When I got up this morning, I didn't think I would be rocking my own financial world. Imagine my surprise when I realized just what I was doing.
How about some history? Well, a couple of months ago, a few computers were stolen from one of my company's corporate offices in California. Some of those computers were from our stock department, and were known to have employee sensitive information on them, in particular bank account informaton. The company warned all of its employees immediately as a precaution, noting that it was unlikely the theives were aware what information was on those systems. Yet this morning we were notified that there have been confirmed cases of employee bank account infiltration, which set off alarms in my mind of course. While I knew that this didn't impact all employees, I also knew that I had made several past stock transactions and paid for them via EFT (meaning I provided them my bank account info), so I was quite confident that my bank information was on those systems.
So, what to do? The options were, asking myself if I felt lucky, thereby doing nothing. Or taking drastic (and painful) action by making changes to my banking information. Within minutes of getting the compromise notification, I was heading to the nearest branch of my financial institution (fortunately in the same building I work in), mostly to ask questions. I asked them if they could do something fancy like change my account number but link the old account to the new one, allowing inbound deposits, but not withdrawals. Turns out they're just not that sophisticated. They basically said I'd have to start over if I wanted to change my account number. So then I asked what it would take to fix things if I was compromised, to which they described a nightmare scenario, filled with terms like FDIC, affidavids, very painful, and eventually get your money back. I asked if it was "easier" to make changes now or after a compromise, and they said definitely now would be better.
So I did it. After 15 years with the same account number at the same bank, I obliterated that history and started a new. And now I am left with the aftermath. I've been having to completely re-setup my online BillPay payees (they wouldn't transfer it over), contact all of my direct draft payees to give them new account info, AND I had to order new checks and a new check card. Not only that, but remember I just recently completed my taxes, so there is an inbound direct deposit due to my old account soon that I will have to watch for and transfer as soon as it hits so it won't be at risk. And lastly (I think), I have to change my direct deposit info with my payroll department, which could take awhile. Since they require a voided check, which I just ordered checks and won't have for a week, I won't likely make it before the next pay day (meaning more cash will be deposited into my old account that I will have to transfer). Only after tax refunds and direct deposit fixing can I even finish off and close my old account, hoping it's not compromised in the interim. In the unfortunate event it is hosed in this attemped-fix window, it would still leave me with a mess to cleanup in the form of bounced check type fees (since the account is now empty) and then credit report repair).
It took an hour and a half of paperwork doing at the bank to get everything re-setup, but I also opened long overdue savings accounts for the girls while I was there filling out paperwork anyway. I don't wish this mess on anyone, but I suppose it beats being compromised.
UPDATE, 8 MARCH
Continuing with my self-induced financial shake-up, I filed fraud alerts with the three credit reporting agencies. I also got temporary checks from the bank so I could get my direct deposit squared away.
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