Here are some tips regarding banking when you are leaving or tossing your STBX out. However, most are excellent for everyone in trying to stave off identity theft and/or unauthorized access to your funds.
Whoever
1. IMMEDIATELY stop direct deposit of your paycheck into a joint account. Tell your employer it will take a couple of weeks to get the new account set up, so you will have to receive your pay by check.. As soon as you have the new account(s) open, inform your employer so direct deposit can start again.
2. Get a new account at a bank near where you work as opposed to near where you live. With direct deposit of your pay and bank/check cards, you almost never have to set foot in the bank after you open the account.
a. Open a checking AND a savings account. Have them both accessible online and allow transfers between the two in case you have an unexpected expense and need to get the money into your checking account.
i. You can even have the direct deposit set up so a certain percentage automatically goes into each account.
ii. Having both accounts helps your credit worthiness and credit score.
3. If you are still living with spouse, start removing your half of the funds in the bank accounts NOW. Do not do it all at once until you leave or spouse starts removing funds.
4. Take YOUR things from the joint safe deposit box.
5. Get a safe deposit box and keep any valuables and important paperwork in there. This would include photos, family heirlooms, your children's important papers (e.g. immunization records, school information, birth certificates) and model and serial numbers on your appliances and electronics for insurance purposes.
6. Set up online bill paying where the bank issues the check, using your funds, to pay the bills you authorize. This is an excellent way of preventing your funds from being stolen. This also prevents anyone from knowing your account information or address as the bank’s name and bill paying account are on the check. The account to which you are making a payment is noted on the check and that is all the recipient needs. You can set these up for single or multiple time uses or both.
7. Limit ACH (Automatic Clearing House) access to your funds unless you provide written authorization. This is the system of automatic (one time or routinely scheduled) payments taken directly from your account. This is NOT the same as ATM or debit/bank card POS (Point of Sale) use.
8. While you must provide your home address and full name and social security number to the bank, you are NOT required to have this appear on your checks.
a. It is recommended using your first and middle initials and your last name printed on the checks but require your full legal name as the signature (e.g. J.B. Smith on the check but Jane B. Smith for the signature).
b. It is becoming more and more widely used to have your P.O. Box mailing address on the checks to protect your home address.
c. You can have your bank statements sent to the P.O. Box or, preferably, available paperless online only. You can download them and save them paperlessly.
9. Do NOT allow any checks to be cashed if they are made out to “Cash.” Or, if you must, you can require the person cashing such a check provide the teller with the password you designate. Change this password at least annually.
10. Require any checks made out to you require a password before cashing. Change this password at least annually.
11. Get a new debit/bank card, with a new PIN (Personal Identification Number), at least every six (6) months but not more than every three (3) months. More often than every three (3) months would very likely trigger an investigation by the bank’s fraud unit (depending how good they are at fraud prevention).
12. Check your credit report, with all three (3) agencies, for any errors. You’d be amazed at the number of errors due to similar names, addresses or social security numbers. Get these errors cleared up as soon as possible. You are entitled to one from each agency annually.
13. Remove STBX from any credit cards where you are the primary. Ideally, remove yourself from any of joint credit cards or those where STBX is the primary. It would be very easy to track you by checking the location of the stores where you made any purchases.
14. Find out your credit score.
15. If you are unable to get a credit card in your own name, you can get a secured credit card by placing a certain amount of funds, usually $100 to $500, in an interest bearing escrow account. Your total credit limit would be the amount of funds in the escrow account. After about a year, you may be eligible for an unsecured card especially with direct deposit of your pay and a checking and savings account.
16. If at all possible, do NOT use your debit/bank card for online purchases; a credit card provides more protection.
17. If possible, get or download a program (e.g. Quicken or Money) to reconcile your account records to those of the bank. These programs do it automatically, alert you to any problems and balance your account.
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