5 Tips for Protecting Your Checking Account

by MB on January 11, 2008

The Federal Reserve recently released a short publication detailing five tips that consumers should remember to maintain their checking accounts and protect their money from identity thieves.

The tips for protecting your checking account data are:

  1. Don’t give your account number and bank routing number information to anyone you don’t know. Comment: These two pieces of information are all that is needed to create an electronic draft against your account.
  2. Review your monthly statement. Comment: You only have a limited time frame to report errors, on unauthorized debits on your account to your bank, typically, 90 days.
  3. Notify your bank about any problems as soon as possible.Comment: As stated above, the sooner you let your bank know that something is wrong, the better. You should always keep all documentation including statements and notes of conversations.
  4. If you don’t have enough money in your account, don’t write the the check or authorize the debit. Comment: Because of Check 21 (the law that made it possible for banks to convert checks into electronic items for processing) checks will clear your account much faster than they used to, typically as fast as a debit card transaction.
  5. Know your rights under consumer protection laws. Comment: I will be doing a series of posts on consumer protection laws. You owe it to yourself to know your rights.

Good advice. You can find the full Fed publicationhere.

{ 1 comment… read it below or add one }

Jack Payne January 17, 2008 at 10:43 pm

Too few bank customers use debit block. This step, alone, would solve a lot of problems.

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