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Your Bank Account Is At Risk If You Make Disclosure Of Your Checking Account And Routing Numbers Online

Author : Adam Adamson

Our firm's 15 year old business checking account was simply hit with dozens of counterfeit checks being presented for payment by defrauded customers on Craig's List. To date, the overall exceeds $a hundred,000. Small corporations have enough dragons to slay with out having to fret a few "Catch Me If You Can" counterfeiter and crook. I am not Tom Hanks and this criminal is not Leonardo DiCaprio - however I hope this article helps defend both customers and companies.

About three weeks in the past, the day began with a cellphone name to my company from a woman in New Jersey telling me that she had just acquired for $four,600 as payment for a automobile she was selling on Craig's List. She instructed me the test was written from my company and was calling to see if it was legitimate. My response was obviously no.

I logged onto my account at and saw that considered one of these counterfeit checks, this one for $3,800, had already cleared our company account. I instantly contacted Financial institution of America and applied the following:

* Closed the 15 yr outdated account.
* Opened a new account.
* Obtained reimbursed by the bank for the total amount of the counterfeit $3,800 that had already cleared.
* Needed to scramble to interchange legit checks I had written to my vendors that had not but cleared the bank.
* Needed to change all of the ACH accounts I use for automated funds transfers to and from my enterprise account.
* Turned the matter over to the F.B.I.
* Total time affect to me and my firm for all of this hassle: about four hours.
* Total dollar value to me - zero. Financial institution of America even supplied to cover any and all costs I might suffer from returned checked.

Apparently, primarily based on the half dozen calls I answered from other check recipients, this crook was attempting to purchase used cars from listings all over the nation - from California to New Jersey to Texas - with all the prospects for his scam being discovered on Craig's List.

Sadly, the individuals selling their cars are the ones at risk. Financial institution of America would not appear to have gotten burned by any of these since they merely reversed the deposit on the unsuspecting sellers who deposited the checks in good faith. Hopefully, few if any, sellers sent their titles to the criminal and had been sensible enough to attend until the examine cleared the financial institution and then some.

Bear in mind, once the crook has your account information, he nearly would not care if the account has no money or is closed. He can still maintain issuing counterfeit checks.

In doing my very own put up mortem on how this might have happened, the weak link appears to have been our personal company web site. Two of my corporations, Ceo Resource and Start Up Firm University, have worldwide clients for our consulting that specializes in helping begin up corporations and their CEOs. As a result, many favor to wire funds to us instead of utilizing credit cards or mailing checks.

Like many companies massive and small, we posted wiring directions at our net site. A part of this wiring instruction contains the account quantity and the routing number. These two bits of data, alongside together with your company title and address, are all that a crook apparently wants to supply a counterfeit check.

You probably have this information posted now, I strongly recommend:

* Do as I've done - and remove that information.
* Deal with wiring requests on a one to at least one basis.
* Protect your account and routing numbers like passwords

I hope this text helps different small enterprise owners keep away from this explicit dragon.

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Read here for more considerations on second chance checking account

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Tags:   checking account, checking account fraud, bank account, risk bank account

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Submitted : 2010-10-27    Word Count : 721    Times Viewed: 478