Comments on: How secure is your checking account from privacy and fraud standpoint? http://www.secretfinance.com/blog/how-secure-is-your-checking-account-from-privacy-and-fraud-standpoint/ Thu, 09 Feb 2012 06:27:43 +0000 http://wordpress.org/?v=2.7 hourly 1 By: PK http://www.secretfinance.com/blog/how-secure-is-your-checking-account-from-privacy-and-fraud-standpoint/comment-page-1/#comment-2395 PK Fri, 27 Nov 2009 07:47:05 +0000 http://www.secretfinance.com/blog/how-secure-is-your-checking-account-from-privacy-and-fraud-standpoint/#comment-2395 You can initiate electronic transfers out of a checking account only if you have access to the account online (user id and password). Otherwise, you can transfer money into an account using the checking and routing numbers only if the accounts are already linked. I transfer money from my checking account and my husband's checking account into our joint brokerage account because they've already been linked. You have to approve the link and set up first. If I had your checking account number, I would need other personal information to actually move money out (like your phone PIN or ss# and security question answer).<a href="http://www.resumeminers.com/Resume/Resume-Posting.htm"> PK</a> You can initiate electronic transfers out of a checking account only if you have access to the account online (user id and password). Otherwise, you can transfer money into an account using the checking and routing numbers only if the accounts are already linked. I transfer money from my checking account and my husband’s checking account into our joint brokerage account because they’ve already been linked. You have to approve the link and set up first.

If I had your checking account number, I would need other personal information to actually move money out (like your phone PIN or ss# and security question answer). PK

]]> By: Etta P http://www.secretfinance.com/blog/how-secure-is-your-checking-account-from-privacy-and-fraud-standpoint/comment-page-1/#comment-2394 Etta P Tue, 24 Nov 2009 02:18:07 +0000 http://www.secretfinance.com/blog/how-secure-is-your-checking-account-from-privacy-and-fraud-standpoint/#comment-2394 The procedure of a person being paid by a check would want to try to insure if it will clear, the bank is only allowed to say "yes" or "no" and cannot give balance information and most banks limit the number of times that account can verified like that. But when it comes to transfers, their are security measures where the identity will be verified. The banks are aware that some persons attempting to commit fraud do try this. As far as transfer to your joint mutual fund, the checking and mutual both had her name on them. But if someone attempts to do this to say John Does mutual fund, well that wont fly very far. Keep in mind also, that if they suspect fraud they can and will see the number that is being called from.<a href="http://www.legaldot.net/law/social-security-disability-claim/social-security-disability-benefits.htm"> Etta P</a> The procedure of a person being paid by a check would want to try to insure if it will clear, the bank is only allowed to say “yes” or “no” and cannot give balance information and most banks limit the number of times that account can verified like that. But when it comes to transfers, their are security measures where the identity will be verified. The banks are aware that some persons attempting to commit fraud do try this.
As far as transfer to your joint mutual fund, the checking and mutual both had her name on them. But if someone attempts to do this to say John Does mutual fund, well that wont fly very far.
Keep in mind also, that if they suspect fraud they can and will see the number that is being called from. Etta P

]]>