Originally Posted by Donald
Wife was applying to refinance a student loan for her daughter. The loan company wants the logon userid & PW to checking account to auto deduct.
The loan company can ACH a payment without needing access to checking account userid & PW.
So what is going on. It's not a scam. They will do the loan at a higher rate of you do not provide the access.
You have been here for 15 years and you think this is legit? Really? REALLY??
Of course either it is a scam or somebody is misunderstood.
All *anybody* needs is bank routing number and account number to empty your account. Heck, I could have financed my children's education if I had a check from you. NOTHING prevents money being removed once the "public" bank routing number and the number from your check is available.
Now agreed, that if I had indeed emptied your account to put my kids through college, I will be typing this from Grand Federal Hotel
Once again, in bold letters "NO, YOU SHOULD NOT GIVE THEM YOUR USER ID AND PW"
Raise heck to the company who is asking for it. Ask them to send you the written request and nail them to the wall.