I have been thinking about how unsafe a checking account is. Every time you give a check to someone, you are providing your routing number, your account number, your bank, and your name, so I really do not understand what stops a thief from retrieving part of the capital. He can just take the checking account number and the routing number and transfer funds from my account to his. Is this right? what is the best way to protect yourself?
As a side thought, I was thinking to create a separate checking or savings account which I would use for money transfers, and keep my checking account to the bare minimum. Is this a common strategy?