Re: I don't think Dwyer is thinking this through
For me, one of the issues I have with banking generally is it appears as if all you need is the routing number and account number to pull or push money into an account. Which seems a bit nuts. Contrast that with what my brokerage did when I wanted to link to my bank. They did a pair of less than a dollar deposits into my bank and pulled the sum back as one withdrawal. I then on their site had to tell them what the 3 amounts were. After doing so they'd allow transfers. That seemed pretty smart. As opposed to when I make payments from my bank, I just have to put in the routing/accnt numbers and the vendor happily pulls from small to pretty big numbers(>10K) from the account. Sure I have to click on some silly box that says it is me and I am not a thief on the vendor site. Like that is going to stop a thief.
I really wish I could put a flag on my bank accnt that says wait for confirmation before paying an electronic payment. I know not everyone would want such a thing, but it should be an option. Remember when checks took days to clear, why not a day for an EFT as an option.