From: Rich Graves <rcgraves@disposable.com>
Date: Mon, 13 Jan 1997 17:23:20 -0800 (PST)
To: cypherpunks@toad.com
Subject: Re: Checking debit
In-Reply-To: <199701132321.RAA30596@mailhub.amaranth.com>
Message-ID: <32DADF8A.74F6@disposable.com>
MIME-Version: 1.0
Content-Type: text/plain


William H. Geiger III wrote:
> 
> I didn't think one could debit a bank account without signed
> documentation by the holder of the account giving permision to do
> so.

Your thinking is incorrect.

> Personaly I would never give somone such authorization to do so.

If you have a credit card, call up customer service, and ask if you
can do a check by phone. There are a dozen services that do it. A
verbal agreement is all that's necessary. I'm not even sure the calls
are recorded; I recall no telltale beeps, which are required in 
California and other states. Western Union may do such transfers for
a fee.

> If they are capable of getting access to funds in an account just by
> a phone conversation this is truly a sad state of affairs for the
> banking community.

I quite agree. Sad, but true.
 
> Could somone here with more banking background clarify this?

I don't have a banking background, but I've done exactly the above as a 
standard-issue idiot consumer. All they need is your account number, a 
unique check number, and the central bank routing information. And your 
SSN, which your credit card company has already (how convenient). Oh, 
and I'm sure they need a hell of a lot of liability insurance.

-rich