Is "ACH Withdrawal / Rocket Money" fraud?

Written by Julian Sanchez

June 18th, 2024

Medium Risk

What is "ACH Withdrawal / Rocket Money"?

Rocket Money is a financial services company that was founded in 2019. They provide a variety of services including money transfers, investment opportunities, and digital banking solutions. Their platform allows the users to link their bank accounts, deposits checks, schedule payments, save money, and invest in stocks and bonds. Rocket Money also offers business accounts with tools for managing the financial aspects of a company.'

ACH Withdrawal: A type of electronic debit transaction that occurs between bank accounts using the Automated Clearing House (ACH) network.

Rocket Money: The name or identifier associated with the withdrawal transaction. This could be a company, organization, or service provider that initiated the debit from the user's account.

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.