I feel bad for those people who Paychecks got stolen, I wonder if they'll end up getting that back or did already since it mentioned "briefly pull"... People who work paycheck to paycheck probably struggles the most and then overdraft fees, stress, couples often fight over money, etc... So pretty shameful if you are working hard, and stuff like this happens. You feel like you are doing everything right and things still go wrong.
Even if they did put it back, still overdraft fees during that time if someone had a check cashed or automatic payment sent due to those funds being removed.
I don't know why anyone would think they could get away with a fraud this large. I just think this stuff highlights how outdated the banking system is.
I've always hated the idea of checks, I rather the money be gone right away then keeping track of it... Since checks still show on your balance even if not cashed yet. Then checks have your entire account number people could misuse. I have never wrote a check in my life though, but I know my family does for bills but I know more and more places have online bill pay... They trust mailing their entire account info than doing it online.
However I feel both banking and the whole social security number thing needs to be rethought. it's insane you use the same number for everything and you pass it around to employers, contracting jobs freelancing or affiliate programs that pay commissions, credit cards, cable company, satellite tv, cell phone, doctors, dentists, etc. Well I know for doctors and stuff they say you can refuse to give it, but pretty sure they'll give you a hassle for exercising your rights. I know a while back there was some dentist storing patient information in a unsecured FTP account.
Even if they did put it back, still overdraft fees during that time if someone had a check cashed or automatic payment sent due to those funds being removed.
I don't know why anyone would think they could get away with a fraud this large. I just think this stuff highlights how outdated the banking system is.
I've always hated the idea of checks, I rather the money be gone right away then keeping track of it... Since checks still show on your balance even if not cashed yet. Then checks have your entire account number people could misuse. I have never wrote a check in my life though, but I know my family does for bills but I know more and more places have online bill pay... They trust mailing their entire account info than doing it online.
However I feel both banking and the whole social security number thing needs to be rethought. it's insane you use the same number for everything and you pass it around to employers, contracting jobs freelancing or affiliate programs that pay commissions, credit cards, cable company, satellite tv, cell phone, doctors, dentists, etc. Well I know for doctors and stuff they say you can refuse to give it, but pretty sure they'll give you a hassle for exercising your rights. I know a while back there was some dentist storing patient information in a unsecured FTP account.