> FWIW If you are worried this is just the honour system, which it is, be even more afraid of credit cards. Payment card settlement is entirely on the honour system and has fewer safeguards. Any merchant can present settlement paperwork saying card #123456789 agreed to pay me $8000 and your bank will by default take $8000 from the account #123456789 corresponds to.
They won't take money out of your bank account. They'll add $8000 to your credit card bill, and if you don't pay that bill they can report you to a credit bureau, cancel the card, take you to court, but you'll still have access to your money while it's all being sorted out. That's the argument for credit cards being safer.
They won't take money out of your bank account. They'll add $8000 to your credit card bill, and if you don't pay that bill they can report you to a credit bureau, cancel the card, take you to court, but you'll still have access to your money while it's all being sorted out. That's the argument for credit cards being safer.