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0 pointsSpoom6y ago0 comments

They obfuscate the routing and account numbers because once you have them, there's little that prevents someone from debiting money from that account.

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jwr6y ago

Really? Isn't that considered to be a problem?

In the EU, I put my bank account numbers on every invoice, which makes sense, because I want people to transfer money to me. I would never imagine that knowing my account number would allow someone to take money from me.

SpoomOP6y ago

Yup, it's a problem. Checks are way more frequently used in the US than they are in Europe, and all you need to create a forged check in the US is someone's name, address, routing, and account numbers. (Theoretically they're supposed to check signatures too, but who knows if they actually do on a regular basis.)

Combine that with bank apps that allow you to take a photo of a check to deposit it and, well, game over.

There are also lots of places that will let you pay bills by giving them just the routing number and account number, which are all that are needed to initiate an ACH debit.

The US is way behind the rest of the first world when it comes to payment tech.

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