ppnewbie wrote: ↑
Sun Jan 10, 2021 1:01 pm
What’s your take on the security of echecks? I am concerned about adding bank account (echeck) info for several different dealers. Most of the research I’ve done on echeck security seemed to say it is low risk. But...I don’t usually believe what I read unless I verify a few times over.
I'd suggest using separate dedicated checking accounts. For example, have four checking accounts at different institutions:
ACCOUNT 1) Main account given to your employer/clients for payroll
ACCOUNT 2) Account used to pay bills like Mortgage/Rent, Credit Cards, Utilities, etc
ACCOUNT 3) Account used for eChecks for bullion
ACCOUNT 4) Backup account, not used, but transfer $1 in every 6 months from another account to avoid account closure or fees from inactivity.
The money gets put into ACCOUNT 1 from your employment and you can move it to your brokerage/retirement account for contributions, or move however much you need into Account 2 to pay bills, or move however much you need to Account 3 to buy gold online.
This way if your ACCOUNT 3 bullion echeck account gets compromised, they cant take any money because you transferred only exactly how much you needed for the single transaction there. And it also won't impact your mortgage.
And Account 4 is in case ACCOUNT 1 gets hacked, which is linked to accounts 2 and 3. Then you can update your job to direct deposit to Account 4 and/or deposit physical cash into account 4 to pay bills as needed until you can deal with the fraud going on with the other accounts, and reset those account numbers.
I recommend if you only have one checking account, to get the other accounts set up while simultaneously taking advantage of new account opening bonuses of a few hundred dollars each that pop up from time to time.