So why is a pastor writing a post about money on a faith-related blog? Because I’ve seen too many people lately – friends, parishioners, community members, people I care about – losing huge amounts of money. Thousands and thousands of dollars – sometimes their life savings – gone.
Sometimes they’re lucky and the bank helps them get the money back. Sometimes it’s gone permanently.
A few moments ago I heard yet another story: a friend told me one of her neighbors had a five-figure amount stolen from a checking account.
As a pastor I feel I must say something about this.
The truth is: thieves are getting REALLY GOOD at breaking into checking accounts and making off with your money. They steal checks and forge their own names in the “pay to” line. They take a check you’ve written and add a few zeroes. They steal debit cards. They use card skimmers to steal checking account information. They watch people at ATM machines, looking for PIN numbers.
Keeping a checking account safe and secure is nearly impossible these days. Quite frankly, might as well keep money on the front porch where everybody can see it.
The good news is there is a simple solution:
DO NOT KEEP LARGE AMOUNTS OF MONEY IN A CHECKING ACCOUNT
Just about every bank these days offers joint checking/savings accounts. Savings accounts are much more secure than checking accounts: they don’t have debit cards, you can’t pay bills from them, and account information is rarely used by anyone outside the bank.
When it comes time to pay bills, it’s easy to transfer just the right amount of money into the attached checking account – either in person, by phone, or online. Pay your bills, and leave the rest of your money in a savings account that will pay you to keep it there. If you’re not making use of the joint savings account your bank offers, you’re losing money – and you’re placing what belongs to you at risk.
Getting Started 