Being paid - cheque or give account details?

MikeR999

With the demise of cheques coming up, if you are owed money, then the only way to receive payment will be by cash or by giving your bank account details to the firm involved.

What security measures will be in place to ensure the account details are kept safe & destroyed when no longer needed?

The one advantage of cheques was the fact the payee just needs your name.

I really don't want the use of cheques to disappear.

Lokolo

Why would giving your bank details to a firm not be safe? They can't withdraw money by using these details, not sure what else there is.

And even with cheques, if you give out a cheque, it has your bank details on it so you just hope that the person on the other end doesn't do anything with it.

BASFORDLAD

Yep some people worry far to much

MrTomato

Lokolo wrote: »

Why would giving your bank details to a firm not be safe? They can't withdraw money by using these details, not sure what else there is.

And even with cheques, if you give out a cheque, it has your bank details on it so you just hope that the person on the other end doesn't do anything with it.

if it's an individual, they could set up a direct debit with your account number.

Lokolo

MrTomato wrote: »

if it's an individual, they could set up a direct debit with your account number.

Yep, I have suggested this on occasions, but the Direct Debit scheme has protection on it. So unless you have said so, then it can be canceled and money returned.

MikeR999

Lokolo wrote: »

Why would giving your bank details to a firm not be safe? They can't withdraw money by using these details, not sure what else there is.

And even with cheques, if you give out a cheque, it has your bank details on it so you just hope that the person on the other end doesn't do anything with it.

Good luck with learning more about present day problems with security of banking information.

:think:

Lokolo

MikeR999 wrote: »

Good luck with learning more about present day problems with security of banking information.

:think:

There's nothing wrong with present day security problems with banking information.

As above, the only thing account number can be used for his a DD, and that has protection on it.

And if you are that worried about giving out bank details, I am sure you have never sent a cheque to anyone?

le_loup

Take a look at a cheque.
Name, number, sort code, bank address ... SIGNATURE!
Paranoia can sometimes overwhelm even the most stable of people.
Meanwhile, take note of what Lokolo says. He may be young but he must be listened to.

EarthBoy

Giving someone your bank details is more secure than giving someone a cheque.

If you give them your bank details then yes, they could set up a direct debit from your account. This is possible, but unlikely, and even if they did you could cancel the d/d and reclaim the money under the d/d guarantee.

If you give someone a cheque they could still set up a d/d from your account by reading your sort code and account number off the bottom of the cheque. They could also:

* alter the words and figures on the cheque, e.g. add a few noughts, and pay it into their account.
* copy your signature and sign/forge your name on all sorts of loans and credit card applications.
* set up standing orders on your account
* write to your bank (the address is on the cheque) to notify a change of address, "signing" the letter with your own signature (which you have given them a copy of, remember).
* order a new cheque book to be sent to your "new" address, and empty your account by writing loads of new cheques, all signed with "your" signature.


So there are far, far more chances of fraud with a cheque, than just with your bank details.