Monday, June 21, 2010

Finance - Checks

Do you young folks still have checkbooks?

It is common knowledge these days, but in the past it was done: Do not have your social security number printed on your checks. It's been suggested not to print your full name or your address on the checks, but these days, anyone can look up your name and address. And some retailers will not accept such checks. No need for your phone number or your driver's license info on the check. If the retailer needs such information, they can write it on the one check.

Use a ball point pen, so that an intercepted check can't be laundered and altered.

Don't write a check out for "Cash". Instead write it out to your name.

Print in capital letters, everything except your signature.

Write only the last four digits of your account number on the "For" line when paying by check, if you write anything at all.

When cashing a check, do not endorse it (sign the back) until you are at the teller window. If depositing the check, write "For deposit only" after your signature.

If mailing a check, do not put the envelope in your street-side mailbox for the mail carrier to pick up, as someone else can intercept it. I myself prefer dropping off mail inside the post office.

Keep unused checks in a secure place, so that no one can learn of your account number or bank routing information.

Review your monthly statement and balance your checkbook to insure there are no unauthorized transactions. Better yet, go online to keep an eye on your accounts.

It's too bad we have to be so careful.

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