1) Never give your checking account number and the routing number to any unknown person. If you are going to make payment transactions with a company, make sure that you have researched on that company with the local authorities and the Better Business Bureau. If you are thinking of doing business with some company for the first time, give your checking account information only if you have initiated the transaction. Scammers will take the bank account number from you and withdraw funds by creating a demand draft. This is also known as remotely created check. They might also try to do an electronic transfer if they get the access to your account. Don’t give our credit card or the debit card number to anyone whom you don’t know. If you fell into the hands of a scammer, they will take out all the money from your checking account and make your account overdrawn. You can get your name removed from the telemarketing calls by registering on the National Do Not Call list on the website https://www.donotcall.gov

2) Review your monthly statement: When you review your online statement, make sure that you check all the debits, automatic payments, and other withdrawals. If you see an unauthorized transaction, notify your bank immediately and dispute it.

3) If you face any problems with your checking account, notify your bank immediately. The sooner you alert your bank when you face a problem, it will get resolved at the earliest. In some cases, your bank will request you to notify them in writing. Keep everything documented and get the problem resolved by the bank as soon as possible. If any kind of fraudulent activity is taking place in your checking account, then you should contact the attorney general’s office.

4) If you don’t have enough funds in your checking account, don’t write any checks or authorize debits by any company. This will cause your account overdrawn and your bank will charge a NSF. If some company is authorized to take out the money on a certain date when you don’t have the funds ready in your account, then you should call the company and work out prior arrangements to change the payment date.

5) Know your rights under consumer protection laws. Every consumer has certain rights under the federal electronic fund transfer act. If you face any problems with your checking account regarding a demand draft or an electronic transfer done, then you should be able to use your rights under the EFTA.

This entry was posted on Thursday, September 25th, 2008 at 3:59 pm and is filed under Checking Account, Personal Finance. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.