Wednesday, August 26, 2015, AM | 2 Comments
Millions of consumers have checking accounts in the U.S. In many countries, it is also known as current account. It is basically a transaction account for the purpose of securely and quickly providing frequent access to funds on demand. It is secure so far as the bank that holds the account is concerned.
There are instances where because of consumers’ carelessness and just pure ignorance the account gets jeopardized. It falls on consumers’ shoulders how to protect their checking accounts.
There are two numbers associated with your checking account:
- Bank Routing number and
- Your checking account number.
The bank routing numbers are available online and they are public knowledge. But the association of your checking account number with the bank routing number must not be known to crooks, scammers and the likes of Madoff.
Don’t give account information to strangers
Give your checking account information to institutions whom you know, trust and done business with before.
Otherwise, give out account information only if you have initiated the transaction.
Crooks can withdraw money after knowing your checking account number by creating a demand draft, or making an electronic transfer. Don’t fall for these scams and don’t let yourself be pressured into “free trial offers.”
Review your account statement every month – frequently online
Make sure all transactions are correct and have been authorized by you. This includes checks, debits, automatic payments and other transactions authorized by you.
For example, bbt.com checking account online has features that will allow you check your balance, out-going and incoming transactions in real time to keep your records up to date.
If you see a transaction you did not authorize, notify your bank immediately. With online banking, you can check it anytime.
Inform bank immediately for inappropriate transactions
The sooner you inform the bank, the better they can resolve the problem. In some cases, banks need more time and have to notify the unauthorized transaction originator in writing.
If you think the problem is a result of fraud, you should also contact your state attorney general.
Make sure you have enough money to cover your purchase
In this Internet age, checks are being processed before you blink. It means money is debited to your account before you even realize your mistake.
Many stores and utility, insurance, and credit card companies will convert your check to an electronic payment. It’s easier and cheaper for them.
You gotta have enough money to cover your payment. Otherwise be prepared to get hit with hefty fees.
You can protect your accounts better when you know your rights
If you think you have a problem with any of your transactions, folks at Federal Reserve Bank suggest you have certain rights under the federal Electronic Fund Transfer Act (EFTA), as explained on the website Know Before You Owe: Credit cards.
The more you know about your credit rights, the more you will be able to protect yourself from the total wrath of crooks, scammers and the Madoffs of the world.
In a Nutshell
Don’t trust “nobody” with your money. That’s yours to keep and spend for your own needs. Remember crooks know more about technology than you and I.