Utilizing a bank security freeze?

Questions on how we spend our money and our time - consumer goods and services, home and vehicle, leisure and recreational activities
Post Reply
Topic Author
Skeeter1
Posts: 255
Joined: Sat Jul 06, 2019 1:50 pm

Utilizing a bank security freeze?

Post by Skeeter1 »

I received a security alert that my personal information is on the web and it may or not be malicious. (thanks, that is not very helpful).
I have always have been very cautious and proactive with internet security. I have credit freezes with Trans-Union, Experian and Equifax.
When I was reviewing these account I bumped into a service that I was not aware of and it is the ability to do a Bank Freeze. Never heard of that before, but since I am retired and do not seek additional credit often (maybe once every 3 years) it sounds smart.

This is the information from the site, Chex Systems.

"Security Freeze Information

You have a right to place a security freeze on your consumer report, which will prohibit a consumer reporting agency from releasing any information in your consumer file without your expressed authorization.

The security freeze is designed to prevent credit, loans and services from being approved in your name without your consent. You should be aware that taking advantage of this right may delay or prevent timely approval from any user of your consumer report that you wish to do business with. The third party will receive a message indicating that you have blocked your information. "

Sounds like another tool in the toolbox. Anyone have experience with this or additional input.
Thanks
Blake7
Posts: 282
Joined: Fri Mar 30, 2018 2:52 pm
Location: USA

Re: Utilizing a bank security freeze?

Post by Blake7 »

Our family did a Chex freeze. Very easy to do (they all are relatively, except for Equifax which can be problematic). Our prior credit union did a Chex pull when we opened accounts, but Wells Fargo doesn’t appear to from recent experience. I’d definitely do a freeze. Also do one for Innovis (the fourth, less-known credit bureau).
Topic Author
Skeeter1
Posts: 255
Joined: Sat Jul 06, 2019 1:50 pm

Re: Utilizing a bank security freeze?

Post by Skeeter1 »

Blake7 wrote: Tue Sep 15, 2020 11:15 am Our family did a Chex freeze. Very easy to do (they all are relatively, except for Equifax which can be problematic). Our prior credit union did a Chex pull when we opened accounts, but Wells Fargo doesn’t appear to from recent experience. I’d definitely do a freeze. Also do one for Innovis (the fourth, less-known credit bureau).
Thanks Blake7. I appreciate your feedback and the heads up about Innovis. I will check that out.
Were there any negatives that was noticed with the freeze? So called unexpected consequences.
Thanks again :beer
User avatar
Nicolas
Posts: 2140
Joined: Wed Aug 22, 2012 7:41 am
Location: 56th & Wabasha, Ashtabula

Re: Utilizing a bank security freeze?

Post by Nicolas »

I froze Chex Systems along with the three credit bureaus three years ago when the Equifax breach was revealed. Very easy to do. I’ve temporarily thawed it two or three times since then to open new bank accounts to get bonuses, also easy to do.
Blake7
Posts: 282
Joined: Fri Mar 30, 2018 2:52 pm
Location: USA

Re: Utilizing a bank security freeze?

Post by Blake7 »

Skeeter1 wrote: Wed Sep 16, 2020 8:27 am
Blake7 wrote: Tue Sep 15, 2020 11:15 am Our family did a Chex freeze. Very easy to do (they all are relatively, except for Equifax which can be problematic). Our prior credit union did a Chex pull when we opened accounts, but Wells Fargo doesn’t appear to from recent experience. I’d definitely do a freeze. Also do one for Innovis (the fourth, less-known credit bureau).
Thanks Blake7. I appreciate your feedback and the heads up about Innovis. I will check that out.
Were there any negatives that was noticed with the freeze? So called unexpected consequences.
Thanks again :beer
We’ve not had to unfreeze since freezing, but it seems straightforward (either online or telephonic). The only is exception Equifax. You can see my earlier post on Equifax’s continuing incompetence here:

https://www.bogleheads.org/forum/viewt ... p5488478

FWIW, If you are applying for a new CC with and existing creditor, I’m guessing you may not even need to unfreeze as they already have access to your file. Otherwise, I think you just unfreeze for a specific creditor, or for any creditor for a specific amount of time you specify.
batpot
Posts: 1146
Joined: Thu Jul 11, 2013 8:48 pm

Re: Utilizing a bank security freeze?

Post by batpot »

Ya, Chex is easy.
Only thing I don't like about them is they mail you a PIN.
I never got the PIN the first time, and didn't realize it, so was delayed a new account while waiting for them to send me a replacement.
DaftInvestor
Posts: 5621
Joined: Wed Feb 19, 2014 10:11 am

Re: Utilizing a bank security freeze?

Post by DaftInvestor »

After the big-breech a few years ago I froze Chex and Innovis in addition to the big 3. Only took minutes.
I got a 0% car loan last year; also have gotten some new credit cards; opened new bank accounts; etc. since doing the freezes. I always just temp unfreeze the big 3 - I have never had to touch Chex nor Innovis.
DaftInvestor
Posts: 5621
Joined: Wed Feb 19, 2014 10:11 am

Re: Utilizing a bank security freeze?

Post by DaftInvestor »

Where did you get the security alert? We all have some info out there - I think some marketing campaigns simply tell you this to try to sell you product/service.
Blake7
Posts: 282
Joined: Fri Mar 30, 2018 2:52 pm
Location: USA

Re: Utilizing a bank security freeze?

Post by Blake7 »

batpot wrote: Wed Sep 16, 2020 11:22 am Ya, Chex is easy.
Only thing I don't like about them is they mail you a PIN.
I never got the PIN the first time, and didn't realize it, so was delayed a new account while waiting for them to send me a replacement.
Interesting. We’re still waiting on one family member’s PIN in the mail. I have a feeling it wasn’t sent because it’s been a while. The Chex website allows requesting a new PIN, so I’ll probably do that.
Topic Author
Skeeter1
Posts: 255
Joined: Sat Jul 06, 2019 1:50 pm

Re: Utilizing a bank security freeze?

Post by Skeeter1 »

DaftInvestor wrote: Wed Sep 16, 2020 11:26 am Where did you get the security alert? We all have some info out there - I think some marketing campaigns simply tell you this to try to sell you product/service.
IDnotify sent it. It is part of a TurboTax bundle that I have. I realize that everyone's info is circulated again and again so I was disappointed at the vague notice. Just beefing up my own security as a result. Thanks
Topic Author
Skeeter1
Posts: 255
Joined: Sat Jul 06, 2019 1:50 pm

Re: Utilizing a bank security freeze?

Post by Skeeter1 »

DaftInvestor wrote: Wed Sep 16, 2020 11:25 am After the big-breech a few years ago I froze Chex and Innovis in addition to the big 3. Only took minutes.
I got a 0% car loan last year; also have gotten some new credit cards; opened new bank accounts; etc. since doing the freezes. I always just temp unfreeze the big 3 - I have never had to touch Chex nor Innovis.
Great information. Very helpful. I appreciate the input.
DaftInvestor
Posts: 5621
Joined: Wed Feb 19, 2014 10:11 am

Re: Utilizing a bank security freeze?

Post by DaftInvestor »

Skeeter1 wrote: Wed Sep 16, 2020 1:05 pm
DaftInvestor wrote: Wed Sep 16, 2020 11:26 am Where did you get the security alert? We all have some info out there - I think some marketing campaigns simply tell you this to try to sell you product/service.
IDnotify sent it. It is part of a TurboTax bundle that I have. I realize that everyone's info is circulated again and again so I was disappointed at the vague notice. Just beefing up my own security as a result. Thanks
Are you already a paying IDnotify customer? Just curious if they sent the alert to try to get you to buy the service; or if it was an alert as part of the service. If you are a customer I would be outraged by the vagueness. Otherwise - I would chalk it up to marketing. In all cases - we should all assume our SS# and other details are out there given today's world (so freezing your credit is a great idea!).
User avatar
NavyIC3
Posts: 175
Joined: Wed Jan 10, 2018 2:18 pm

Re: Utilizing a bank security freeze?

Post by NavyIC3 »

What is the difference between ChexSystems and the three major credit bureaus?
Topic Author
Skeeter1
Posts: 255
Joined: Sat Jul 06, 2019 1:50 pm

Re: Utilizing a bank security freeze?

Post by Skeeter1 »

DaftInvestor wrote: Wed Sep 16, 2020 2:05 pm
Skeeter1 wrote: Wed Sep 16, 2020 1:05 pm
DaftInvestor wrote: Wed Sep 16, 2020 11:26 am Where did you get the security alert? We all have some info out there - I think some marketing campaigns simply tell you this to try to sell you product/service.
IDnotify sent it. It is part of a TurboTax bundle that I have. I realize that everyone's info is circulated again and again so I was disappointed at the vague notice. Just beefing up my own security as a result. Thanks
Are you already a paying IDnotify customer? Just curious if they sent the alert to try to get you to buy the service; or if it was an alert as part of the service. If you are a customer I would be outraged by the vagueness. Otherwise - I would chalk it up to marketing. In all cases - we should all assume our SS# and other details are out there given today's world (so freezing your credit is a great idea!).
It was "part of a bundle" so yes I am. It looks like my info popped up in one of their searches so it was a quick alert to change my password for my email. They indicated that they would keep looking to see if fraudulant activity was really happening but for me to change the password as an immediate remedy. That is when I reviewed the status of previous freezes and a freeze on Chex system became an additional option.
Topic Author
Skeeter1
Posts: 255
Joined: Sat Jul 06, 2019 1:50 pm

Re: Utilizing a bank security freeze?

Post by Skeeter1 »

NavyIC3 wrote: Wed Sep 16, 2020 2:50 pm What is the difference between ChexSystems and the three major credit bureaus?
When I was checking my credit bureau freezes one of the bureaus asked me if I wanted to additionally want to block my Bank information and directed me to that site. I was not aware of that protection before.
I went forward and signed up for free with Chex to block my info and thanks to Blake7 I also blocked my info with Innovis.
Thanks Blake7
DaftInvestor
Posts: 5621
Joined: Wed Feb 19, 2014 10:11 am

Re: Utilizing a bank security freeze?

Post by DaftInvestor »

Skeeter1 wrote: Wed Sep 16, 2020 3:46 pm
DaftInvestor wrote: Wed Sep 16, 2020 2:05 pm
Skeeter1 wrote: Wed Sep 16, 2020 1:05 pm
DaftInvestor wrote: Wed Sep 16, 2020 11:26 am Where did you get the security alert? We all have some info out there - I think some marketing campaigns simply tell you this to try to sell you product/service.
IDnotify sent it. It is part of a TurboTax bundle that I have. I realize that everyone's info is circulated again and again so I was disappointed at the vague notice. Just beefing up my own security as a result. Thanks
Are you already a paying IDnotify customer? Just curious if they sent the alert to try to get you to buy the service; or if it was an alert as part of the service. If you are a customer I would be outraged by the vagueness. Otherwise - I would chalk it up to marketing. In all cases - we should all assume our SS# and other details are out there given today's world (so freezing your credit is a great idea!).
It was "part of a bundle" so yes I am. It looks like my info popped up in one of their searches so it was a quick alert to change my password for my email. They indicated that they would keep looking to see if fraudulant activity was really happening but for me to change the password as an immediate remedy. That is when I reviewed the status of previous freezes and a freeze on Chex system became an additional option.
So whatever password you were using may have been part of a data breech. Were you using it for other sites/etc? You can check your password here:
https://haveibeenpwned.com/Passwords
Topic Author
Skeeter1
Posts: 255
Joined: Sat Jul 06, 2019 1:50 pm

Re: Utilizing a bank security freeze?

Post by Skeeter1 »

DaftInvestor
"So whatever password you were using may have been part of a data breech. Were you using it for other sites/etc? You can check your password here:
https://haveibeenpwned.com/Passwords
[/quote]
Thanks. Yes I have used that site many times. I think that once your info is out there, even a long time ago that it gets recycled in the bad guys universe again and again. That is why I believe the security freezes are your best line in the sand making their efforts futile. I have also turned of "remote content" from my emails, because supposedly if you do not it may be able to be traced as a "good" email targrt.
I find that a bit of a hassell so I hope that it pays off.
Thanks for the link. :beer
User avatar
Nicolas
Posts: 2140
Joined: Wed Aug 22, 2012 7:41 am
Location: 56th & Wabasha, Ashtabula

Re: Utilizing a bank security freeze?

Post by Nicolas »

NavyIC3 wrote: Wed Sep 16, 2020 2:50 pm What is the difference between ChexSystems and the three major credit bureaus?
Chex Systems qualifies individuals to open bank accounts. They don’t rate credit. Freezing Chex ensures that someone doesn’t open an account posing as you.
Topic Author
Skeeter1
Posts: 255
Joined: Sat Jul 06, 2019 1:50 pm

Re: Utilizing a bank security freeze?

Post by Skeeter1 »

Nicolas wrote: Wed Sep 16, 2020 4:50 pm
NavyIC3 wrote: Wed Sep 16, 2020 2:50 pm What is the difference between ChexSystems and the three major credit bureaus?
Chex Systems qualifies individuals to open bank accounts. They don’t rate credit. Freezing Chex ensures that someone doesn’t open an account posing as you.
Thanks for the clarification.
OP
jco
Posts: 196
Joined: Sat Jan 25, 2020 8:53 am

Re: Utilizing a bank security freeze?

Post by jco »

I was the victim of identity theft a couple of years ago. Thankfully, nothing too serious. Just a couple of random credit cards opened.

But I now keep all 4 credit unions: Experian, Equifax, Transunion, and Innovis, locked except when I'm specifically applying for new credit. I also keep the ChexSystems locked unless I'm opening a new bank account.

It's a really simple step that brings a lot of peace of mind about people wrecking your life. It's still possible, but so many things require a credit check to do anything major that it's a major deterrent to would-be identity thieves.
Topic Author
Skeeter1
Posts: 255
Joined: Sat Jul 06, 2019 1:50 pm

Re: Utilizing a bank security freeze?

Post by Skeeter1 »

jco wrote: Thu Sep 17, 2020 9:24 am I was the victim of identity theft a couple of years ago. Thankfully, nothing too serious. Just a couple of random credit cards opened.

But I now keep all 4 credit unions: Experian, Equifax, Transunion, and Innovis, locked except when I'm specifically applying for new credit. I also keep the ChexSystems locked unless I'm opening a new bank account.

It's a really simple step that brings a lot of peace of mind about people wrecking your life. It's still possible, but so many things require a credit check to do anything major that it's a major deterrent to would-be identity thieves.
That is the way I feel. No reason to leave any door unlocked. I have done the same. All are locked.
Thanks for the input. have a great weekend.
S1
Post Reply