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Don’t Ever Give Out Your Bank Account Information

I just read and blogged about how the FTC has shut down the operation of EdebitPay [3], a shady little operation that offers up prepaid and stored value debit cards. Lots of folks use prepaid and stored value debit cards because anyone can get them and they sometimes let you build up credit, but to get these you had to give up your bank account information, and probably all sorts of other information, as part of the application process. What happened was then EdebitPay charged people a $159.99 processing fee that they never disclosed and that’s what made the FTC come in. Of course, if they disclosed this, then the FTC would be okay with it.

Do not give you bank account information to someone you don’t know or trust. Don’t give your personal information, such as your social security number, to someone you don’t know or trust. Don’t enter it in online, don’t give it to someone who calls and claims to be your bank, don’t give it to your neighbor. Don’t give it to the random guy giving out t-shirts in return for a credit card application.

EdebitPay could’ve been an operation out of [enter non-US country here] that was just collecting information and using it to steal your identity. Then the FTC wouldn’t be able ot shut them down and you’d be screwed out of more than $160. Seriously people… don’t make it that easy for a thief to steal your money.