more issues out here or my experience has been unique. Maybe the traffic is just really slow today. I just posted it because of seeing Guru's issue and having had my own experiences. I have also heard it more frequently lately with the cash crunch. Obviously you have a vested interest in seeing that EFT is not frowned upon. What do you do if you don't mind me asking?

mikeyis4dcats.
02-15-2010, 03:53 PM
You are wrong on this point. Yes, you've created a payment agreement, but they absolutely have access to your account. That is exactly what an EFT is.

You can leave all of your money in a shoebox on the front porch with a sign pointing to it that says, "This box is filled with cash. Don't touch it", and it's not legal for anyone to take the money, but they do have access to it.

terrible analogy. You KNOW who removed money from your account with an EFT and are protected by Federal Reserve regulations. Your little box argument, not so much.

Anyone you've ever written a check to or even SHOWN a check to could also access your account with the proper tools.

This makes as much sense as those who resist efiling taxes because they "can't trust the security".

mikeyis4dcats.
02-15-2010, 03:56 PM
One of the little scams out here is your water/sewer/garbage bill. You call in and cancel when you move. You get charged again and when you say you canceled already they ask you who you talked to. That dealio isn't EFT specific though. If you pay by check they just charge you again and if you don't pay they just **** up your credit. That's how they got me. When I told others about my experience I discovered they were automatically taking it from people signed up on EFT.

you consider that a scam?

you do realize the same thing could happen without EFT, they tell you you never cancelled and you're on the hook for it. They wouldn't have the EFT to withdraw, but they could still pursue you for the money.

Fish
02-15-2010, 04:05 PM
Whatever. Maybe we are just having more issues out here or my experience has been unique. Maybe the traffic is just really slow today. I just posted it because of seeing Guru's issue and having had my own experiences. I have also heard it more frequently lately with the cash crunch. Obviously you have a vested interest in seeing that EFT is not frowned upon. What do you do if you don't mind me asking?

Honestly I don't care whether people use it or not. I just don't think you're characterizing it very well. It's a convenience for me, along with the benefit of not going through envelopes, stamps, etc.

I'm a system administrator for a university.

BIG_DADDY
02-15-2010, 04:07 PM
protected by Federal Reserve regulations. Your little box argument, not so much.
.

Boy I am dying to hear what these are. Please show me these Federal Reserve regulations.

mikeyis4dcats.
02-15-2010, 04:17 PM
Boy I am dying to hear what these are. Please show me these Federal Reserve regulations.

http://www.federalreserve.gov/bankinforeg/regecg.htm

http://www.fdic.gov/regulations/laws/rules/6500-3100.html

BIG_DADDY
02-15-2010, 04:20 PM
Honestly I don't care whether people use it or not. I just don't think you're characterizing it very well. It's a convenience for me, along with the benefit of not going through envelopes, stamps, etc.

I'm a system administrator for a university.

My point was never that people are going to steal your money. I was simply pointing out some of the potential problems that can be caused by EFT. That being said I use EFT only when absolutely necessary with institutions I completely trust. On the other hand I would never under any circumstances do EFT with shady organization or one I am not completely familiar with.

mikeyis4dcats.
02-15-2010, 04:21 PM
My point was never that people are going to steal your money. I was simply pointing out some of the potential problems that can be caused by EFT. That being said I use EFT only when absolutely necessary with institutions I completely trust. On the other hand I would never under any circumstances do EFT with shady organization or one I am not completely familiar with.

well, yeah, I'm not expecting most people will set up EFT with their dope dealer or the guy selling speakers out of a white van.

BIG_DADDY
02-15-2010, 04:31 PM
http://www.federalreserve.gov/bankinforeg/regecg.htm

http://www.fdic.gov/regulations/laws/rules/6500-3100.html

I am going to go when there is still some sun out.

The top link says flat out "This description should not be interpreted as a comprehensive statement of the regulation"

I can't imagine the Fed getting involved in anything this trivial.

The other is FDIC

This is a floating thing not a stealing thing although at times I am sure it is used as such in say double billings that are not caught. When you point out the "mistake" you get your money back but not before it's been floated.

|Zach|
02-15-2010, 04:33 PM
It has worked fine for me.

BIG_DADDY
02-15-2010, 04:36 PM
well, yeah, I'm not expecting most people will set up EFT with their dope dealer or the guy selling speakers out of a white van.

YOu don't have to make it sound stupid dude, it happens all the time in big companies. You should never do it with 24 hour fitness as an example. I would never do it with Verizon either. Anyone I wasn't very comfortable with for that matter.

At this point I really wasn't expecting this response so I'm checking out. Do EFT for everything if you want.

BIG_DADDY
02-15-2010, 04:36 PM
It has worked fine for me.

Of course it has. I would have expected nothing less.

mikeyis4dcats.
02-15-2010, 04:37 PM
YOu don't have to make it sound stupid dude, it happens all the time in big companies. You should never do it with 24 hour fitness as an example. I would never do it with Verizon either. Anyone I wasn't very comfortable with for that matter.

At this point I really wasn't expecting this response so I'm checking out. Do EFT for everything if you want.

Interesting, as I've had EFT with 24 hour fitness for about 4 years without a hitch.

|Zach|
02-15-2010, 04:40 PM
Of course it has. I would have expected nothing less.

Alright, well good luck with collecting your horror stories. Most people in this thread seem to think it has gone ok for them much like myself.

mikeyis4dcats.
02-15-2010, 04:41 PM
Alright, well good luck with collecting your horror stories. Most people in this thread seem to think it has gone ok for them much like myself.

Just let him take his ball and go home....

http://smiliesftw.com/x/punchballs_1.gif

BIG_DADDY
02-15-2010, 04:46 PM
Interesting, as I've had EFT with 24 hour fitness for about 4 years without a hitch.

Lucky you. I was one of the original managers when they only had 6 clubs and worked for them 8 years. I was instumental in helping create what that company is today. I still know people there who are dealing with their EFT issues. I have represented the company in court and handled thousands of these EFT problems for them over that span. I am sure you know better though because yours has went down without a hitch. Congratufuckinglations.

|Zach|
02-15-2010, 04:51 PM
Lucky you. I was one of the original managers when they only had 6 clubs and worked for them 8 years. I was instumental in helping create what that company is today. I still know people there who are dealing with their EFT issues. I have represented the company in court and handled thousands of these EFT problems for them over that span. I am sure you know better though because yours has went down without a hitch. Congratu****inglations.

There isn't a big company around who doesn't deal with all kinds of shit like that...

That stuff happens in business. You get bigger and shit happens.

mikeyis4dcats.
02-15-2010, 05:18 PM
Lucky you. I was one of the original managers when they only had 6 clubs and worked for them 8 years. I was instumental in helping create what that company is today. I still know people there who are dealing with their EFT issues. I have represented the company in court and handled thousands of these EFT problems for them over that span. I am sure you know better though because yours has went down without a hitch. Congratu****inglations.

and yet you were unaware that there are Federal Reserve and FDIC regulations covering them.

Interesting.

Mosbonian
02-15-2010, 06:35 PM
ie. people who can't manage a credit card.

DT

Hmmmm.....that's a pretty broad stroke you're making there. I would venture to say it's about 50/50.

mmaddog
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Mosbonian
02-15-2010, 06:37 PM
You are wrong on this point. Yes, you've created a payment agreement, but they absolutely have access to your account. That is exactly what an EFT is..

Actually that is not true at all....

mmaddog
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Mosbonian
02-15-2010, 06:41 PM
I am not going to argue about something so ****ing stupid. You gave them your account information and they have access to it. You may have an agreement but that doesn't mean shit. I dealt with thousands of EFT issues at 24 Hour Fitness. Anyone who works in an industry that uses EFT where there are is little to no recourse for the consumer knows exactly what I am talking about.

BD....the reputable firms that use EFT are not as liable to do exactly what you are inferring.

There are always companies that will use something like this and fatten their wallets.

Alot of this can be avoided by diligence on a persons part. Read your agreement with the Bank....make sure you have control of all EFT's and advise all parties that you enter into and EFT agreement that you expect them to follow it fairly or expect the proper penalties to be enforced.

mmaddog
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Mosbonian
02-15-2010, 06:44 PM
My point was never that people are going to steal your money. I was simply pointing out some of the potential problems that can be caused by EFT. That being said I use EFT only when absolutely necessary with institutions I completely trust. On the other hand I would never under any circumstances do EFT with shady organization or one I am not completely familiar with.

People don't need an EFT agreement to steal money from your bank account...

patteeu
02-15-2010, 08:49 PM
My church is trying to get the members of our parish to sign up for EFT for weekly tithing. My wife was on the parish council so at first she was trying to tell me that we should do it because she felt like we should be leading by example. I had to put my foot down and say hell no. It's great for the payee, but it's a really bad idea for the payor, IMO. Too many things can go wrong.