Bank Deal: Earn 1.00% APY on an FDIC-insured savings account at Barclays.
In the past, I’ve wondered about the risks inherent in check writing — after all, every check has your name, address, bank routing number and account number printed on it, and it comes complete with your signature. Sounds like a recipe for disaster if it were to fall into the wrong hands… After all, this is exactly the type of information (minus the signature) that got out when CardSystems was hacked. So what should you do to protect yourself?
I’m not going to suggest that you stop writing checks outright for a fear of having your checking account compromised, but it seems like you should protect this information as jealously as you protect your credit card data — and perhaps moreso, as bank accounts don’t have the same level of fraud protection as credit cards do.
Here are just a few examples of things that I wouldn’t feel comfortable writing a check for: eBay purchases, itinerant laborers, door-to-door sales, etc. I actually don’t make a habit of hiring itinerant laborers or buying from door-to-door salesmen at all, but if I did I sure wouldn’t want to hand out my banking information (nor would I feel comfortable handing over my credit card number). I always pay for pizza delivery with a check, but maybe I should use cash — this seems like a great line of work if you want ready access to people’s banking info. When it comes to eBay, I always use the much maligned PayPal, or use a US Postal Service money order if the seller requires it. Maybe I’m just being paranoid but, as they say, an ounce of prevention is worth a pound of cure.
- How to Become a Millionaire
- How to Get Out of Debt
- The Best Dollars I've Ever Spent
- How Our Estate Plan is Structured
- How We Paid Our Mortgage In Less than 10 Years
- Money Making Ideas
- How to Manage Your Asset Allocation with Multiple Accounts
- Consumption Smoothing - Save While the Saving's Good
- How to Save on Groceries
- How Much Life Insurance Do You Need?
- Eleven Great Books About Money
- Dave Ramsey is Bad at Math (693)
- Dish Network Customer Service SUCKS (537)
- $8,000 Homebuyer Tax Credit (429)
- Pay Off Mortgage Early or Invest? (424)
- How to Claim the First-Time Homebuyer Tax Credit (352)
- Termite Control: Sentricon vs. Termidor (330)
- How Much Should You Pay a Babysitter? (292)
- Ethanol Blended Gas = Lower Mileage? (273)
- Reduced Credit Limits? Share Your Experience (256)
- $15,000 Homebuyer Tax Credit (242)
- Buying Furniture off the Back of a Truck (237)
- Will Mac OS X Lion Kill Quicken 2007? (191)