Investing in Bank Accounts Part 5

Investing in Bank Accounts Part 5

Singapore Savings Account Rates presents Investing in Bank Accounts Part 5 on this day in MAY 2010.

7) Protecting Your Accounts

Here are some tips for protecting your account/account information.

a) ATM Card/PIN Remember to keep your ATM card safe and your PIN secret. To protect your PIN, you should:
i) destroy the original print copy of the PIN ii) not allow anyone to use your card or PIN iii) never write down the PIN on the ATM card iv) not use easy-to-remember dates or numbers like NRIC or birthdates as your PIN v) change your PIN periodically

b) Cheque Book/Savings Passbook Protect and keep your cheque book and passbook in a safe and secure place when you are not using them.

c) Precaution when writing cheques
i) Do not pre-sign your cheques.
ii) Write your cheques in dark ink.
iii) Write your cheques in such a way to prevent unauthorised insertions, eg rule off any blank space after the payee’s name and always insert the word “only” after the amount in words.
iv) If it is not a cash cheque, cross out the cheque with the words “Account Payee Only”.
v) Do not use facsimile signatures on your cheques.

For further reading on other consumer guides, please log on to the MoneySense website at www.moneysense.gov.sg

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The Team
Singapore Savings Account Rates.