Does this open vault remind you of your barter exchange account? Is it just me or does it seem totally insane the way barter exchanges handle (or should I say DON’T handle) security? As of right now I belong to two exchanges. Both have the same general idea about security. Anyone with an account that has my ID number can charge my account without my permission through the exchange’s website. OK. That’s wierd enough, but the real punch line is that I need the other party’s permission (or my broker’s blessing) to remove a charge from my account. I can’t do that through the exchange website on my own without approval. That totally blows my mind. This is like saying that anyone can write a check out of my bank account on their signature (not mine) and I have to beg “pretty please” if someone charges me incorrectly.
Shouldn’t it work exactly the opposite of that? Shouldn’t someone have to request my permission to charge my account (including my broker) and shouldn’t I be able to remove an erronious charge without outside approval? When I’ve asked my brokers about this I’ve gotten two responses:
- This is a left over vestige from when all barter transactions were processed manually. That may very well be true, but it in no way satisfies my desire for security.
- This is the way we always do and it is extremely rare for there to be any problems because of it. Well, I have to admit that I’ve never had a problem either so maybe I’m worried about nothing. That being said the whole premise of vendor being able to charge my account without my specific permission doesn’t sit well with me.
I should probably point out that as strange as this system might sound to someone outside the “barter community” this is a TOTALLY NORMAL and accepted practice for barter exchanges. It’s not just my two barter exchanges that do this. As far as I can tell this lack of security is a common thread across the majority of barter exchanges.