Sharing bank account number and sort code

[WaterRide]

Many people share their bank account number and sort code to others to receive money, I was wondering, whats the dangers to sharing this to random people?

[Rkiver]

Well to give an idea my business one is clearly available for people to pay me.

So far zero issues over 4 years of business.

Sharing that information to get payment is not an issue. Now if someone wants to take money from your account they need a lot more than just those two pieces of information. Usually a form needs to be filled with a signature etc to setup things like that.

 

In short, there are always some risks, but they are essentially negligible in day to day operations.

[digip]

Account numbers and aba routing number identify your account and local branch exchange for your bank. Unless they also have your full SS# or security passwords for online banking or such, they generally can't use it for identity theft or wire fraud. When you write a check to someone, it's on all checks, so not hard for someone to get the info.

If you know the last four of someone's SS#, in some cases you could call a branch and ask them to look up your balance for you, which would need your full name, data of birth and usually last 4 of social, as they generally don't allow the customer service to see the whole SS# in the system for security purposes, but it's enough to grant them access to certain aspects.

Not sure if you can do a transfer over the phone though without a signature, but you can through the online banking side in most cases, which is usually turned on by default if you use online banking. Having access to the actual bank account would be more a worry, than just an account# and aba though.

 

Note:

I should mention, many banks have automated teller info, and allow you to call and access your account over the phone with just the account#, but you normally have to setup a pin or in some cases, asks for your last 4 of your social to complete the automated call. These usually only provide current balance, last deposit and pending transactions, where other functions require help from a live person or going to the branch.

Edited November 30, 2017 by digip

[HarryChiling]

This info could be used to kite checks and harm the person or businesses reputation.