While a photo ID alone isn't enough to steal your identity, keep in mind that the ID -- and the information it contains -- could be used as part of a larger identity theft scheme to bypass fraud prevention measures. It might not seem like it at first glance, but your pay stub is rife with information that can be used by a skilled identity thief.
Credit card companies often send so-called "convenience checks" to cardholders -- basically checks you can use to borrow against your line of credit for quick cash. Needless to say, you don't want these to end up in the wrong hands.
Just because you write "void" on it doesn't mean a canceled check can't be a ticking time bomb. Remember, your account and routing numbers are listed on the bottom of every check. Duplicate checks should have the checking account number omitted for your security. If you have any security concerns but still want proof of payment, Neiser points out that you can usually request a receipt from the recipient for your property tax payment, for instance , then shred the duplicate check.
Sometimes you need to cancel a debit or credit card -- maybe you want to rein in your spending, or you're leaving your bank, or you suspect the number was stolen. So do you need to shred the old one? If your shredder can't handle plastic, Blank recommends cutting it into four pieces, then throwing the parts into at least two different trash bags. Hey, you can't be too careful. Using effective and thorough disposal methods can go a long way toward protecting you from fraud or identity theft if done routinely and correctly.
The disposal method most recommended by both banks and consumer protection agencies for used and unused checks is shredding.
Maintain used checks and checkbook registers as advised by your tax adviser, typically for three to seven years. Keep them in a safe location that is not accessible by unauthorized personnel. After this time, dispose of the checks and checkbooks.
Shred all old checks no longer needed for tax purposes completely along with the checkbooks and check registers. Instead of shredding them individually, you can contact a shredding service. Many office supply stores also offer to shred for outsiders. You can take your old checkbooks to their in-store print shops, and they will shred them in front of you. Many banks and credit financing companies have expensive shredders for business use. They also offer their clients to shred checks on demand.
They sometimes offer these services on specific dates throughout the year. Municipalities in some areas offer shredding services to the residents on specific days. If your workplace has a commercial shredding service, you do not have to go anywhere. The third option is to use shredding scissors to dispose of old checkbooks. Cutting checks with shredding scissors is a cheaper option than using a shredder.
With these scissors, you should cut sections that have important information. You should especially cut through your name, account number, and address. You can then cut the shreds in the opposite direction to turn the shreds of checks into small pieces. Shredding scissors makes disposal safer as this makes it impossible to put the pieces back together.
Another easy way to dispose of old checks is by burning them. This method also ends the risk of someone putting back the shredded pieces together. You can use a fireplace to burn the checkbooks safely. Tossing a lot of old checkbooks at once is not a good idea. Instead, burn one checkbook at a time. There is a risk of a flare-up if you toss entire boxes together. You can also burn them in a container in your backyard to avoid flare-ups.
This method is easy, but it is important to take precautions. An environmentally-friendly method to get rid of old checkbooks is to soak them in liquid.
There are different types of liquid that you can use to dispose of checks. Put them in a baking dish and pour water, vinegar , or carbonated soda over them. Let it sit for a few days so that the paper soaks completely in the liquid. The breakdown of paper into pulp can take from a few days to several days. This usually depends on the liquid you use for soaking.
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