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Currently I am on Notice period. I have found a new Job during this period. But the New company where I will Join is asking for Cancelled Cheque, Account Number, IFSC Code and Bank Name for Induction before Joining. Is it safe to provide them my Bank Information? (I am afraid they will withdraw all my money from my Account)

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What geographical region are you in? – AakashM Feb 25 '14 at 12:24

The information they are asking for is reasonable, if they are trying to set up Direct Deposit for your paycheck. However, I've never heard of anyplace asking for that information BEFORE YOU ARE HIRED, and I've CERTAINLY never heard of a place asking for it AS A CONDITION OF EMPLOYMENT. There are still people out there who prefer to be paid with a paper check, which they deposit themselves.

If you are this nervous about the prospective employer ripping you off, your gut is trying to tell you DON'T TAKE THE JOB.

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From my experience the companies ask for that info after the trial period to set up the direct deposit – Emilio Gort Feb 23 '14 at 16:25
I've yet to see a place require direct deposit on pay and never seen a company ask for banking information prior to starting. That's always part of the onboarding process your first week. – NotMe Feb 23 '14 at 16:35
+1 Just out of curiosity, is it possible for the company (or anyone) to take money out of an account knowing such information? – Fixed Point Feb 23 '14 at 17:19

I keep one checking account with a zero (or a token) balance, solely as a direct-deposit account. I know when deposits are due and I move them out as soon as I can after they arrive. Your concerns are exactly why I do it. Nonetheless, I'd still want to wait until they needed a reason (i.e., to pay me).

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This sounds super fishy. Every company I have ever worked for has asked for this information typically on my first day there. You walk in, are handed some paperwork, shown your desk and given a few weeks to get all you benefits and payment stuff worked out. The only reason I could see them needing the info before they hire you is to check on some kind of financial info about you. However this can usually always be found with an SS number. Are you in some way coming in as an owner of the company?

If you were really worried, go to the bank, open a new account (usually free these days) get a check, and use that as your account for the time being. I am stressing that I still think this all sounds fishy.

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Each and every company tends to have their own policies regarding how they collect payment information for their potential/new employees.

This information is standard for a range of companies that I know, including my current employer.

I would advise that you would be safe in providing them with such information, just not our credit/debit card details or banking login details, etc.

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