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Is it safe to give someone your bank account #?

S

Syringer

Lifer
For money transfer purposes? At first I was a bit wary, but since that info is on any check that you give anyone anyway, it's safe right?
 
it is on all your checks
so everytime you give a stranger a check, they have your account number and routing number

millions of people do it everyday
 
Originally posted by: Syringer
For money transfer purposes? At first I was a bit wary, but since that info is on any check that you give anyone anyway, it's safe right?
Click to expand...

WRONG.

Actually, with the information on your check (cancelled or not) it is trivially easy to print out a new check on just about any decent printer, make it out to CASH for any amount you'd like, and *POOF* your money is gone.

Or electronically, it's trivially easy to initiate a DDA or EFT transfer from your Bank given your account number.
 
Originally posted by: MathMan
Originally posted by: Syringer
For money transfer purposes? At first I was a bit wary, but since that info is on any check that you give anyone anyway, it's safe right?
Click to expand...

WRONG.

Actually, with the information on your check (cancelled or not) it is trivially easy to print out a new check on just about any decent printer, make it out to CASH for any amount you'd like, and *POOF* your money is gone.

Or electronically, it's trivially easy to initiate a DDA or EFT transfer from your Bank given your account number.
Click to expand...

Don't panic people unnecessarily. If money was taken out of an account with a forged check without your authorization, your bank is obligated to replace it if you notify them in a timely manner of the forgery. For the electronic transfers, they still need some sort of electronic signature (PIN number, etc) to get into the account for a withdrawal.

To answer the original question, it's quite common to give out your bank account information for legit business purposes. OTOH, if this is one of those Nigerian email swindles, stay far far away-don't even give them your real name.
 
Don't panic people unnecessarily. If money was taken out of an account with a forged check without your authorization, your bank is obligated to replace it if you notify them in a timely manner of the forgery. For the electronic transfers, they still need some sort of electronic signature (PIN number, etc) to get into the account for a withdrawal.
Click to expand...

I'm sorry... didn't mean to scare anyone.

But in any case, a bank may feel obligated to replace funds in case of forgery-- but what constitutes "a timely manner"? And who decided whether you were a victim of forgery or not? That's right... the bank. Often times out of courtesy they will spot you the money during the investagative phase of the inquiry... but they are not obligated to do so.
Generally, your money is in limbo until they are satisfied one way or another that the transaction was authorized or not.

Furthermore, the notion that you need an electronic signature of some kind to initiate a withdrawal is simply not true. Congress right now looking into tightenting up the EFT procedures to make them more secure... but right now most banks require nothing but an account number and a good story to initiate a transfer. If you see an EFT withdrawal on your checking acccount that you don't recognize all I can say is good luck on ever getting your money back.

Look, I don't mean to scare people... but working for a bank I can tell you this- treat your bank account number no differently than your credit card number.

To answer the original question, it's quite common to give out your bank account information for legit business purposes. OTOH, if this is one of those Nigerian email swindles, stay far far away-don't even give them your real name.
Click to expand...

Exactly... it is somewhat common to give your account information for legitimate business persons-- but only when you inherently trust that business.
 
Originally posted by: MathMan
I can tell you this- treat your bank account number no differently than your credit card number.
Click to expand...

ok, i will blank out the account number on all my checks 😕
 
I work for the IT dept. of a Credit Union, I can verify that nothing but an account number is needed to initiate an EFT withdrawl. And blanking out the numbers on the bottom of the check (MICR Line) will probably cause them to get returned and go unpaid.
 
Originally posted by: FoBoT
Originally posted by: MathMan
I can tell you this- treat your bank account number no differently than your credit card number.
Click to expand...

ok, i will blank out the account number on all my checks 😕
Click to expand...


Ok... so as long as you file off the numbers from your credit card before you hand it to the waitress making minimum wage.... :laugh:
 
The Uniform Commecial Code (UCC) has been adopted as law in all fifty states. UCC section 3-403 is the main provision on forged instruments (ie, checks). If provides:

U.C.C. - ARTICLE 3 - NEGOTIABLE INSTRUMENTS
..PART 4. LIABILITY OF PARTIES

--------------------------------------------------------------------------------

3-403. UNAUTHORIZED SIGNATURE.
(a) Unless otherwise provided in this Article or Article 4, an unauthorized signature is ineffective except as the signature of the unauthorized signer in favor of a person who in good faith pays the instrument or takes it for value. An unauthorized signature may be ratified for all purposes of this Article.
(b) If the signature of more than one person is required to constitute the authorized signature of an organization, the signature of the organization is unauthorized if one of the required signatures is lacking.
(c) The civil or criminal liability of a person who makes an unauthorized signature is not affected by any provision of this Article which makes the unauthorized signature effective for the purposes of this Article.

--------------------------------------------------------------------------------

I said timely because if you fail to notify your bank of a forged instrument that inaction can act to adopt the forgery as a valid signature. In other words, look at your monthly statements.

I'm not up on the law of EFT, but I find it dificult to impossible to believe that an EFT without any sort of authorization whatsoever from the account owner would be valid. If that was the case, accounts would be getting looted wholesale and the whole EFT system would collapse-as trust is an integral part of any banking system.

 
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