While the state is providing credit monitoring and identity theft protection for individuals at no charge and tomorrow morning will start providing free Dun & Bradstreet’s CreditAlert service for the state’s businesses, neither service will protect your business checking account.
Steps should be taken to guarantee your business checking account will not be drained totally or experience just a series of small withdrawals over time by the foreign thieves who already have your information, including account and routing numbers. This could happen today, months or years from now causing the following problems:
- Loss of the use of your business funds to pay bills and payroll for some time until your financial institution puts the money back into your account after a fraud investigation.
- Checks that you have written will bounce due to insufficient funds if your account has been raided costing you penalty fees.
- Checks that bounce will cause delinquent payment charges and possibly late payment notices being placed on your credit history.
- Close the business checking account and open a new one. Your bank or credit union will probably do this at no charge. However, there will be a cost for ordering new checks from the company that provides that service. This is also probably good advice for personal checking accounts that have been used to pay state taxes.
- Sign up for the no-charge Experian’s credit monitoring and identity theft protection for individuals online at www.protectmyid.com/scdor. Enter the code SCDOR123 when prompted. Then follow the instructions to enroll. Do this for every member of your family including children. Also provide this information to your employees.
- Tomorrow morning (November 2) from 11a.m. to 2 p.m., sign up for the free Dun & Bradstreet’s CreditAlert service. Go to www.DandB.com/SC or call customer service at 800-279-9881. Dun & Bradstreet is providing this service at no charge to the state or businesses for the life of the business.