Is having two checking accounts more secure?

[Chris1983]

I've been toying with the idea of getting a second checking account because more and more places require it. For example verzion will now give you $10 off per line if you pay with a checking account and just today ebay is now asking for a checking account to get paid when you sell.

 

A second checking account at a different bank would be great to give verizon, ebay etc so these places would not have access to the full amount in you account.

 

Thoughts? or am i just worried over nothing.

 

[Krish]

I have multiple and use them a few times a month for billPay.

 

My primary checking is very private as my paychecks go to it and will transfers to savings and other checking as needed.

 

[cv91915]

11 hours ago, Krish said:

I have multiple and use them a few times a month for billPay.

 

My primary checking is very private as my paychecks go to it and will transfers to savings and other checking as needed.

 

We do sort of the opposite of this. 

 

We have our direct deposits split across several accounts, with the goal of putting only enough into checking to pay expenses that are on a recurring monthly schedule.

 

The expenses that are on a different cadence (mainly property taxes, insurance premiums) get funded from a dedicated savings account that gets equal deposits every month, and the funds are transferred to checking when the bills are due.

 

This system may be overkill, but I don't like commingling money that's already committed with money that's intended to be saved/kept liquid.  I feel more in control this way, which is almost certainly a mental defect since we aren't talking about an enormous sum of money here.  

 

In short (if that's still possible), the main checking account rarely has more than about half a month's worth of monthly bills, plus a reasonable cushion.  

[Krish]

Like CV said, my paycheck goes into 3 different checking accounts too. the main account gets 80% of the check and the rest is divided into the other 2 accounts, which I use for bill pay.

 

Paycheck that is deposited into the main checking account (alliant credit union), I sweep it to savings leaving enough for mortgage and other big items that I need to pay that week/month. 

 

I NEVER use debit card and walked off the stores which demand cash or debit card.

[hegemony]

so instead of having one insecure account to be hacked you can have two insecure accounts to be hacked?

[cv91915]

3 hours ago, hegemony said:

so instead of having one insecure account to be hacked you can have two insecure accounts to be hacked?

I'm trying to consolidate all of mine with Affirm.

[Chris1983]

Do checking accounts get hacked? That is my concern to only having one. Where they empty it and you have nothing to pay your bills while you try to get it fixed can you even get the money back?

 

 

[cashnocredit]

I have one joint checking with the wife for household expenses.. Others are for depositing SS payments and rent income. Wife has her own for her expenses and pension/SS income. Similarly with CCs.

 

Never had an issue with checking account fraud aside from the debit cards attached. Had 2 debit cards compromised over the last 20 years. The first was a card clone where the crook ran up over 6k in one day buying jewelry in person in Australia. By pure luck I caught it within hours when I logged on to check something else. No warning text/email/phone call from the bank. Took a week to get the money put back. I stopped using debit cards in 2009.

[StarkRaven$]

3 hours ago, cashnocredit said:

I have one joint checking with the wife for household expenses.. Others are for depositing SS payments and rent income. Wife has her own for her expenses and pension/SS income. Similarly with CCs.

 

Never had an issue with checking account fraud aside from the debit cards attached. Had 2 debit cards compromised over the last 20 years. The first was a card clone where the crook ran up over 6k in one day buying jewelry in person in Australia. By pure luck I caught it within hours when I logged on to check something else. No warning text/email/phone call from the bank. Took a week to get the money put back. I stopped using debit cards in 2009.

Me neither. I attribute that to 2 and 3 factor authentication.

[cashnocredit]

2 hours ago, StarkRaven$ said:

Me neither. I attribute that to 2 and 3 factor authentication.

Counterfeit check fraud was common back in Frank Abignale's day but has declined a lot. Not sure the reason why. First person check fraud and scammers using marks are probably the larger check related frauds. Kiting has been a thing forever and the internet makes recruiting marks easy.

 

+1 on the 2FA. Wife and I both enabled it. Good to see how widely it's offered. Finally.

[CTSoxFan]

We have 3 checking accounts, one that maintains the majority of our funds allocated for bills, etc. at a local bank (that was paying 3.5% on up to $50k when I opened it, it has been cut in half since the rates have dropped), one which has essentially turned into a savings account as it pays a decent interest rate (3% on up to $15K with minimal requirements) and one with a national bank (Chase).  The Chase account gets used for anything like Venmo, Paypal, etc. as there is never more than $1,000 or so in it.  I only link the primary checking to our employer DDs and bills that I pay directly on websites (CCs, utilities, mortgage, etc.)