One Bank Account Is Not Adequate!

The days of opening one Bank Account for all checking is (or should be) a thing of the past.

To receive funds to the Bank Account conveniently, most use direct deposit. A great number use a debit card for purchases.

In using direct deposit, the account is, at least, exposed to:

• The firm or individual making the deposit;


• The initial vehicle used to transmit the account & routing numbers.

Let’s consider that the bad guy, in some manner, acquires your account and routing numbers, together with the dates and amounts of direct deposits. It doesn’t take a lot of imagination to see just how this guy could clean out an account, virtually before the account holder knew of the deposit.

One way to shield against this situation is to have your bank set up separate accounts; one for receiving direct deposits and another as a general account for paying bills. This may be further enhanced by adding an interest bearing account to accumulate funds pending transfer of funds to the general account to pay your bills.

A simple management chore, of transferring funds from the receiving or savings account to the general account, helps guard against funds being stolen.

While this will shield your funds greatly, you are still at risk in the way you pay your bills. A great many use online bill paying, but many still write the check and mail it to the creditor.

I will not attempt to outline all the ways a thief can steal your funds, but the watchword of the day is “vigilance”. A thief’s lifelong endeavor is to come up with ways to steal your hard earned money. If you are in the sights of this thief and complacence has governed, you are in for trouble.

Stay alert! Keep your shield up and ready!

Please refer to our comments on Cash, Credit and Credit Cards

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