Many people carry their debit card PIN around in their wallets or purses. Because they have so many credit cards and debit cards they have to write down the pin number of each one. That's a bad idea. Here are a few tips to manage and protect your banking information.
Don't Carry Around Your PIN
This should be common sense but so many people ignore it. I've noticed this with older adults like my parents and in-laws. Many aren't used to carrying an ATM card. They used to write checks for several dollars over the amount to get cash. Those days are long gone.
The problem is obvious. If you lose your wallet and a dishonest person finds it they have all they need to empty your checking account.
Lucky you have some protection. Most debit and credit cards have a daily cash withdrawal limit (set by the bank). However, the rules governing checking account fraud and theft are far less stringent then those for credit card accounts.
Banks are supposed to investigate claims of fraudulent charges and refund the money to the customer if the investigation takes longer than 10 days. However, unlike credit cards, checking accounts and the associated debit (ATM) cards aren't as thoroughly regulated.
The rules regarding checking account fraud and theft vary by state.
How To Protect Yourself
Generally there are few things you can do to protect yourself.
- Don't carry around your PIN.
- If you have multiple cards, try using the same PIN for each one. You'll have fewer numbers to remember. You can change your PIN number by calling the customer service number on the back of your card.
- Don't use an easy to guess number like your birth date. Avoid any number that could be found in your wallet or purse. (Your birth date is on your driver's license)
- Pick a random number that doesn't mean anything. Use this number for all your PIN numbers (see above)
- Carry as few cards as possible. If you carry around several cards, it could be easy to displace one and not even know it. Carry only the essentials like your ATM card and one credit card.
- If possible, get cash before traveling and leave your ATM card at home. You'll save on ATM fees too.
I used to think this was common sense. However, many older adults grew up in a different era. ATM's and credit cards are still new technology.
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Comments
1 Comment so far
You know much of this makes sense, but I've found that with the new debit cards that don't need pins to use them, that you really just have to be careful with your card no matter where you go, because unlike a credit card you are accountable for purchases made with you debit card even if it is stolen.