1. Check your bank accounts daily.
2. Don't keep your funds in a single bank.
Local Credit Union - For household bills
Local Bank - Backup account and for Point of Sale (POS) purchases.
Online Savings - Ally Bank money market and Merrill Lynch Cash Management accounts.
(After so many issues with Bluebird and other prepaids, I no longer have any)
3. Report unauthorized transactions **Immediately**.
(Thieves will often make a "trial" transaction and if you don't change your account or debit card number, will do the next one for a larger amount). This happened to me with my Chase account. I was a little slow in changing my numbers, and it was a mess. Someone printed checks with my number but a different name and address at the top. Chase reported me to EWS and Chexsystems, and it took 3 visits, a letter writing campaign and a threat to complain to the OCC and CFPB to get everything corrected.
3. Get your free annual Chexsystems, Telecheck and Early Warning Systems (EWS) reports. Examine them for inaccuracies and suspicious inquiries or activity. Also: Get your big three annuals - www.annualcreditreport.com
Note: I've been getting my Transunion free report for years with no problem. All at once they said I could not get it online.
I had to call this number and request it by snail mail: 800.916.8800
**Note: For reports, all they need is your name, current address, DOB, ID# and SSN. They really don't need your employer, cell phone or bank account number(s). The FCRA gives them the right to verify who you are, but you don't have to supply anything else that is not required to prove who you are. Yes, they may be able to get that info somewhere else, but I don't give it to them. Consumer data collection is so out of control, so I only supply the bare minimum. When they ask for anything that I don't feel is required I just tell them N/A, or "none".
4. Take Care and Verify Check Deposits: In standard bank agreements, you are responsible for any dishonored or fraudulent checks.
5. Be Careful With POS (Point of Sale) Purchases Tied To Your Checking Account. (Check accounts daily)
6. Get Backup Accounts and Split Your Direct Deposit. Keep a system in place to access funds if something happens to your primary household account. Keep your funds in multiple places as a safeguard.
7. Check Your Overdraft Settings.
8. Review Your Monthly Statements.
9. Close Accounts In Writing and Get a Final Statement.
10. If You Still Use Paper Checks, Always Store Them In a Safe Place.
I have really stopped writing checks after my Chase fraud experience. My kids and I use Google Wallet to send funds to one another.
However, I keep a few just in case I need them.
What are your best practices?
Edited by tmcgill, 12 February 2017 - 11:27 AM.