Ancestors

Written by Dana Fried on 2025-01-28 at 12:45

I just paid rent. It was free, through my bank app, and got to my landlord basically instantly. All I needed was my property manager's email address.

I could send money to a friend the same way.

This doesn't sound much different than ACH or PayPal but I assure you it is 1000% nicer.

One of the many things you don't realize living in the US is how much friction is added to basically everything you do to ensure some middleman or service provider can profit off of it.

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Written by Cassandrich on 2025-01-28 at 12:59

@tess That's free in the US to me thru my bank's website, but takes a day or two to arrive.

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Written by Mark Squires on 2025-01-28 at 13:27

@dalias @tess Many landlords/condos have auto-deduct to a tenant bank account. It's auto-processed by landlord/condo without anyone, them or renter, thinking about it, and no fee. Once authorized by the tenant, of course.

Win-win.

That may certainly not apply to every landlord! But it is in their interest to set it up since payment is now automatic and never late.

Lots of other bills, fees, credit cards, utilities, you can do the same.

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Written by Cassandrich on 2025-01-28 at 13:31

@MarkSquiresWine @tess Yeah, no thanks. The fine print for that always allows them to do abusive things, and even if not, you can end up with overdrafts because it's via ACH which isn't synchronous with available balance.

Even if you want automated payments, you want them scheduled and initiated "push" by the sender at their bank, not "pull" by the recipient.

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Written by Mark Squires on 2025-01-28 at 13:40

@dalias @tess Well, I'm fortunate that I point to accounts that won't have overdraft issues.

I was a lawyer. I read these once upon a time. I've had auto deductions for 20 years with some vendors. No issues.

What fine print and abuses are you talking about specifically?

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Written by Cassandrich on 2025-01-28 at 13:53

@MarkSquiresWine @tess Like pretty sure they'd authorize the landlord to charge you extra for claimed damages when you move out, rather than them having to go to court if they want more than your deposit. Or even if not really authorized, slimy landlord would do it if they thought you couldn't afford a lawyer.

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Written by Urban Camera on 2025-01-28 at 15:58

@dalias @MarkSquiresWine @tess

One of the first things you do when moving out is cancel the authorization, copy to the bank. So simple.

Standard in Europe, rent, utilities, the lot .

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Toot

Written by Cassandrich on 2025-01-28 at 16:03

@uc @MarkSquiresWine @tess ACH has no such concept as cancelling authorization.

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Descendants

Written by Urban Camera on 2025-01-28 at 16:04

@dalias @MarkSquiresWine @tess

Then why sign it?

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Written by Cassandrich on 2025-01-28 at 16:06

@uc @MarkSquiresWine @tess There's no signature. All it takes is knowing the bank and account number. Any signed authorization is just evidence if the person you're pulling money from takes you to court, not part of getting the money.

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Written by Urban Camera on 2025-01-28 at 16:07

@dalias @MarkSquiresWine @tess

Wouldn't be legal in the real world. If I don't authorize payment, it doesn't happen. If someone tries taking payment without authorization I recall it with the click of a button.

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Written by Mark Squires on 2025-01-28 at 16:06

@dalias @uc @tess

To authorize ACH, I went to my vendors' sites and said I authorize ACH auto-pay and entered my bank account information.

All I have to do to unauthorize it is go back to the site and uncheck that box. I can also remove the bank account information as a method of payment from that part of the vendor site.

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Written by Urban Camera on 2025-01-28 at 16:08

@MarkSquiresWine @dalias @tess

Electronic signature, in effect.

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