Is your bank account safe?

[Visinedrops]

Saturday's snail mail contained a single letter from my bank indicating a possible fraudulent transaction regarding my Visa debit card. The letter, transcribed here:

"Dear **********,

We have been informed by Visa Fraud Control of an incident involving unauthorized access to Visa cardholder data that was held by another company.

For your security, ************ Bank is in the process of issuing a new debit card and personal identification number (PIN) to you. Your replacement card should arrive in approximately 8 to 10 business days. Your PIN will arrive 2 to 3 days after your replacement card. When you receive your new card it will need to be activated at any ATM machine or merchant location using your PIN number. If you would like to choose your own PIN, you will need to bring you card into any ********* Bank branch.

Your existing Visa debit card account will be cancelled(actual spelling from document) 15 days after the issuance of your new card. Please be sure to notify any company that automatically debits your account such as an online service provider, utility company, or insurance company of your new Visa debit card account number so that there is no interruption in billing or service.

Should you see any fraudulent transactions posting to you account, please notify us immediately. If you have any questions, please contact Card Services at (phone number)."

I have yet to check on the problem with my bank, considering it's Sunday, but am very curious to know exactly what was done with MY card number, and how the company that issues my card knows of a fraudulent transaction.

How safe is your bank account?

[Brosia]

My bank account is probably pretty safe, it's darn near empty!!

Maybe your VISA info was one hit up by those hackers that made off with like $9 million dollars?

[voodoo]

I hate banks. More trouble then they are worth. With interest rates as low as they are, why does anybody keep money in them? Plus, what is it, 9 banks already got shut down this year. I know it is dificult to break away from them, but it can be done. Did it 3 years ago. Cash and money orders only, thats how I live...

[Brosia]

that's what I'm aiming for too, Voodoo. goodness knows I don't have a savings account (like you said, what's the sense keeping it in the bank?). but I'm still paying things by check/online transactions.

With a pit bull that sleeps in my bed, I'm thinking my money is safer in my mattress.

[ryantx23]

The only bad thing about pulling all your money out of financial institutions, and doing things the old fashioned way is that it would not be good for your credit rating... Even with the current consumer protection laws in place, most banks are still a pain in the ass dealing with....

[Big_Saw]

I'm slooooowly withdrawing all of my funds from the banks....trying to avoid that "large cash withdrawal" flag.....actually got a spot on my NCIC a few years back for making too large a withdrawal followed by a large cash purchase....took me a few months and an anal inspection to get my right to purchase firearms back in line with the dealers and the Feds....

Too many eyes on my money for my taste....plus, cash is still knig, anyways....for now.....;)

[Visinedrops]

The only bad thing about pulling all your money out of financial institutions, and doing things the old fashioned way is that it would not be good for your credit rating... Even with the current consumer protection laws in place, most banks are still a pain in the ass dealing with....

What good is having an excellent credit score anyway? You can work for a company for 10 years, have an excellent credit score, and take out a loan for $150,000...three days later you get fired because the company is either going broke, downsizing, or merging with another company.