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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)

closed as unclear what you're asking by gnat, Chris E, DarkCygnus, scaaahu, Draken Nov 7 '17 at 9:56

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    What geographical region are you in? – AakashM Feb 25 '14 at 12:24
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    What country? In Germany, you need a bank-account, when you want to get salary/wage. It is too complicated for the companies (cause of too many different laws + tax authority) to pay salary/wage in paychecks or cash. So, it is very very rare in germany, to get paid in paychecks or cash! – Ben Nov 6 '17 at 8:35
  • What you COULD do is go talk with your bank and set up a new, unique checking account for the sole purpose of having a set of bank numbers to give them. You then instruct the bank to watch that account very carefully. Any activity other than a payroll deposit by the (currently prospective) employer is likely to be prima facie evidence of serious fraud. Explain your concerns to the bank, and let them suggest ways to detect problems. – John R. Strohm Feb 6 '18 at 20:13
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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
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    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
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    +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
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    The question doesn't say the asked for the information before hiring or as a condition of employment. It says 'before joining', which I take to mean before the first day. I've given that info out many times before first day. – DJClayworth Nov 5 '17 at 19:14
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    In Germany, you need a bank-account, when you want to get salary/wage. It is too complicated for the companies (cause of too many different laws + tax authority) to pay salary/wage in paychecks or cash. So, it is very very rare in germany, to get paid in paychecks or cash! – Ben Nov 6 '17 at 8:35
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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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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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