Fraud Tip of the Day - February 5

How to Protect Your Bank Account

1. Be stingy about who you share your bank account number and routing information with.
   
   This one seems obvious but tricksters are constantly coming up with new ways of conning you into giving them your banking information. You should only share such important information if it's for the purposes of making a transaction with a company you know very well. Never, ever, ever give out this information unless you initiated the transaction. Unsolicited telemarketers should never be given access to your banking information! If this information falls into the wrong hands you could be in a world of hurt. If a crook gets access to your bank account, they can withdraw money by creating a demand draft (sometimes called a "remotely created check") or making an electronic transfer. They may also ask for your debit or credit card number and other personal information. Don't fall for these scams and don't let yourself be pressured into "free trial offers." To be removed from telemarketing lists, sign up for the National Do Not Call Registry.
   
   
2. Review your bank statements carefully..
   
   Review all checks, automatic payments, debits and cash withdrawls and look for any activity you didn't authorize. If you see anything suspicious, notify your bank or credit union immediately. If your bank offers online access to your account, log on and check your transactions often. Don't wait for a monthly statement. Speed is of the essence if someone has gained access to your funds! The sooner you detect suspicious activity means sooner it can be shut down.
   
   
3. Let your bank know there's a problem immediately.
   
   We said it before and we'll say it again - speed is of the essence if someone is accessing your bank account. Don't sit on it for a day. Report suspicious activity the moment you detect it. If your bank requires these notifications in writing, keep a copy of all correspondances until the issue is resolved. If you think fraud may be involved, contact your state's attorney general.
   
   
4. Make sure you can cover your checks.
   
   Only write checks or authorize debits if you have enough money in your account to cover them. Checks are processed a lot faster than they used to be and money is debited from accounts sooner. Also, many stores and utility, insurance, and credit card companies will convert your check to an electronic payment, which also means the money will be debited from your account sooner. If you don't have enough money in your account when you write a check or authorize a debit, you could find yourself paying a fee.
   
   
5. Know your rights under consumer protection laws.
   
   If you have a problem with an electronic debit or electronic fund transfer, you have certain rights under the federal Electronic Fund Transfer Act (EFTA) You also have rights under the EFTA if you have a problem with a check that has been converted.