I'm just frustrated because as a consumer Walmart will have a crappy version of Pay called CurrentC and I can't see me using it at all. Open an app to pay? Why would I do that? I only need to put my phone to the receiver and wait two seconds. Done. No unlocking phone or switching to an app or waiting for it to load.
More to the point, do you want your bank account info in the hands of the retailers who have shown a certain propensity towards having data compromised?
With CurrentC, you link your BANK ACCOUNT. Do you know what fraud protection you have against unauthorized transactions? Effectively none; it depends on your bank. Here's what one bank has to say about it, and it should concern you:
"If you observe an unauthorized ACH debit on your account, please notify the bank immediately.
With most ACH debits (to personal checking/savings accounts), there is a window of time during which the transaction can be returned. And, just because an unauthorized transaction posts to your account doesnt necessarily mean that your account information is compromised. So, theres no need to panic.
When you call the bank to report the transaction, youll most likely be asked to complete a Written Statement of Unauthorized Debit form, certifying that you did not authorize the transaction. A member of our Customer Service team will then work with you to determine
what steps we should take to prevent future unauthorized transactions and/or close the account and open a new one."
So if you miss that window - the length of which is not stated - the transaction CAN be returned. Not "will be". Not "must be". CAN.
US Law (The Electronic Fund Transfer Act, 15 U.S.C. 1693 for those keeping score) limits your liability
to the amount of the unauthorized transactions if you notify the bank within 60 days of the date that you are sent your statement. You are then protected against SUBSEQUENT transfers,
but NOT for the ones that have already occurred. (Sec. 205.6 (b)(3))
Why in the nine hells you would want to lose your $50 liability limit and give your bank account info to merchants is beyond my capacity to understand. If the account and routing numbers are compromised, at the very least you will have to close and reopen your account (if you are prudent). At worst, you may experience losses for which you will have NO recourse to get your money back. Well, if you have a particularly generous bank, perhaps.. But that's not something I personally plan to gamble with. CurrentC is a total and complete non-starter for me; and yes, that will help to define my own best practices to help me avoid financial losses, headaches, and wasted time when my information is compromised from third parties outside my direct control.
