I need advise on how best to protect some funds after a security breach and in the future
In comparing Zander to LifeLock, I read that these are the only 2 companies whose polices include reimbursement of any stolen funds. I also read that if my identity is stolen that Zander is better at getting everything resolved, but when it comes to Lifelock, they are better at data protection. I do not know what data protection includes??? Please explain. And since my credit is permanently frozen at the 3 companies and having a living revocable trust changes which co. best suits my needs. I’m 80 yrs. old, retired & on a fixed income. My indentity could have been compromised as my condo assoc. uses First Service property mgmt. Co. & they use a co. called Click/Pay for A/R. I have my monthly codo assesment automatically withdrawn from one of my banks checking accounts. I called Click/Pay in March & was told they had a different phone # when l asked what # they had, they said it was area code 525 , I did not write down the remaining digits & l had them change it back to my phone #. After ending the call l looked up that area code & found out that it is a scam area code. I contacted Click/Pay, First Service and our condo board of the security breach. They only said they couldn’t find anything. Yet if they had played the recorded phone conversation, they would have heard the complete scam phone # the customer service read to me & our entire conversation. Now I feel l need some sort of protection to protect myself when l authorize my bank to allow this 1x amount to be withdrawn & sent to click/pay in order to pay my condo special assessment and l am greatly concerned which is the best way to protect my funds . So l thought getting identity theft protection/ insurance so if my funds are stolen and/or if anything happens in the future, this might be the best thing to do. I am open to all suggestions.
Thank you for your sage advice and help.
Terry Says
OK, first you must understand that almost EVERYONE in America has been impacted by a SECURITY breach!
You have already taken the first step in protection — freezing your credit report at all three bureaus.
Read this to learn more about that idea of a freeze: https://www.terrysavage.com/t-bills-beat-cds/
Second, assuming your monthly bill is the same amount every month for your condo, you should set up auto-payment directly from your bank to the condo association. It doesn’t matter if they use a different online system.
Just contact your bank and tell them you want to set up auto-bill payment every month for the 1st business day of the month for a specific amount. You will need the Condo association mailing address, and your bank will send a check to them, withdrawing the money from your bank account a few days before the bill is due.
Or you could ask the Condo association for THEIR bank routing information and account number. Give it to your bank and they will send the money by ACH transfer the day before the bill is due.
And if there is a special assessment, you can authorize your bank to pay that in the same way.
Also, please remember if you lose any money in your bank account by fraud, you are 100% protected against loss.
