Protecting Yourself from Fraud – US Bank converting Union Bank Accounts
As some of you already know, US Bank is in the process of converting all Union Bank checking and savings accounts, mortgages, investment accounts, and credit cards to their platform. This process includes issuing new account numbers and closing existing Union Bank accounts. The bank account transfer process was completed over Memorial Day weekend and US Bank is now encouraging all clients to re-register on the US Bank website and mobile app to access their accounts. US Bank posted a timeline of their projected conversion online here.
During periods like this, it would be reasonable for US Bank support to be a bit busier than usual. A large transition like this also probably means there will be additional scammers out trying to take advantage of client confusion or existing vulnerabilities in their passwords or account access.
We want to communicate that even though we are always on high alert for account fraud, we will be extra careful in the coming weeks and months when receiving one-time or unusual requests for funds. Please do not be alarmed if our firm reaches out to verbally verify any digital communications we receive about money movement during this time.
Although most of our clients do not bank with Union Bank, some do, and we want to use this opportunity to reiterate some the procedures we have in place to protect our clients from fraud.
In addition, you can help us protect your account and personal information by:
Never providing full account numbers in an email.
Contacting us over the phone if we need to change linked accounts.
Using complex and private passwords for your financial institution and email logins or consider using a password manager.
Establish a code word or phrase with our firm for additional protection when making money movement requests.
CONTRIBUTOR
Andrew Hoffarth, CFP® is a Partner and Lead Advisor with Financial Alternatives. When he’s not enjoying outdoor activities with his family, he excels at finding solutions for complex financial situations, allowing successful families to focus on what is most important to them. Schedule a time to chat with Andrew.