An Ideal Bank for You!

No bank gives you 100% guarantee to protect you against frauds, but selecting your bank carefully will reduce the chances of identity theft and fraud. Some banks have provided strict safeguards to protect their customers in this regard while others are lagging behind. You should be smart to select your banker.

While approaching to a bank for opening your account, you should look for the following features -

1. Online presence of the bank - Have a look at the website of the bank and find out what information they have provided an identity theft. It gives two indications - they know the magnitude of the risk of identity theft and they are serious about providing protection against it.

2. Whether the bank offers an option to opt out of receiving paper statements. Most of the frauds relating to identity theft are related to the statements you receive by mail from the bank containing your account number and other details. There is no need to receive such statements by mail now. You can always check your balances and take printouts from their internet site.

3. Whether the bank is able to monitor your account activity - They should inform you either by mail or by telephone any suspicious activity not matching your spending pattern. Majority of the banks are not presently providing such service but some banks have started realizing its importance. So if your account shows purchases of big amounts or purchases outside the state where you live, they should immediately contact you to authorize such transaction.

4. If you or someone on your behalf requests change of address on your bank account, the bank should send you paper intimation before implementing your request. Many frauds of identity theft begin with a change of address request on your behalf. If you receive such intimation, that will safeguard you from compromising your bank account details.

When selecting your bank you should look into its reputation also. The bank should not be just a local bank but it should be able to provide services outside your place of residence. This is particularly useful when you travel for business or for vacation. You should be able to access easily you funds from anywhere.

Many websites provide ratings for banks and you should search online to find out such ratings before you take a decision to deal with a particular bank.
Selecting a good bank will reduce substantially the risks of identity theft, but you should not rely totally on your bank. You should also be careful to protect your funds and your identity.