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by radicaldreamer 3189 days ago
You can very easily avoid this by opening two bank accounts in the same bank and using online interface to transfer just as much as you need into your working account. Don't write or even create checks for the secondary account and don't disclose the account number to anyone for any reason.
2 comments
phkahler 3189 days ago
>> using online interface to transfer ...

I see where you went wrong there. Have them disallow internet access to your accounts. Easy for you, easy for hacking.

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patcheudor 3189 days ago
I'm amazed what banks will re-enable with a simple phone call as long as you have a name, current address, SSN, and birthdate. But yes, it's a good step to take and makes it just that much harder to compromise an account so it's a good thing to do.
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phkahler 3188 days ago
The odd this is, most people have physical access to a local branch of their bank. I know those are closing as people do more stuff online, but that's my point. We're trading convenience for security. Apparently the banking system isn't all that secure to begin with, so moving it online may really be the wrong thing to do.
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patcheudor 3189 days ago
I prefer two separate institutions for one reason: things like the Equifax breach. If someone attempts to impersonate you at your bank they could gain access to both accounts. If you have a 'silent' account somewhere else, they'd need to do account recovery at that location as well. The odds of that happening tends to be much lower.
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greggarious 3188 days ago
I also like having two institutions, since one of the biggest threats is ATM card skimming. More machines are moving to EMV, but it's trivial for someone to set up a fake ATM or skimmer, siphon up magstripe data and PINs, and drain accounts. While you are not responsible for fraud, most institutions will freeze the account for 30 days (which is legal) while they investigate.

If that checking account has money for your rent or credit card bills, it could be disastrous.

So I use a separate account at a separate institution for my "spending money". All I use it for is to withdraw money at ATMs.

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