Safeguarding your Checking Account
The Federal Reserve has recently published a press release* to remind consumers of the need to safeguard their checking accounts from unauthorized transfers by fraudsters. Using a consumer's (or business') account information, these fraudsters create a demand draft or electronic transfer drawn on a consumer's checking account. Often, the consumer is not aware of the unauthorized transaction until his/her account is overdrawn.
The tips recommended by the Federal Reserve are:
- Do not give your bank routing number and account number to anyone you don't know.
- Review your monthly bank statement when received.
- Notify your bank about any problems as soon as possible.
- If you don't have enough money in your account, don't write the check or authorize the debit.
- Know your rights under consumer protection laws.
View the Federal Reserve's guidance on safeguarding your checking account at http://www.federalreserve.gov/pubs/checkingaccount/default.htm.
*Excerpted from Federal Reserve Press Release dated October 24, 2007, and viewed at http://www.federalreserve.gov/newsevents/press/other/20071024a.htm.
