Dedicated to Deposits: Deals, Data, and Discussion
Featured Savings Rates
Featured Accounts

Reused Checking Account Numbers Give Previous Owners Keys To Your Account

Monday, July 22, 2013 - 4:21 PM
From the Los Angeles Times
Banks won't spend a tiny fraction of their profits on trying to avoid problems with fraud arising from recycled account numbers.

Read more
Ken TuminKen Tumin5,471 posts since
Nov 29, 2009
Rep Points: 125,634
1. Monday, July 22, 2013 - 4:43 PM
"It's a long shot, of course, that someone would close an account and then hold on to his or her old checks for years, awaiting the opportunity to write checks on someone else's account. But it happens."

That's it right there. The highly-paid bean counters and number cruchers at the banks have determined it isn't worth it to NOT recycle these old account numbers.  After all, what's the odds of this occurring "16 years" after the other account was closed?
ShorebreakShorebreak2,683 posts since
Apr 6, 2010
Rep Points: 14,546
2. Monday, July 22, 2013 - 5:07 PM
How can that be legal reusing old account numbers?  That could be as bad as reusing old SS numbers after people pass on.  I had no idea banks actually did this.  The things I learn (or don't want to learn) in this group.  It just never occurred to me that could be a reality.
paoli2paoli21,401 posts since
Aug 10, 2011
Rep Points: 6,135