My phone if it isn’t a physical purchase where the chip on the card is used

Yes. Every purchase I do has two-factor authentication

If I do automatic payment, I need to set it up manually and also set a custom limit of how much is allowed to be pulled. I also typically get a notification every time an automatic transaction is planned to occur

Wait, where in the world does that happen?

…don’t tell me that in the US if someone has your banking details they can do literally anything they want, and just empty your account