ATM cards let us withdraw cash anytime and anywhere there is an ATM. However, it also makes it easy for thieves to drain your ATM account by cloning your ATM cards through skimming devices and cameras installed on ATMs. While there are ways to protect your online passwords, protecting your ATM card from cloning is a challenge since it is not easy to detect a compromised ATM. I personally have friends that were victims of ATM card cloning.
Using a passbook account without ATM card protects your cash from ATM cloning. However, you can only withdraw during banking hours, and you need the time and patience to fall in line. Fortunately, there is a way to take advantage of the convenience of ATMs and the safety of passbook accounts. All you need is your smartphone. Here is how to do it.
Two is better than one
If you have not done it yet, apply
for an ATM account and a passbook-only account at the same bank. Better yet,
apply for a Mastercard or Visa debit card instead of a normal ATM so you can use it for
online purchases. Make sure that
both accounts can be accessed via Internet using the same online account, and
funds can be transferred electronically in between. Some local banks, like
Unionbank, have Android and IOS apps that let you transfer funds between enrolled
accounts so you can transact in a few steps. Online banking using a mobile
browser will work, but it can be frustrating sometimes.
Once you have these two accounts set up, move most of your funds to the passbook account. Whenever you need to withdraw larger cash, just open your smartphone and transfer funds just enough to cover your transaction.
Once you have these two accounts set up, move most of your funds to the passbook account. Whenever you need to withdraw larger cash, just open your smartphone and transfer funds just enough to cover your transaction.
Keep your online password and PINs secure
This article assumes that you know
how to protect your password and PIN secure. You may refer to my article on Securing Online Passwords for tips on how to do this.
Please let me know your thoughts
by posting on the comment section below.
/royc
No comments:
Post a Comment