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Tips for Choosing a Bank

By Terry Savage on November 21, 2022 | Wild Card

Hi Terry, First, thank you for making me aware of the i-bonds rate, which was at 9.62%. My question. I have had difficulty with two banks. Both accounts were not touched in a long time. With both accounts there is at least a 2-year history of no withdrawls. The accounts were not dormant, I kept them active with additional deposits. Both accounts experienced fraud. $18K was taken from one account and $600 (via ACH) from the other. The $600 was someone paying their electric bill to ComED.

In both cases, I filed a dispute and froze the account. In addition to proving my identity and providing my electric bill from last month and this month, I still have to wait 30 days before I can get my money back.

Plus I have to return to the bank within 7 days to get a new account number or to close the account.

I suspect the same thing can happen at any bank. As a make a choice for a new bank what should I consider? Does any one bank have a better system than the others for dealing with these types of issues?
Thank you in advance.

Terry Says

I think all banks have equally secure systems. But for sure you should consolidate your accounts with a major bank that has an office in your area. Then you should get online access to your account and check it weekly! Use a new log-in and password for this new account.

Then, read this and FREEZE your credit report after you open the new account.

And then, I hope you have a secure connection on your computer to the Internet. If you have a teenager — child or grandchild — ask them to make sure your computer and internet access are secure.

That should solve your problems for the future!



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