Bank account safety for coin folks.
topstuf
Posts: 14,803 ✭✭✭✭✭
Last year I had my bank account hijacked. They printed my account number on payroll checks from Intel. They also used a personal account with my number on it.
Let me tell you how nasty this can be. You need a NEW account and all new checks. EVERY outstanding check holder has to be notified not to deposit. Those who forget get returned checks as "account closed." The bank DID send apologetic letters to those who deposited even after being told not to. But NO ONE is happy.
Coin dealers are targets of this scam as the balances are usually large enough that anyone calling to verify funds will find the bank telling them it will clear with no problem.
The bank (BofA) took the hit to the tune of $6500 in one weekend. Their security dept. called me and told me that if I wanted them to offer any protection, the account had to be closed that minute. I did so. Several thousand dollars were also absorbed by many merchants who just deposited without calling. It was a real mess.
Thinking back, I can remember one guy selling me about $150 worth of stuff and declining to be paid in cash. He WANTED a check. Now I think I know why.
Solution: I opened an account at a S&L and now keep ONLY enough money in it for immediate needs. This is a DISPOSABLE account and there ain't no way to get 50k or more out of it cuz it ain't there. I stopped using the REGULAR account for purchases from anyone but dealers and rent and stuff. What was bad is that I had to start keeping 20 K in "petty" cash and never again would pay anyone (other than large bullion sellers) with a check.
You may wish to do this as apparently this is a growing field. All they need is your account number that is printed on the smallest check you write.
Let me tell you how nasty this can be. You need a NEW account and all new checks. EVERY outstanding check holder has to be notified not to deposit. Those who forget get returned checks as "account closed." The bank DID send apologetic letters to those who deposited even after being told not to. But NO ONE is happy.
Coin dealers are targets of this scam as the balances are usually large enough that anyone calling to verify funds will find the bank telling them it will clear with no problem.
The bank (BofA) took the hit to the tune of $6500 in one weekend. Their security dept. called me and told me that if I wanted them to offer any protection, the account had to be closed that minute. I did so. Several thousand dollars were also absorbed by many merchants who just deposited without calling. It was a real mess.
Thinking back, I can remember one guy selling me about $150 worth of stuff and declining to be paid in cash. He WANTED a check. Now I think I know why.
Solution: I opened an account at a S&L and now keep ONLY enough money in it for immediate needs. This is a DISPOSABLE account and there ain't no way to get 50k or more out of it cuz it ain't there. I stopped using the REGULAR account for purchases from anyone but dealers and rent and stuff. What was bad is that I had to start keeping 20 K in "petty" cash and never again would pay anyone (other than large bullion sellers) with a check.
You may wish to do this as apparently this is a growing field. All they need is your account number that is printed on the smallest check you write.
0
Comments
Dan
First Place Winner of the 2005 Rampage design contest!
So this was information mining or dumpster diving? Or just one individual?
I've heard of ADP giving up tons of employee records at their dumpsters, allowing fraudsters to make unemployment claims for everone on the list, checks are sent immediately to any P.O. Box by the State of California no questions asked...
NOTE: No trees were killed in the sending of this message. However, a large number of electrons were terribly inconvenienced.
Type collector since 1981
Current focus 1855 date type set