Direct Connections Makes You Liable for Fraud on Your Account

I just had an experience with Chase where someone had skimmed my card and taken money out of the ATM on multiple occasions. I was unaware of these charges, however I have direct import on YNAB set up. Chase views this as me logging into the account and therefore considered me aware of these charges. Since I didn't notify them I'm not responsible for $1000 in fraudulent ATM withdrawals. 

I thought importing was obviously harmless but turns out there are real consequences in the event that you have fraud on your account. 

9replies Oldest first
  • Oldest first
  • Newest first
  • Active threads
  • Popular
  • We're closing out Bank Importing threads in the forum to make sure these issues are better resolved.

    Replies in this thread have been turned off, but if you’re having trouble with your bank, please fill out this form and our Direct Import team will help you get things back up and running! :)

    Like
  • You said since you didn’t notify them, you are not responsible for $1,000 in fraudulent ATM withdrawals.

    Like
      • MRow
      • mattrow
      • 2 yrs ago
      • Reported - view

      jayne_m clarification: I did not personally know it was happening since I hadn't logged in to my bank personally nor into YNAB over the week of the holidays. However, because YNAB had been logging in multiple times per day through direct connect Chase interprets this as 'me having reviewed the charges. Since I didn't call them the day after the first withdrawal showed up and YNAB logged in  they are unwilling to consider it fraud. 

      tl;dr if you have direct connect enabled you lose fraud protection unless you're reviewing all charges daily. 

      Like
      • nolesrule
      • YNAB4 Evangelist
      • nolesrule
      • 2 yrs ago
      • 1
      • Reported - view

      MRow File a police report.

      Like 1
      • Brad Hull
      • Since YNAB Pro
      • sinceYNABPRO
      • 2 yrs ago
      • 1
      • Reported - view

      nolesrule  Maybe you should consider changing your bank?

      Like 1
      • MRow
      • mattrow
      • 2 yrs ago
      • 2
      • Reported - view

      BradfordNelsonHull Agreed. However, this is term is likely in the fine print of most banks as it relates to a regulation that limits banks liability for fraud. Make sure you all have your push/text alerts on for your accounts and set to a low enough limit you'd see repetitive charges. Mine was set to $200, which made me miss 9x$100 withdrawals. 

       

      The intent with sharing this is to ensure that YNAB'ers are aware, can make the decision on the risk and/or have the proper precautions set up. 

      Like 2
      • Brad Hull
      • Since YNAB Pro
      • sinceYNABPRO
      • 2 yrs ago
      • 1
      • Reported - view

      MRow 

      I have transaction alert lower limit at $1.00, which is as low as my bank allows.

      Like 1
  • Hi MRow !

    This is frightening and I'm sorry you've had to go through it! Most banks include a disclaimer when it comes to third party access, but I've never seen a bank blame third-party access for acknowledgement of fraudulent charges or prevent you from disputing those charges because of it! I actually bank with Chase and if they told me "You knew about it so it's your fault" I'd be livid.

    I definitely second nolesrule  on a police report and BradfordNelsonHull on a new bank if they aren't willing to help you. The alerts are also a great suggestion and if you don't want YNAB to check your accounts when you aren't actively budgeting on a regular basis, you can disconnect direct import and reconnect once you're ready.

    I hope you're able to find a better resolution with Chase!

    Like
  • Thanks for the note, Faness. I was always cool with connecting services like YNAB and now just wish I was more aggressive with the threshold for alerts with my bank. Having the data import is so useful that it's an OK tradeoff. Just wish there was a way to call out this risk for people choosing to use direct import along with sharing the tip to set your alerts low. Perhaps something to consider in the direct connect flow! 

    Like
Replies are closed
Like
  • Status Answered
  • 4 mths agoLast active
  • 9Replies closed
  • 1646Views
  • 5 Following