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What are the consequences?

Luckily I didn’t bring my laptop that day. It only had my Toastmaster manuals and brochures. It also had my cheque books. It is not similar to losing the Credit card which has immediate consequences to your identity. Still losing checks shouldn’t taken easy. In credit card stolen cases, it is easy to tap into the money since they got your credit card physically. They can use the credit card number online to purchase anything they wish, withdraw money from the ATM if they know the tactics to mimic the pin, or use to buy stuff at store where they don’t ask you for identity.

In case of checks, they can similar kinda of things but it is bit different and difficult to access the money as the check is tied to your checking account.

1. They can use the checks to cash them in Check Cashing shops. But if they put a large amount, it is not going to be cashed immediately. Most of the banks put a hold for 3-5 days. So you are safe.

2. They can still use to buy merchandise but most of the stores either need the drivers license or some identity to validate your check. So it is not an easy.

3. They can use the check online but not many websites accept checks as payment mechanism and they need your personal details like Driver license or name/address details to cross verify your check which sometimes can trigger false alarm.

Above are some of the scenario’s I can think of. Obviously crooks have other ways to get your money using your account number or the checks.

What were my options?

When I got hit with this shocking incident. I first decided to stay calm and start thinking about what do now. First, I tried to visualize what were all the items in the bag. I remember I use to have one personal credit union check book and one personal bank account check book. My credit union checking account is my main bank account. So I called my credit union immediately while driving back home and explained the situation. I asked them for my options to safe guard my identity and stop any unauthorized transaction.

These are the options they suggested me,

1. Close my checking account and open a new one. The reason for this measure is checks have to exposure to bank routing number and my full account number which they can use to do anything.

2. Next to make stop payment to all my checks/cheques in the check book I lost.

These two things will stop any attack to my bank account but I didn’t want
to take this action immediately without thinking out loud. I know time is running out and I need to make the decision but I didn’t want to rush and make a bad one.

What did I do?

Closing a checking which I been using for many years is not an easy decision. It has connection to automatic debits and bill payments. It would be a big mess and lot of work to get it straight when the new checking account is opened.

I called my friend who is very reliable in analysing things in every perspective and acts third person to see in different view to suggest things. He shed some light saying, “we use the check everywhere. If somebody has to steal our details they can steal it from anywhere like walmart or any grocery store. They won’t because it is not easy to use your account number to do anything.

Using checking account number always need authorization from account holder. So it is not that easy to take my account number to use anywhere. At the same time, checks can be used to cash out money which is easy to do.” So he suggested to think about not closing the account but putting stop payment on my lost checks.

All happened when i was driving back home. I finally got home and talk to my wife all about it. You are not going to believe this, when I said I lost my check book. She said “I took one of the check book from bag yesterday”. I asked her to bring and it was my main credit union checking out. “I was saved by my wife”. It was a big relief for me. By God’s grace, I didn’t lose my check book for my main account. If I did, it would have a major hassle and mental anguish to make decision whether are not close my account.

But I did lose my other bank account check book which doesn’t have any money. So I was least bothered still I need to do things to avoid any check bouncing and negative withdrawals. I emailed and contacted that bank and put a stop payment for all the checks in that check book I lost. I recollect what other things in the bag I lost and try to make sure I did’t lose anything which might come back to hunt me later.

Don’t do the mistake I did. See the list of things you can do to avoid this happening to you.

1. Don’t leave anything out in open to be visible thru car window. Keep the things either in the boot or someplace invisible under the seat. If you leave outside, you are inviting the thieves to

2. It is not an intentional carelessness. When you are in a hurry, you are prone to do mistakes and miss out things. That’s what happened to me. I was in hurry and forgot to keep the bag out of sight. It is a old truck and didn’t have security alarm made it easy to break the key lock. Check your vehicle for anything visible from outside.

3. Don’t carry your check book in your bag unless you keep them secured all the time. If you do, keep a note of what are the things you carry in the bag.

4. Always keep you bank phone number incase you need to call them for any urgent needs.

5. In these situations, I know you have act fast to avoid any bad consequences but it doesn’t have to that moment. So take time to think clearly and talk to your friend who can see things outside and make the decision. Don’t do anything in hurry. Because I waited to close the account, I was saved the hassle as I came to know my wife had taken the check book out of my bag previous day.

Anyway, this incident really thought me few good important lessons. As I always say, “Don’t just learn from your mistake, learn from others mistakes too”. So I thought it would be a good lesson for you all too.