Now more than ever, business and purchasing are happening online. I know that there’s not a single person that doesn’t do the majority of their purchases online, whether it be for personal or professional buys. Keeping your credit/debit card information safe is of the utmost importance to sites that handle your card data, but breaches are happening more and more frequently as cyber thieves are ALWAYS lurking.
The same cannot be said for all business bank accounts. Did you know your business bank account may not enjoy the same protections as a personal bank account? For example, if a hacker gets your card number and makes purchases from your business account, the bank may NOT be responsible for getting your money back. That’s right. Some banks do not extend the same conveniences to their business customers as they do to their personal customers. Just because a bank carries the FDIC seal does not mean that you are protected by fraud. Dig into your agreement with your bank and see what fraud protections are included with your business checking account.
Quick Tip for both account types: Set up e-mail alerts on your account, so you are notified any time money is withdrawn from your account. The FASTER you catch fraudulent activity, the better your chances are of keeping your money. If you contact the bank IMMEDIATELY, you have a very high probability of foiling a hacker’s attack.
It's a good rule of thumb to go over both types of accounts bank agreements prior to opening an account. Educate yourself on your banks protections and policies for fraud activity. Business checking accounts usually have much longer agreements so familiarize yourself with your bank and if you don't like what you see shop around until you find the right bank for you and your money. Afterall you are trusting them with your financial future.
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