While more and more people these days are starting to make a significant push for electronic this and virtual that, maybe it is time to take a step back. Just because we have the ability to drive 100mph+ doesn’t mean that we should do it. In fact, it’s typically the opposite. We have the ability to do things, but because of safety and security we also know that it is important to stay within a safe and comfortable range. That’s where money orders come into play.
While there definitely are some advantages to using items like direct deposit, electronic fund transfers, and signing up for auto bill pay systems, you need to truly think about what you are doing. In order to execute those transactions automatically, you are giving a bank or a third party website your banking information! Even scarier still is that you are authorizing them to have access to everything that is yours. And while they are hopefully going to be responsible with your information and your money, what if they make a mistake? What if something is pulled on the wrong day, or they forget to make a payment because of a system error? In either case you now have to fight with the banks to not only get things straightened out, but you are also dealing with potential late fees and overdraft charges.
Don’t think that just because you have everything out of the electronic realm that you are suddenly safe, however. You need to remember that carrying around paper checks can be just as bad. A paper check is just an authorization slip telling a bank to take money from you because you are good for it. However, each and every check still has all of your private account information listed on it. If one single check falls into the wrong hands, your checking account is just as susceptible as if it were an online system being hacked.
Don’t think that just because you have everything out of the electronic realm that you are suddenly safe, however. You need to remember that carrying around paper checks can be just as bad. A paper check is just an authorization slip telling a bank to take money from you because you are good for it. However, each and every check still has all of your private account information listed on it. If one single check falls into the wrong hands, your checking account is just as susceptible as if it were an online system being hacked.
The fact that a money order is basically a substitution for just cash and not your personal information makes it one of the easiest and safest ways to protect your information and your accounts.
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