tsk tsk tsk don't "hoard" your cash

[bUU]

Examples of fraud against checking accounts?

(The point is that if you do your basic research to prove your own assertion, you'll find the example of what I pointed out. I really don't have the time to do that research for you right now.)

Regardless: Here's an example... took less than five minutes to find. I'm sure you can find others if you are really truly interested:

Robert Chavez says his identity theft nightmare began back in April ... his identity had been stolen ... Chavez says he doesn’t know how thieves got his identity but he says they even managed to get access to his savings account.

http://miami.cbslocal.com/2014/07/16...dentity-thief/

[thinkgreen]

Several years ago I wrote a check and didn't have enough in the checking account to cover it. My bank cashed the check and took the money from my saving account. They charged me $25 service fee to do this and did not consult me. It was my error that the checking account didn't have enough in it. But I was shocked that they would transfer the money without my approval and then charge me a service fee on top of it. It did make me worry about the safety of saving accounts. What if the check was written by an identity thief?

[ApatheticNoMore]

I was trying to figure out why checking accounts were more vulnerably anyway? I can't see any reasons they would be. Possibly because you've used them to pay bills? Ok never had a debit card or an ATM card etc. so that's about what I could figure.

[jp1]

There are, of course, (at least) two schools of thought in this as in all things. The American economy is, regrettably, a consumption economy rather than a production economy. Lots of folks want to make the transition back to a production economy, but only under the condition that is accomplished without sacrifice on their part. Beyond that, it is reasonable to expect participants in an economy - any economy - to participate in a manner that is something close to a middle ground between unilateral self-interest and the economy's best interest. Therefore, given that there isn't substantive support for the sacrifices necessary to change what fuels our economy, there is sound basis for concern about hording of cash, specifically, because that's damaging to the economy. Whether through consumption or investment, the movement of money is critical. Yet here I sit, one of those people who are part of the problem, with too much cash on hand, but no idea where to invest it where I could have a reasonable expectation that it will still be there when I need to spend it to survive.

Apparently you're not the only one with too much cash on hand and no good investments to be found. From what I've read stock buybacks by large corporations are at very high levels. If there was something worthwhile to invest in, like increased production facilities, they wouldn't be doing this, but would instead be putting their cash to more productive uses. Frankly it appears that our economy is contracting at the same time the stock market is going through the roof. Somehow that doesn't seem like a good long term proposition. I suspect it won't end well.

[ToomuchStuff]

Examples of fraud against checking accounts?

(The point is that if you do your basic research to prove your own assertion, you'll find the example of what I pointed out. I really don't have the time to do that research for you right now.)

Regardless: Here's an example... took less than five minutes to find. I'm sure you can find others if you are really truly interested:
http://miami.cbslocal.com/2014/07/16...dentity-thief/

Chekcing accounts, I know. (know too many examples) If your house is broken into, you need to go through ALL your checkbooks, as it is common to pull some checks, randomly out of checkbooks and use them where id's aren't checked.
Getting "preapproved" from having id stolen, again EZ and I k now too well about it. Savings accounts, without having what I mentioned, I still would like to know how. The story you linked doesnt' list how it was hit. The only examples I know of, have to due with electronic access, either online banking, skimmers, etc. (none of which I do)

I was trying to figure out why checking accounts were more vulnerably anyway? I can't see any reasons they would be. Possibly because you've used them to pay bills? Ok never had a debit card or an ATM card etc. so that's about what I could figure.

Debit cards, paper checks (either bleaching or other techniques), just from general use (do you use checking or savings more?).

[bae]

I was trying to figure out why checking accounts were more vulnerably anyway?

Well, your checks have your name, address, account number, bank branch, and bank routing number on them, so there's that...

[bUU]

Not knowing how it is done doesn't mean the risk doesn't exist. The point is that savings accounts are not "safe". There are paths leading to loss whenever we own anything - even gold bars. The difference in risk between various types of accounts is trending toward practically insignificant due to "innovations" in the business of fraud.

[ToomuchStuff]

Did I ever say risk didn't exist? People have been kidnapped at gunpoint to get money from people that would be in savings. My point is there is still LESS risk where your not exposing yourself and you move the risk (as it is moved anyway, for example if the bank/credit union itself, was hacked). I disagree with insignificant part, because like home burgleries, theives like easy targets.

[bUU]

Did I ever say risk didn't exist?

Did I say that the risk was exactly the same? No. I said that it isn't clear to me how much "safer" money is in a savings account versus a checking account. The difference seems to be decreasing day by day. That was my point. I see no point in any of your replies indicating why you posted any objection to what I wrote. :shrug:

[ToomuchStuff]

Sounds like we are reading into the reply's then. Sorry. (had similar discussions in person with some who have had problems, and then went back to old habits)