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California waiting room Q4

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Pleasantly surprised to get a text this morning indicating my Model Y will be produced in the next 1-2 days, with pickup appointment set for 12/28 in Dublin, CA. Still no VIN, but account detail on Tesla.com confirms the appointment.

Text also confirmed the 1 year free Supercharging for pickups by 12/31. So very excited!
 
Tesla's delivery team may, as was my experience, pressure you to pay via automated clearing house (ACH) Debit. The latest twist on ACH is a third party service called Plaid. I did not trust using ACH, I would not trust using Plaid. If you use Plaid you are giving up not only your account credentials (your User Id and password) to Plaid but then Plaid has access to any checking, savings or credit accounts that are linked to your account. This is beyond bad.

The best, safest option is to pay via a cashier's check. Another option is to set up and pay for a Wire Transfer. The Wire Transfer payment option needs to be arranged several days in advance.

yeah I don’t want to give any 3rd party service my bank info. No way. Looks like cashiers check. Thanks for the info.
 
yeah I don’t want to give any 3rd party service my bank info. No way. Looks like cashiers check. Thanks for the info.
Common misconception actually. It is safer sharing bank login then routing/account number. Most banks have MFA and will flag account for fraud if a new login is detected and a noticeable event like transferring money out of an account happens. My wife works in bank fraud department.

guess whats on the bottom of a check?
 
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Common misconception actually. It is safer sharing bank login then routing/account number. Most banks have MFA and will flag account for fraud if a new login is detected and a noticeable event like transferring money out of an account happens. My wife works in bank fraud department.

guess whats on the bottom of a check?
You are correct, the ABA routing information and checking account number appears at the bottom of every one of your personal checks (but not you account information on a cashier's check.) If you read the Plaid terms of service it states that Plaid can access your routing information and account number information. I was surprised when I logged into a major bank's phone app that the app will freely display the routing number and account information within the app if you select this option. WTF?
 
You are correct, the ABA routing information and checking account number appears at the bottom of every one of your personal checks (but not you account information on a cashier's check.) If you read the Plaid terms of service it states that Plaid can access your routing information and account number information. I was surprised when I logged into a major bank's phone app that the app will freely display the routing number and account information within the app if you select this option. WTF?
But what is the issue. The event is logged by Plaid and the bank agrees on how to share the ability to do the login. That is why apps like Mint / Personal Capitol / Nerd Wallet can not log into some banks. The security is determined by the connector bank. So for example you use Chase and used Plaid. The security is as strong as Chase created the connection with Plaid. It is not like some Plain Employee is typing in your login on Chase and doing the work for you LOL.

Everyone needs to read up on modern security for Banking :p Fearing over the wrong things
 
But what is the issue. The event is logged by Plaid and the bank agrees on how to share the ability to do the login. That is why apps like Mint / Personal Capitol / Nerd Wallet can not log into some banks. The security is determined by the connector bank. So for example you use Chase and used Plaid. The security is as strong as Chase created the connection with Plaid.

Everyone needs to read up on modern security for Banking :p Fearing over the wrong things
One of my concerns is that if Plaid sucks up all of the related account information and later Plain gets hacked any information that Plaid has is compromised. Like the Equifax data breach but more so.
 
And if it ever happens? Your money is Federally insured.
Federally insured only applies to deposits in FDIC insured accounts should the bank fail, not from theft. The bank will in all probably refund your lost funds as they research any fraud claim. You are left to pick up the pieces of your financial world, potentially having to now deal with identity theft in addition to ACH debit fraud. The only way to shut down ACH fraud on your account is to close the account, open new accounts. Try doing that in normal times, now try to imagine what a PIA that would be during Covid-19 times. Any automated direct deposit and payments to and from the affected accounts would need to be recreated.
 
Federally insured only applies to deposits in FDIC insured accounts should the bank fail, not from theft. The bank will in all probably refund your lost funds as they research the fraud claim. You are left to pick up the pieces of the financial world, potentially having to now deal with identity theft in addition to ACH debit fraud. The only way to shut down ACH fraud on your account is to close the account, open new accounts. Try doing that in normal times, now try to imagine what a PIA that is during Covid-19 times.
Will be easier of a claim if the Plaid admits to the fault where they themselves pay for their own insurance. BUT if this was a single case of fraud then yeah you have to suffer from all the hoops to get your money back, which you will eventually get anyway. So regardless of the end result, it is easier and actually safer to have fraud from Plaid than from your own mistake.
 
On a side note, MINT / Capital Finance / Nerd Wallet has been around for years. Specifically, Mint which has been around for over 10+ years and not one single compromise. Mint uses the exact same method Plaid used as a bank relation for information. Nerd Wallet is actually using Plaid for its connections. It is proven secure with its multi-year track record.

Wow derailed this thread so much, but MY POINT is Plaid is safe, and people are just stuck with old fashion security methods which are actually the reason why Plaid came along as they were getting comprimised.
 
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Will be easier of a claim if the Plaid admits to the fault where they themselves pay for their own insurance. BUT if this was a single case of fraud then yeah you have to suffer from all the hoops to get your money back, which you will eventually get anyway. So regardless of the end result, it is easier and actually safer to have fraud from Plaid than from your own mistake.
Hopefully you will never have to deal with ACH debit fraud. It took me months, dozens of hours and multiple trips to the bank (pre Covid-19) to resolve everything after a checking account was invaded by ACH debit fraud back in 2019.

The best type of banking fraud is no fraud at all.
 
Yeah that sucks to bad you didn't have a third party like Plaid to be the middle man
The checking account was compromised when someone took a photo of a personal check and sold the checking account information to a fraud ring, then unapproved ACH debit transactions started appearing on the checking account statement. I shut it down, got my money back but it took several months and many hours to straighten out. This type of ACH fraud is not a new fraud but lately has become popular. Always use your banks bill paying service, never pay via a personal check (these days I will only use a personal check as a last resort unless I am paying my federal income taxes, state income taxes or property taxes.)
 
Best Security advice to anyone is to have a public checking account. Only move funds to it when you need it. Set up overdraft protection and you can leave checks on the floor and have no worry.
Wouldn't overdraft protection just make it easier to drain your account(s) until you notice the fraud? The first thing I did was turn off overdraft protection on the compromised checking account. My bank representative concurred with me taking this preventive action BTW. Now I received automated alerts from the bank whenever a payment or transfer is made so I can immediately respond to any potential checking or savings account fraud.
 
Wouldn't overdraft protection just make it easier to drain your account(s) until you notice the fraud? The first thing I did was turn off overdraft protection on the compromised checking account. My bank representative concurred with me taking this preventive action BTW. Now I received automated alerts from the bank whenever a payment or transfer is made so I can immediately respond to any potential checking or savings account fraud.
I never said set it up to be turned on, i just mentioned set it up in your favor. Lets drop the convo for this thread.
 
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Pleasantly surprised to get a text this morning indicating my Model Y will be produced in the next 1-2 days, with pickup appointment set for 12/28 in Dublin, CA. Still no VIN, but account detail on Tesla.com confirms the appointment.

Text also confirmed the 1 year free Supercharging for pickups by 12/31. So very excited!
Cutting through Dublin today saw a bunch of M3/Ys in a lot about 2 blocks away from the service center. There were about 50-60 M3/Ys of various colors but mostly black interiors parked in the lot. A few associates cleaning them up, removing plastic etc. Looks like this is their surge lot to push all the deliveries at the end of the year. Still waiting on my VIN.
 
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