Is "ACH DEBIT, ADVS ED SERV PPD STUDNTLOAN 0000" fraud?

Written by Lily Tran

June 18th, 2024

Medium Risk

What is "ACH DEBIT, ADVS ED SERV PPD STUDNTLOAN 0000"?

Aidvantage is a company that has been in business since 2021. It primarily handles the servicing of student loans for borrowers. Aidvantage's services include managing loan repayment plans, processing payments, and providing customer support for loan-related inquiries. The company operates as a federal student loan servicer, transitioning from the services previously handled by Navient. Aidvantage does not engage in retail sales; its focus remains on loan management and customer service for student loan borrowers.

ACH DEBIT: Automated Clearing House Debit

ADVS ED SERV: Advancing Education Services (refers to the service provider)

PPD: Prearranged Payment and Deposit (indicates a type of ACH transaction)

STUDNTLOAN: Student Loan (description of the transaction purpose)

0000: Transaction identifier or tracking number

Verify if this transaction is fraud in 30 seconds

Verify With Receipt

The best way to tell if this charge is fraudulent is to find the receipt. You may have an electronic copy of the receipt, which you can finding by searching in your email accounts for.

Or, if you want to automatically find and reconcile receipts so you never worry about fraud, you can use SimplyWise to automatically match all bank and credit card transactions to email and paper receipts. The app instantly reconciles your expenses and flags anything that doesn't match.

STEP 1

Connect your Email

Download the SimplyWise app and connect your email account. SimplyWise will search through your emails and find all the receipts in your inbox. This allows you to understand what exactly you are paying for when you see a bank transaction on your statement.

STEP 2

Connect Your Bank

Connect to your bank account/credit card transactions through the secure (256 bit encryption) Reconciliation feature within the app.

STEP 3

Reconcile

Reconcile the charges reported by your financial institution against what you've recorded in your SimplyWise account. Find fraud quickly! SimplyWise will match your transactions to your bank/credit card spending and check those items off.