Basic Banking Precautions.

These days everyone has access to new age banking without knowing the pitfalls that befall you in case of theft and identity theft.

Here are a few precautions that might just help u:

Monitor your bank accounts on a weekly or 2 weekly basis

Cheque book

Keep them safe and under lock and key. Do not keep Blank signed cheques. Cross all cheques which u issue for payment with qualification A/c Payee only.

Phone banking, Internet banking, Debit Cards /Atm Cards

Dont provide personal information like passwords, PIN, credit/ debit card numbers to anyone including a family member or bank staff and personnel.

Beware of mails urging u to log in urgently to update details, password or pin in provided link or email address or phone requests asking you to send them your password. This could be an attempt at Phishing.

Internet banking

Disable third party account transfers via Internet banking.

Use alphanumeric passwords preferably not with known number sequence like birth date yr etc

Look for correct URL address and also SSL lock at the bottom of the browser while using netbanking.

Do not save passwords with the browser especially at Networked computers and Cybercafes and clear the cache from the browser when ur done just to be extra precautious.

Debit Cards /Atm Cards

When u get ur very own Debit/Atm card please sign on the strip on the back of your Card and change the Pin.

Memorize your PIN (personal identification number) and never ever keep the pin no with / write it on the Debit /Atm card in your wallet or purse. Don’t use a PIN that could be easily guessed, e.g. your birthday or telephone number in sequence.

Retain ur Counterfoils and tally with your pass book from time to time. Do not throw them carelessly and properly dispose them.

Avoid out of the way Atms to access your account or leave your card unattended, e.g. in your car, in a hotel room or at work.

Avoid using your card at shady showrooms or shops and ensure that the card is swiped in your presence and retain the counterfoil.

Inform the Bank via phonebanking and in writing of missing card due to loss or theft and get the card blocked.

Lastly watch the Debits /Credits in your accounts and confirm all unknown entries and beware of fines and maintain minimum balance.

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2 thoughts on “Basic Banking Precautions.

  1. Good summary Prax. I particularly liked these:

    //Avoid out of the way atms to access your account or leave your card unattended, e.g. in your car, in a hotel room or at work.

    Avoid using your card at shady showrooms or shops and ensure that the card is swiped in your presence and retain the counterfoil.//

  2. Prax,
    I do none of these.
    I also don’t have much money in the bank. I have a few words, though, and they do generate a bit of interest, in principle!
    🙂


    hey doc u always make me smile a little wider (considering the interest component)
    🙂 😉 🙂

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