Anyone have Sears MasterCard limit decreased

rockhillmanor wrote:

toedtoes wrote:
Here is the information on Automatic Debit Scams. As you can see, they have to obtain your bank account number (not your debit card number).

This is "inaccurate" also.

They do NOT have to have your actual bank account number.

Your debit card info, when used, 'includes' your bank account number within the transaction taken, because it is attached to that account. That is how the money is taken out. The company that debits you for a bill does not physically need to have your bank account number just what is on the debit card.

I just set up 4 bill pays over the phone and all that was required was my debit card number and expiration. Only one of the four asked for the code on the back.

My bill pay for my car insurance and YMCA did require one of my checks signed with void across it to set up auto bill pay. They were the ONLY ones that required the check/acct number.

There are 2 ways a company may ask you for to set up an automatic bill pay.

1. A real check with void across it physically provided to company.
2. Debit card info.

Yup in the old days they needed your bank account number. Fast forward to today and they don't need it. Just the info on your debit card.

So if you loose it, or put the info on the internet for a purchase someone can get just those two bits of info and use it for an auto debit if they are capable of doing so. Technology is at warp speed and they left a gaping security hole regarding auto pay debits.

You can't tell me that no one on this forum has set up auto bill pay by just giving them their debit card info?? :B

If they use your debit card info for a bill pay, then it is considered a "debit card transaction" and the bank is required to reimburse you for the fraudulent transaction - regardless of whether they call it a "debit charge" or an "automatic debit". It may take a few weeks for the investigation to complete and get the funds reimbursed, but it is a DEBIT CARD TRANSACTION and protected.

If they use your actual account info, then it is a true "automatic debit" and the bank is not required to reimburse you for the fraudulent transaction.

That is the difference.

When you give them your debit card info for your repeating bill pay, they only have access to your account THROUGH that card number and expiration date. Once the card is expired or cancelled, they can no longer access your account. Because they are doing a "debit card transaction".

When you give them your account information for your repeating bill pay, you are giving them full access to your account to withdraw or deposit whenever they want. The only way to stop them from doing so is to close the account.