What’s the most important number your credit union or bank can have on file for you? Your account number? Your social security number? Your date of birth?
It might actually be one you wouldn’t think of right away – your current phone number. Does your financial institution have the best phone number to reach you at on file? Because it could be super inconvenient for you if they don’t.
It’s not that your credit union or bank just wants to call you to say, “Hi!” And it’s not that they want to make solicitation calls to your number. Your financial institution needs your up-to-date contact information so they can reach you in the event that there’s an issue with your account. If we have your correct contact information on file, most likely we will reach you in time to deal with any problems that might arise promptly. If we have your grandmother’s phone number from when she opened your kiddie savings account in 1985, then things don’t go as smoothly.
Say, for example, that we’ve detected fraud on your debit card. The first two things we will do are freeze your card and give you a phone call. If you answer, we can determine whether or not the transaction is really fraudulent and then we can deal with it accordingly, right then and there. If you don’t answer or we leave a voice-mail at a number you don’t check any more or the number we have on file for you has been disconnected, you likely won’t find out what happened to your card until it gets declined. And, depending on how long it takes for you to notice that something is wrong, it might not be as easy to fix as it would have been in the early stages of fraud detection.
Lesson learned – always alert your financial institution(s) to any changes in your contact information. If you get a new number, give them a ring to make sure they update that information on your account. Your credit union and your wallet will thank you!