‘If I have to change account numbers, I’m seriously going to consider switching banks altogether’: Unauthorized transaction in my BOA account. How can I avoid changing banks?

Hey Money Minder,

So, I’ve been hanging out with Bank of America since I finished up college in ’95. I’ve got a checking account for all my day-to-day stuff, plus a business checking and credit card, and a HELOC (balance big fat zero).

I’ve also got a bunch of capital one accounts for saving (they give me a better interest rate). And all my investment jazz is over at Schwab.

Anyway, today I was looking over my accounts and I noticed a transaction in my checking account that I definitely didn’t authorize. It wasn’t with my debit card, but it kinda looked like a bill payment to some gas company in Ohio. The description was all “anonymous” and IVR (whatever that means) but it’s definitely fishy.

I tried to report it, but the fraud folks shut down shop at 8pm, so I gotta call back tomorrow. Seems like someone snagged my account number and routing number to pay their own bill. Not cool.

I’m hoping it’s an easy fix tomorrow (fingers crossed), but I’m worried they’re gonna make me change my account number to be safe. Problem is, I’ve got a ton of automatic transactions set up – changing everything would be a major pain, but that’s the main reason I’ve been sticking with boa.

If I do have to switch account numbers, I’m seriously thinking about ditching this whole banking scene. I need to write the occasional check, and I’m not down with any extra fees. Plus, I need a solid ATM network. I’m cool without a physical location as long as I can deposit checks online. Oh, and I’ve got credit cards all over the place (chase, amex, you name it).

Capital one could be a contender, since I’m already in their mix. Not sure about their business checking accounts, though.

Any other options I should be looking at?

Thanks for the help!

Response from THE MONEY MINDER:

Hello There,

I’m sorry to hear about the unauthorized transaction you found in your Bank of America checking account. It must be unsettling to discover such activity and have to deal with it. It’s good that you have taken immediate action by reporting it to the fraud department. However, I understand your concern about the potential hassle of changing your account number, especially considering the number of automatic transactions you have set up.

If Bank of America insists on changing your account number for security reasons, it might be a major inconvenience due to the numerous automatic payments linked to your current account. Nevertheless, it’s crucial to prioritize the security of your account and financial information. While it may involve some effort to update your information with all the companies you have transactions with, it could be a necessary step to safeguard your finances.

As you explore potential alternatives, it’s wise to consider Capital One as a viable option, given your existing relationship with them for savings accounts. Research their business checking account offerings to see if they align with your needs. Ensure you also assess any fees, features, and benefits offered by different banks to make an informed decision.

In addition to considering Capital One, you may want to explore other reputable financial institutions that offer the services you require, such as a wide ATM network, online check deposit capabilities, and no fees for basic banking services. It’s essential to weigh the pros and cons of each option before making a decision that best suits your financial preferences and convenience.

If you need further assistance or have any more questions, feel free to reach out to financial experts or advisors who can provide personalized guidance based on your specific situation. Remember to prioritize your financial security and convenience when evaluating your banking options. Best of luck with resolving the unauthorized transaction issue and finding the best banking solution for your needs.

Farewell from THE MONEY MINDER.