Weird But True: Checking Account Details.
Remember the whole idea behind FoolProof? We don't want you to look like an idiot in front of anybody, especially your financial institution.
That's why you need to know these handy facts as you're opening your checking and savings accounts:
You have to sign a signature card when you open a checking account.
Here is a sample signature card.
The signature card protects you. Here's how:
- It shows the bank the way your signature should look on checks.
- If the signature on a check doesn't match the signature on your checking card, the bank may reject the check.
- A rejected check can be a good thing if it protects you from a scammer who stole one of your checks.
- Even if the bank doesn't reject a scammer's forged signature, and your money is stolen, you are still protected from loss, if you can prove the signature was forged. Your signature card can be strong evidence in your favor.
- A rejected check is bad, if it means you "bounce" a check for your rent because you were sloppy with your signature when you wrote the check.
- The moral of the story? Always sign your checks the way you signed your signature card.