If you lost your wallet or it was stolen, how long would it take you to close out your bank and credit card accounts?
My friend Andrea, whose wallet was recently snatched at a grocery, said it took her about 30 minutes. Impressive.
I’m not that prepared.
Sure, I know exactly where my passport is, so I can fly to France on a moment’s notice. I’ve got tax returns going back to 1992, as if I’ll ever have to prove how little I earned working at McDonald’s in high school.
In this age of identity theft, compiling information in case it’s needed to close credit and bank accounts is a must. Get this: Last year, nearly 247,000 identity theft complaints poured into the Consumer Sentinel, the complaint database developed and maintained by the Federal Trade Commission. More than half, or 54 percent, of the complaints came from consumers ages 18 to 39.
Now, I’m serious about finally getting it together. But where do you keep such sensitive information?
My friend got lucky. She didn’t have all her account information in a central location other than her wallet. But she doesn’t carry many credit cards and she’d memorized some of the account numbers over the years.
I turned to Jay Foley, director of consumer and victim services at the San Diego-based Identity Theft Resource Center, for guidance.
His advice:
Keep a record or copies of everything in your wallet locked in a file cabinet at home.
Credit cards. Debit cards. Checking and savings account numbers. Calling cards. Even library cards and health insurance cards.
Keep a corresponding list of phone numbers in that locked file as well. That way you have everything in one secure place should you need to quickly close accounts.
What about locking that information in your glove box – you know, in case you are on the road and not close to home?
“Absolutely not,” Foley said. “Thieves are very smart. They will break into your car and steal all the paperwork just on the off chance that you have done that.”
Every three months, Foley goes through his wallet, making sure the file he has on it is up to date.
What about when you go on vacation?
Foley recommends keeping only what you need in your wallet – maybe a credit card, health insurance card and calling card. Write down the phone numbers and store that list somewhere other than in your wallet. And try to memorize the account numbers, though sometimes all you need to close an account is your Social Security number, which you should know by heart.
Lock the cards you won’t be carrying in that file cabinet.
My husband and I are in the process of backing up the information in our wallets just as Foley suggested.
It is a simple way to protect ourselves. How can we afford not to?
For more information, go to www.idtheftcenter.org.
Amy Baldwin covers money-related topics for 20- and 30-somethings in “Out of the Red.” Have a question about your personal finances? Contact her at (704) 358-5179 or abaldwin(AT)charlotteobserver.com. Leave your name and daytime phone number.
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