Is giving away the routing number on a check safe? It’s one of many questions that people have about banking and bank accounts. Consumers have natural concerns about their bank accounts being hacked, given there are so many bank breaches. Yet, we’ve become so used to guarding our sensitive information online that we sometimes forget to protect the tangible versions of our financial account, like checks. We may use physical checks less than we used to, but the account information is still commonly used in online transactions. Which begs the question: can a thief hack my account using only the bank’s routing number? The simple answer is no. A routing number is not enough information to transfer money from your account since many people with accounts at your bank will have that same routing number. But in some cases, a savvy hacker with both your routing and account number on a check can impersonate you and potentially take money from your account without permission. Show What Is a Routing Number?Routing numbers are also called ABA Routing Numbers. These 9-digit numbers are assigned by the American Banking Association (ABA) to each bank. Banks may have more than one routing number because of mergers, branches in different states, or other special circumstances. Banks can have up to five routing numbers for internal use, and some websites list ABA numbers for every bank doing business in the United States. Accuity is the company responsible for the registration of the more than 26,895 routing numbers assigned to banks. While you may be tempted never to give someone your routing number, there are a few instances where it is necessary. If you are making electronic payments online to save money, signing up for direct deposit with your employer, or accepting money transfers from someone to your bank account, they will need the routing number on a check. In some cases, they will ask you to provide a voided check to ensure the money goes directly into your account. Checking Accounts Providers
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Aspiration offers socially-conscious and sustainable cash management services and investment products, so you can make money while making the world a better place. The Difference Between Routing Number and Account NumbersWhile someone cannot hack your account directly using only your bank’s routing number, a carelessly disposed physical check can compromise your bank account because personal checks contain both your routing and account number. With both of these pieces of information, someone can potentially use them to withdraw money, pay their own bills, purchase items online from vendors, or set up a new account using your funds—all from your checking account. Checks also contain your name and address, giving thieves a greater advantage when it comes to banking identity theft. That said, the risk of this happening isn’t the same in every situation, and in some cases, there may not be any risk at all. In most cases, a thief is more likely to try hacking into a commercial account than a personal account. Protect Your Routing Number and Banking InformationIt’s always best practice to either deliver your account information in person or via the phone (provided you have the conversation in a private place). While there is no 100% hack-proof way to send your personal bank information across the Internet, there are things you can do to increase your protection. While it’s not recommended that you send account information via text, chat, or email, there are times when it’s unavoidable, and the following precautions can help.
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Aspiration offers socially-conscious and sustainable cash management services and investment products, so you can make money while making the world a better place. Other tips include shredding a voided check before disposal. Additionally, if you provide your routing and account number on a check to someone, make sure you know they are not going to use it for illicit purposes. Your employer, a bank employee, or a company with a legitimate reason for having your bank account information (e.g., mortgage company, utility company) will protect your private information. If you must send a scan of your check, do one of the following:
How to Know If Your Information Is CompromisedYou may not have any money removed from your account if someone uses the routing and account number on a check. However, you may be denied a credit card and not understand the reasons for the denial. Should this occur, immediately check your credit report for any signs that your information is being used by someone else. Review your report carefully for accounts you do not recognize, inquiries made by credit card companies and lenders, or other suspicious activity that may indicate another person is using your identity. Ways to Protect Your Bank Account
With online banking and other online business the standard now, it’s unreasonable to avoid sharing your bank account information altogether. Ultimately, it’s your responsibility to protect your account and decide with whom you share your banking information. Conducting due diligence on companies, monitoring your accounts frequently, and setting up fraud alerts from your bank are the best ways to keep your account information safe. |