Canadian Consumers Upset About Pre-Authorized Debit Error Rate
The Toronto Star reports on increasing concerns by consumer groups in Canada about the error rate associated with pre-authorized debits against consumer checking accounts - citing more than 1,000 erroneous postings each day to consumer accounts.
The coalition reports that the most common problems are debits in the wrong amount (23 per cent of victims), on the wrong date (19 per cent) and double debits (17 per cent). “Canadians are not aware of how risky (pre-authorized debits) really are,” said Charles Tanguay, spokesman for l’Union des consommateurs. “They’re just like a blank cheque.
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