I recently had a bogus ACH transaction take place on my checking account. The outcome is that I had to spend time physically going to the bank, filling out paperwork, filing a complaint, and then wait patiently for the company with whom I have no existing relationship to return my funds. They take, I wait. That's how bogus ACH transactions go.

So, why isn't there more security in place. If you have the same problem with your credit card they just credit the money back to you instantly in most cases. And, what happens if someone steals the money from your checking account. As far as I can tell there's nothing to guarantee you'll be able to recover it. FDIC insures against bank insolvency, not fraud or theft.

All I need to steal all the money in your bank is your checking routing number and account number. I can pull that off your check, or just guess a number and withdraw funds. Obviously, the bank has some incentive to stop you if you're doing this agressively. But, occasional theft is virtual unstopable.

This will eventually result in more regulations, more costs, and more difficulty in your banking transactions. It doesn't have to. We can work to encourage banks to change the standard now and make ACH transactions safer.

Please post your suggestions below via Disqus. Join the conversation, share with your friends. I've some ideas on how to do this, but I'd like smart people to throw in their .02 USD.