ACH and giving access to my account

3 Replies

About to purchase a duplex with a private lender (they seem legit, saw their name plenty of times on BP and good reviews, but can never be too sure).

As this is the first time I purchase a property with a lender I'm a bit worried I need to give access to my account so they can debit monthly, because basically they can take as much as they want. Are there any ways to protect myself?

Bonjour

Have you never had automatic withdrawals?? YOU let your bank know how much and on what day of the month that the money goes to the creditor. They are not taking money from your account, YOU are sending them money every month.

I recently owner financed a small commercial building and the borrower sends me money every month. I never got his account information. He actually got mine and set it up with his bank. Money comes to me every month on the 3rd. If you are giving someone your bank information, I would have to say: SCAM!!!

The easiest way to not get scammed is use a larger commercial lender. Dont find people on the internet. Remember the State Farm French Model Commercial?? Bonjour!!

@Roy Gottesdiener

Main acct receiving income is xxxxx001

ANY acct debiting payments is xxxxx002

Maintain a positive relationship with your relationship banker, and verify EVERYTHING first in writing via email, then verbally over the phone with the RECIPIENT confirming acct, in case the email is intercepted.

Cheers,

G