Is "AUTOMATIC WITHDRAWAL, MINTOMONEY XXXXXXXXXX PPD" fraud?

Written by Remi Russell

June 18th, 2024

Medium Risk

What is "AUTOMATIC WITHDRAWAL, MINTOMONEY XXXXXXXXXX PPD"?

Minto Money is an online lender that has been in business since 2017. The company specializes in providing short-term installment loans to consumers. The primary focus is on financial services, and it does not offer a range of retail products but rather concentrates on offering personal loans aimed at providing monetary relief or support to its clients. The application process for these loans is typically conducted online.

  • AUTOMATIC WITHDRAWAL: Indicates the type of transaction, which is an automatic deduction from the account.
  • MINTOMONEY: The merchant or entity name where the funds are directed.
  • XXXXXXXXXX: A placeholder for unique transaction or account identifier, typically a series of numbers.
  • PPD: Prearranged Payment and Deposit entry, a standard class code used in ACH (Automated Clearing House) transactions.

    • 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.

    SimplyWise Community Comments
    Transaction codes from Minto Money
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