In September of this year, one of our clients had an issue where his debit card was compromised. This debit card was also attached to his Facebook advertising account. This kept him from doing any paid promotions on Facebook including sponsored posts and ads. For a company that relies on social media, this was extremely frustrating.
His solution was to open an additional account at a different bank at a backup account. He is now transferring one percent of his revenue there when he does his allocations. This would protect him in the event that he should have another such experience. The only problem with doing so was the delay in being able to purchase due to bank paperwork getting the new account created.
As difficult and time-consuming as that was, he learned a valuable lesson and we thank him for letting us share it with you. In this day of technology-based banking, we must always take precautions for fraud. Whether you open a separate account and make regular deposits as he did or attach a second debit card to your original checking account, you need to develop a backup plan for when you can’t access your account.
In the words of Warren Buffet, “Someone’s sitting in the shade today because someone planted a tree a long time ago.”
If you need any counsel, don’t hesitate to reach out to us!