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A person inknown to me set up a recurring ACH transaction through State Farm to pay his insurance premium.?
A person inknown to me set up a recurring ACH transaction through State Farm to pay his insurance premium. The money was taken from my checking account. My bank didn't didn't notice that the name on the account (mine) was different than the ACH requestor. Isn't there security set up to check for this?
- 1 decade agoFavorite Answer
No, the bank doesn't look at these things with ACH transactions. It is entirely electronic, no human intervention. All they need to know is that the routing and account numbers are correct.
It is up to you to reconcile your account and know what transactions are being run through. Know who has access to your banking information and ensure that all your banking information is protected.
Best thing to do now is file a fraud claim with the bank.
- mister edLv 71 decade ago
nope because the bank does not know what off line deals you may be setting up!!! that is why you need to really go over you monthly bank statements!!!