The question "what can someone do with your bank account and routing number?" is important if you have found yourself in a financial bind. There are a number of situations that might have resulted in you being unable to account for all the charges on your accounts. These include withdrawal fees from your ATM, checks you forgot to cash or bounced, credit card chargebacks and other issues. Knowing the way your bank works will go a long way to mitigating these types of problems.
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Banks are not like other businesses. They are also not public service providers; they are just banks that were given government charters from our tax dollars. One of their responsibilities is to ensure that your money is safe and secure when it is in their bank account. In order to accomplish this, they need access to both your checking and savings accounts at the same time which is why they issue you routing numbers and account balances.
All ATM machines and ATMs have a unique routing number assigned to them. This number tells your bank where the money you are withdrawing should be deposited. Without this routing number you would not know where to deposit the money since it would not match an account you have with the bank. Without your routing number the bank does not know where to send the money to. The routing number is also what identifies each individual transaction made with your account.
What Can Someone Do With Your Bank Account and Routing Number?
Your bank routing number is also what is used to establish how much money goes out and how much goes in when you withdraw cash from your ATM. Without this you would not know how much to take off your account to pay the bill at the end of the month. It also tells your bank what cash deposit you are capable of taking from your account. If you were to deposit more than you can manage out of your bank you will incur overdraft fees on top of whatever you are paying in interest. Overdrafts are fees that are due when you use your account to make a withdrawal and you are unable to account for the total amount due when you write a check.
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A routing number is what separates your account from the rest of the accounts at your bank. Each person that uses your account will only know your account number by what is on the ATM card, the statement you get from your bank, or a hand-written statement. Having your own bank account number gives you a sense of confidence and security about what you're doing with your own money.
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Withdrawal limits are another feature of checking that most people do not pay much attention to. Withdrawals are limits that are placed on the amount that can be withdrawn from your account. You can set a limit on what can be withdrawn each month as well as what can be traded in for a smaller amount. Knowing what is placed on your account will help you limit out any overdraft situations that may occur with your account.
One last thing you can do with your account and routing number are place it on paper. You can send a paper routing number to your bank to activate your account. This gives the bank permission to transfer funds from your account to another account as needed. It also tells them how many checks that can be issued in the amount of money you place on your account.
Knowing what can someone do with your bank account and routing number will help you when you open an account at a new bank. Know how much money is available to you and where it is located within your bank. Place any personal or business-related information on the ATM cards that will allow you to withdraw from your account. Reserve some space on your bank statement for notes and deposits that you have received. Knowing what can be done with your account and routing number will help you know what you can do with your money.
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