Protect bank account details by keeping the account number and American Bankers Association (ABA) routing information safe, reviewing the monthly statement and notifying the bank of any potential problems, advises the Board of Governors of the Federal Reserve System. Additionally, know the rights provided to consumers under the law.Continue Reading
Avoid giving out a bank account number to anyone to strangers, and avoid transactions with a company that is unknown, advises the Federal Reserve. Only give out details of banking information to companies that did not initiate the transaction. Be wary of free trial offers, since they can lead to hidden charges.
Review the monthly statement for the account provided by the bank. Check to make sure that all checks, payments and withdrawals are legitimate and authorized. Any suspicious transactions should be reported to the bank immediately. For online banking, check the transactions online often. Alert the bank to problems sooner rather than later, and dispute any unknown charges in writing, if required. The state attorney general can also be contacted in cases of suspected fraud.
Learn about consumer rights and protection laws that govern electronic fund transfers and electronic debits. The Electronic Fund Transfer Act provides consumers with protection for remotely created checks and demand drafts.Learn more about Bank Accounts