Tuesday, July 25, 2017

Cash withdrawal security tip or Caveat Argent (Beware of the Banker!)

December 1, 2009 by  
Filed under Sense & 'Cents'ibility

Especially in the season of crazy shopping habits you might consider following this tip.

When withdrawing money from your accounts, whether at the ATM or bank counter, credit card cash advance or debit card cash make the withdrawal for an uncommon amount (so not $50 or $100) but instead $30,$60,$90 etc. 

What does this achieve?  It sets a standard pattern for your account, so if anyone else makes a withdrawal (either family member or stranger) without knowing your pattern it will be obvious (unless they read this article too).  This also helps you identify any strange withdrawals, in these days of  identity theft the banks are more obliging but the more proof you can give the better.

My youngest had a sealed account at our bank, no check book, no debit card so I assumed the funds were safe!  Wrong, someone at the bank miskeyed an automatic withdrawal for a gym membership and even once I found out they would reverse it ~ they said my daughter may have done it or have given permission!  At the time she was 9.  I resolved the issue eventually working with the gym, (although the bank would never give her back the lost interest on the hundreds of dollars taken out) and closed the account at this bank.  But….%).

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