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Should bank accounts have a Panic PIN?

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Horseshoez
Senior Contributor

Re: Should bank accounts have a Panic PIN?


@privacyadvocate69 wrote:

Yes. But it doesn't have to be that way.


How do you figure; there is lots of cash going in and out of all five accounts every month, no way around it.

I categorically refuse to do AZEO!
Message 21 of 36
longtimelurker
Epic Contributor

Re: Should bank accounts have a Panic PIN?


@Horseshoez wrote:

@privacyadvocate69 wrote:

Yes. But it doesn't have to be that way.


How do you figure; there is lots of cash going in and out of all five accounts every month, no way around it.


But are you using ATMs to make cash withdrawals from each?

Message 22 of 36
Horseshoez
Senior Contributor

Re: Should bank accounts have a Panic PIN?


@longtimelurker wrote:

@Horseshoez wrote:

@privacyadvocate69 wrote:

Yes. But it doesn't have to be that way.


How do you figure; there is lots of cash going in and out of all five accounts every month, no way around it.


But are you using ATMs to make cash withdrawals from each?


That isn't the point; the ATMs have access to each of the accounts.

I categorically refuse to do AZEO!
Message 23 of 36
longtimelurker
Epic Contributor

Re: Should bank accounts have a Panic PIN?


@Horseshoez wrote:

@longtimelurker wrote:

@Horseshoez wrote:

@privacyadvocate69 wrote:

Yes. But it doesn't have to be that way.


How do you figure; there is lots of cash going in and out of all five accounts every month, no way around it.


But are you using ATMs to make cash withdrawals from each?


That isn't the point; the ATMs have access to each of the accounts.


My point is that perhaps they don't have to, depending on your financial institution capabilities.

Message 24 of 36
privacyadvocate69
Contributor

Re: Should bank accounts have a Panic PIN?

Only if your bank sucks.

 

At my bank, your ATM can only access the accounts it is programmed for. For example, at USAA, I have 6 checking/savings accounts.

 

Some of those accounts are not accessible by any ATM card, as no ATM card was issued for those accounts.

 

Some accounts are accessibly by a single ATM card, as that is how they were set up.

 

Some accounts are accessible via a different ATM card, because that's how THEY were set up.

 

So..,the "technique" here is carry an ATM card that is only linked to one of the accounts (call it, "Mobile cash account") and keep a minimum amount of cash in that account. Then carry an ATM card that only has access to the Mobile Cash Accoubt. When you need money, use the phone to transfer funds from another account into the Mobile Cash Account and withdraw it.

 

Besides all that...I can't imagine carrying card that had access to every dollar in my bank accounts.  I mean...different strokes for different folks and all...but that just strikes me as dumb. Kinda like carrying every credit card you have with you, everywhere you go.

 

 

Message 25 of 36
privacyadvocate69
Contributor

Re: Should bank accounts have a Panic PIN?

I don't think you are really following what I am talking about:

 

1). Have one account for "cash withdraws only".

 

2). Have an ATM card that can only access that account.

 

3). Leave the account almost empty and only put money in when you need to withdraw it.

 

It is not that complicated.  It's kinda like leaving your car unlocked because there is nothing to steal and you'd rather them not break your window to find that out.

Message 26 of 36
Horseshoez
Senior Contributor

Re: Should bank accounts have a Panic PIN?


@privacyadvocate69 wrote:

I don't think you are really following what I am talking about:

 

1). Have one account for "cash withdraws only".

 

2). Have an ATM card that can only access that account.

 

3). Leave the account almost empty and only put money in when you need to withdraw it.

 

It is not that complicated.  It's kinda like leaving your car unlocked because there is nothing to steal and you'd rather them not break your window to find that out.


And you don't understand what I'm talking about, without opening up yet another acount in each of the three financial institutions I do banking with, solely for the purpose of cash withdrawals, what you propose is not feasable, and quite honestly, not logical.

 

Regarding your unlocked car analogy, sorry, you missed the mark by a wide margin, I mean, come on, it isn't as if your bank accounts are "unlocked" because you happen to be carrying your ATM card.  A better analogy would be comparing a mugging to get an ATM PIN code to a car jacking with your kids in the back seat.  Do you not take your kids anywhere because you might get car jacked?

I categorically refuse to do AZEO!
Message 27 of 36
privacyadvocate69
Contributor

Re: Should bank accounts have a Panic PIN?


@longtimelurker wrote:

@privacyadvocate69 wrote:

 

LOSING my wallet is a high probability event for me. I lose stuff all the time. Sometimes I am trapped at home for hours because I can't find my **bleep** keys.


I solve this issue by not having a car.

 

(OK, I am lying, but too tempting for me to resist.  A very low threshold I admit)


I also like to lock my front door.
 

Message 28 of 36
Hex
Valued Contributor

Re: Should bank accounts have a Panic PIN?

I just lock all my debit cards and unlock them when I want to use them. It's much safer to use credit cards for everything you can because you are only responsible for $50 worth of fraud charges and many banks even waive the $50. 

Message 29 of 36
OmarR
Established Contributor

Re: Should bank accounts have a Panic PIN?


@privacyadvocate69 wrote:

Only if your bank sucks.

 

At my bank, your ATM can only access the accounts it is programmed for. For example, at USAA, I have 6 checking/savings accounts.

 

Some of those accounts are not accessible by any ATM card, as no ATM card was issued for those accounts.

 

Some accounts are accessibly by a single ATM card, as that is how they were set up.

 

Some accounts are accessible via a different ATM card, because that's how THEY were set up.

 

So..,the "technique" here is carry an ATM card that is only linked to one of the accounts (call it, "Mobile cash account") and keep a minimum amount of cash in that account. Then carry an ATM card that only has access to the Mobile Cash Accoubt. When you need money, use the phone to transfer funds from another account into the Mobile Cash Account and withdraw it.

 

Besides all that...I can't imagine carrying card that had access to every dollar in my bank accounts.  I mean...different strokes for different folks and all...but that just strikes me as dumb. Kinda like carrying every credit card you have with you, everywhere you go.

 

 


 

The timing of your post is strangely coincidental for me.

 

I have a "Play" or "Shill" account that I use, exactly as you describe. It's rare, but I even only write checks from this account, IF I have too. It seems like once per year, I run into business related old-schoolers that only take a check due to their antiquated bookkeeping methods. But since I am rarely a cash guy, my setup, as well as swiping in an app to transfer more cash, is not that difficult.

 

My biggest gripe, after switching from USAA to Chase, is that Chase makes it so that one debit card links all of your accounts that are in your name. I can have all of my other debit cards locked/disabled, but if one active card can access them all, there is no point. I've been emailing back and forth with Chase, and they tell me that there is no way to unlink them. So for now, I just keep my debit card locked.

 EQ=850   EX=845   TU=843       0/24       UTIL=$1    AZEO

Message 30 of 36
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