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For all intents your checking account is a locker full of money that’s unlocked for the taking. The check is nothing more than an archaic means of conveying you
by Merad 9y ago
For all intents your checking account is a locker full of money that’s unlocked for the taking. The check is nothing more than an archaic means of conveying your “locker number” to someone else’s bank. I highly recommend keeping your checking account balance as low as you can, and either disable overdraft protection on it or point the overdraft protection to a credit account.
The other info on the check isn’t meaningless. It will (should) be examined when there’s some kind of fraud or dispute about a check payment - but it effectively does nothing to prevent fraud or theft.
- toephu2 9y agoWhere do you put your non-investment money then?
- function_seven 9y agoIn a savings or share* account. Checks can't be written against this as far as I know. * A share account is what they call it at a credit union.
- xyzzyz 9y agoYou can still use ACH to pull money from savings account, but you’d need to get the number first.
- function_seven 9y agoThat figures. Well at least the number isn’t floating around out there. But unfortunately many CUs have just a single digit difference between accounts.
- jandrese 9y agoYeah, but given a checking account number you can often guess an associated saving account number, especially if you're familiar with the bank.
- ThrustVectoring 9y agoDon't have non-investment money? Investment accounts can hold treasury bills and short to intermediate term bonds and bond mutual funds. Your checking account just needs to hold enough money to pay a month's worth of bills or so.