Comments on: Stop Writing Checks and Start Banking Online To Avoid Identity Theft http://www.moneybluebook.com/stop-writing-checks-and-start-banking-online-to-avoid-identity-theft/ Personal Finance Beyond Credit Cards and Balance Transfers Fri, 21 Nov 2008 01:20:26 +0000 http://wordpress.org/?v=2.6.3 By: Topwaystosave http://www.moneybluebook.com/stop-writing-checks-and-start-banking-online-to-avoid-identity-theft/#comment-27679 Topwaystosave Sun, 07 Sep 2008 05:47:41 +0000 http://www.moneybluebook.com/?p=1008#comment-27679 Writing checks is definitely a dying act. I was cleaning earlier today and found a second box of checks I ordered years ago. I doubt I'll ever use them all now. I only write 1 or two a month now and that's about it. If my landlord had direct deposit I would do that with her too. Writing checks is definitely a dying act. I was cleaning earlier today and found a second box of checks I ordered years ago. I doubt I’ll ever use them all now. I only write 1 or two a month now and that’s about it. If my landlord had direct deposit I would do that with her too.

]]> By: Joe Pitts http://www.moneybluebook.com/stop-writing-checks-and-start-banking-online-to-avoid-identity-theft/#comment-23912 Joe Pitts Tue, 12 Aug 2008 08:51:41 +0000 http://www.moneybluebook.com/?p=1008#comment-23912 I agree those that say not to use debit cards simply because in the event of theft of wallet or purse, the thief can fill their gas tank (swipe card) get groceries through self checkout, (wal-mart, kroger) and lots of other purchases without providing ID that they own the card. By the time you are able to call and cancel the card, all that money has been "debited" from your checking account, which is most likely your main living expenses account. It can take awhile to recover fraudulant charges from a debit account. My wife and I only carry 2 credit cards, one discover for everyday purchases (1% cashback or more) and one BP gas card (5% back on gas) for gas purchases only. If someone steals these cards and use them, they are in affect "robbing" the credit card companies since it is their money and not my checking account money. I would recommend others doing the same. jp I agree those that say not to use debit cards simply because in the event of theft of wallet or purse, the thief can fill their gas tank (swipe card) get groceries through self checkout, (wal-mart, kroger) and lots of other purchases without providing ID that they own the card. By the time you are able to call and cancel the card, all that money has been “debited” from your checking account, which is most likely your main living expenses account. It can take awhile to recover fraudulant charges from a debit account.

My wife and I only carry 2 credit cards, one discover for everyday purchases (1% cashback or more) and one BP gas card (5% back on gas) for gas purchases only. If someone steals these cards and use them, they are in affect “robbing” the credit card companies since it is their money and not my checking account money. I would recommend others doing the same. jp

]]> By: Richard @ Student Scrooge http://www.moneybluebook.com/stop-writing-checks-and-start-banking-online-to-avoid-identity-theft/#comment-23711 Richard @ Student Scrooge Sun, 10 Aug 2008 06:36:36 +0000 http://www.moneybluebook.com/?p=1008#comment-23711 SanDance makes a good point about viewing online balances not being a perfect solution -- for one thing, stray checks can still mess with your available balance, and despite my best efforts I have occasionally run into some funny accounting on the part of banks in terms of when they clear funds and what not. At the same time, you're right that balancing a check book really doesn't work well, either, these days -- especially for people who use debit cards instead of credit cards, it can get near impossible to accurately balance a physical check book. I really like your argument, however, as to why people should use credit cards, and I agree whole heartily. I get nervous when *anything* pulls from my checking account, and so I prefer to charge everything to a credit card, and then initiate a one-time payment to pay the credit card bill. Furthermore, with a credit card I have a chance to avoid fraudulent or incorrect charges without temporarily losing money; with debit cards, its different. So these days, I only use checks as a last resort, for mainly the reasons you've mentioned. SanDance makes a good point about viewing online balances not being a perfect solution — for one thing, stray checks can still mess with your available balance, and despite my best efforts I have occasionally run into some funny accounting on the part of banks in terms of when they clear funds and what not. At the same time, you’re right that balancing a check book really doesn’t work well, either, these days — especially for people who use debit cards instead of credit cards, it can get near impossible to accurately balance a physical check book.

I really like your argument, however, as to why people should use credit cards, and I agree whole heartily. I get nervous when *anything* pulls from my checking account, and so I prefer to charge everything to a credit card, and then initiate a one-time payment to pay the credit card bill. Furthermore, with a credit card I have a chance to avoid fraudulent or incorrect charges without temporarily losing money; with debit cards, its different. So these days, I only use checks as a last resort, for mainly the reasons you’ve mentioned.

]]> By: Mimoji http://www.moneybluebook.com/stop-writing-checks-and-start-banking-online-to-avoid-identity-theft/#comment-23585 Mimoji Fri, 08 Aug 2008 20:28:21 +0000 http://www.moneybluebook.com/?p=1008#comment-23585 Best way to avoid identity theft? Pay in cash! Best way to avoid identity theft? Pay in cash!

]]> By: Idenity Theft http://www.moneybluebook.com/stop-writing-checks-and-start-banking-online-to-avoid-identity-theft/#comment-23506 Idenity Theft Thu, 07 Aug 2008 20:47:28 +0000 http://www.moneybluebook.com/?p=1008#comment-23506 Handing out your check is a little like handing out your credit card I guess. I know people (like waiters) can steal and use your credit card number and I guess people can do bad things with your checking account as well. Most of my payments are by automatice withdrawl and I suspect most other people's are as well. Handing out your check is a little like handing out your credit card I guess. I know people (like waiters) can steal and use your credit card number and I guess people can do bad things with your checking account as well. Most of my payments are by automatice withdrawl and I suspect most other people’s are as well.

]]> By: SanDance http://www.moneybluebook.com/stop-writing-checks-and-start-banking-online-to-avoid-identity-theft/#comment-23490 SanDance Thu, 07 Aug 2008 18:21:07 +0000 http://www.moneybluebook.com/?p=1008#comment-23490 Of course, this blog entry is just one person's opinion and not expert financial advice. Even though I agree with this view and it works for me, it does not mean I would recommend it for everyone. Balancing a checkbook or account register is a good and healthy financial practice that helps to find errors (Banks DO make mistakes) and fraud while avoiding unnecessary fees (bounced checks from BillPay, Insufficient funds, Over Credit Limit,...) . The suggestion to "View Your Online Bank Accounts Daily and Mentally Keep Track Of Your Balances Throughout The Day As You Spend Money" is simply not a viable option for some people. Just because your balance shows $X.XX does not necessarily mean you have that much to spend (because you forgot to record that Online Bill payment in your register that has not cleared yet, etc..) Of course, this blog entry is just one person’s opinion and not expert financial advice. Even though I agree with this view and it works for me, it does not mean I would recommend it for everyone. Balancing a checkbook or account register is a good and healthy financial practice that helps to find errors (Banks DO make mistakes) and fraud while avoiding unnecessary fees (bounced checks from BillPay, Insufficient funds, Over Credit Limit,…) . The suggestion to “View Your Online Bank Accounts Daily and Mentally Keep Track Of Your Balances Throughout The Day As You Spend Money” is simply not a viable option for some people. Just because your balance shows $X.XX does not necessarily mean you have that much to spend (because you forgot to record that Online Bill payment in your register that has not cleared yet, etc..)

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