Firewall Your Bank Account

MyMoneyBlog has a very good idea about setting up a “firewall” checking account to protect your regular account from getting drained if somehow the bank account you use for things like PayPal gets compromised.

If you set up a separate bank account that you put money in when you are buying something and take it out after you have sold something then the worse that can happen is an NSF fee if someone gets your account info. Lots better than loosing $1000+.

Only thing you need is a no-minimum balance bank account. I will suggest ING. If you use one of my kid’s ING referral codes then you will get $25 for opening the account (and one of my kids gets $10). You will probably want to remove the $250 needed to get the $25 after the money has been in there 30 days.

Unless you’ve been under a rock for the last few years, you’ve gotten 124 PayPal phishing e-mails telling you that your account has been suspended, yada yada, gimme your login and password. New variations come out every day. I bet that more people are being fooled than we know of, mostly due to the shame of admitting it.