I typically pay my bills (credit card, utilities, city services, doctor, insurance, etc.) by linking my checking account with each payee and turning on autopay. This means that several places have my checking account information. Only one of them would have to get hacked in order to expose my account info.
Would it be more secure to use the bill pay service associated with my checking account to pay these bills? This would let me unlink my checking account from several places. The flipside is that all of my account numbers would then be stored with the credit union. This seems lower risk than having my checking account information spread around, since only the credit cards would seem to carry risk (let the hackers pay my utility bills, haha), and credit cards have good fraud protection.
Finally, I also have my checking account linked at Vanguard, although so far I only send money to Vanguard. One hopes their security would be good enough... If I went all in on this strategy, used bill pay to initiate ACH push transfers to Vanguard, and someone hacked the credit union and got my brokerage account number, would they be able to use that to withdraw funds from Vanguard?
Would it be more secure to use the bill pay service associated with my checking account to pay these bills? This would let me unlink my checking account from several places. The flipside is that all of my account numbers would then be stored with the credit union. This seems lower risk than having my checking account information spread around, since only the credit cards would seem to carry risk (let the hackers pay my utility bills, haha), and credit cards have good fraud protection.
Finally, I also have my checking account linked at Vanguard, although so far I only send money to Vanguard. One hopes their security would be good enough... If I went all in on this strategy, used bill pay to initiate ACH push transfers to Vanguard, and someone hacked the credit union and got my brokerage account number, would they be able to use that to withdraw funds from Vanguard?
Statistics: Posted by blortchplop — Fri Aug 16, 2024 11:26 pm — Replies 5 — Views 564