Bank Account Details

[essdee1972]

First of all, I am sorry if this should not have been posted, or should have been posted somewhere else. Request moderators to take appropriate action, if such is the case.

I have seen some posts in this board, wherein members had expressed fear of some financial or other risk since someone had taken bank account details from them. I wanted to help overcome that fear.

(I agree wholeheartedly that in case of any prospective business deal falling through, whichever party decides to cancel the deal, is responsible to inform the other party of his/her decision. The prospective buyer, if s/he decides not to buy, should inform and apologise to the seller, and similar action should be taken by the seller in case s/he decides not to sell. This is not only "gentlemanly" behaviour, but also accepted commercial / business practice.)

As to the bank account details, please note that banks require at least one password, and in most cases, two, in order to allow commercial transactions. Unless someone has these two passwords, the only thing s/he can do with our bank details is to write it down, hopefully to pay us! I have two accounts, with ICICI and HSBC, and give below the online banking practices for them:

1. ICICI Bank: one key number (different from account number) plus password to login and see your account. While paying, I need to enter another password, plus enter some numbers from a alpha-numeric grid printed at the back of the ATM/Debit card. This grid being unique to the card.

2. HSBC: one key number (different from account number), plus password, plus a random number generated by a small electronic gadget you receive from the bank. While paying out, you need to generate another random number on the device.

Mobile banking: can be done only with registered mobile number. To register, you need all above passwords, codes, random number devices, etc.

So, no one can do anything to our money with our bank account number, branch, and RTGS/NEFT code. BTW, anyone we pay by cheque gets all these three, as they are printed on the customised cheques we get nowadays!! So, unless accompanied by violent acts (say beating one up to get one's multiple passwords, stealing card / device, etc.), one's money is safe. Of course, your account can always get hacked, but then, no one needs your account number, etc. to do it. A hacker will get the same by hacking.

Once again, apologies if this post is a mistake.

Thanks & regards,

EssDee

Please note, the above does not mean that I will renege on any buy/sell commitments

[hamiclar01]

Interesting. Thanks for the post. Is this your field (banking?)

[essdee1972]

Thanks, Hamiclar! No, I am not a banker. (Else I would have gone for a million-buck customised shotgun as my first weapon ). But I just thought I would put my experiences with online and mobile banking, as many people seem to think that giving bank details would lead to some kind of theft, especially if the sale does not come through .