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Young Adults Unaware of Debit Card Risks

NEW YORK (7/31/07)--Debit cards are becoming the plastic of choice for young adults. A 2007 Visa poll revealed that one-third of 18- to 25-year-olds rarely carry cash, and 76% always carry some form of payment card (Biz.Yahoo.com July 3).

Often seen as a convenient way to escape the risks associated with credit cards, many young adults are not aware of the differences and increased risks that debit cards carry.

Frequent use of debit cards coupled with poor record keeping increases the risk that young adults will overdraw their accounts. The most recent data (Center for Responsible Lending 2007) indicate that 46% of overdraft loan fees were caused by ATM withdrawals or debit-related purchases.

Along with increased potential for financial mismanagement, young adults may assume the only difference between debit and credit cards is the location of the funds' withdrawal. However, a potentially greater difference relates to the consequences of fraudulent debit card transactions.

If a credit card is lost or stolen, the consumer is responsible for up to $50 of any fraudulent charges, unless the consumer reports the loss or theft before the thief uses the card, which means the consumer's liability is zero.

Liability for debit cards is different. If the victim reports the loss or theft within 48 hours, the amount is limited to $50, although some issuers waive that fee. After 48 hours, liability jumps to $500. If the victim fails to notify the financial institution within 60 days of receiving a statement displaying fraudulent transactions, liability is unlimited--basically the amount of money in the victim's account.

These tips can help you reduce your risk:

• Choose credit over debit. This will give you more protection in case of fraud.
• Pay your credit card balance in full. This helps you build a strong credit record and prevent late charges.
• Use credit for Internet purchases. Don't use debit online--you risk losing everything in your checking or share-draft account.
• Be vigilant and stay organized. Keep all receipts, review financial statements, and check your balances often to stay on top of what is being charged.
• Protect your PIN. Choose a unique personal identification number and do not carry it with the card.
• Call immediately. Contact your financial institution if you notice a problem or suspect fraud.

International Services: Foreign Items Risk Reduction
The Federal Trade Commission (FTC), the nation's consumer protection agency, in order to raise awareness of fraudulent check scams and help you avoid becoming a victim of check fraud, has developed the following set of recommendations:

• Know who you’re dealing with: Independently confirm the buyer’s name, street address and telephone number.
• Don’t accept a check for more than your selling price, no matter how tempting: Ask the buyer to write the check for the correct amount. If the buyer refuses to do so, return the check and don’t send the merchandise.
• Consider an alternative method of payment: As a seller, you can suggest an escrow service or online payment service. If the buyer insists on a particular escrow or online payment service you’ve never heard of, check it out yourself. To learn more about escrow services and online payment systems, visit ftc.gov/onlineshopping.
• If the buyer's offer is good now, it should be good after the check clears the issuing bank.
• If accepting payment by check, ask for a check drawn on a local financial institution: By doing this, you can make a personal visit to ensure the check is valid. If that isn't possible, call the bank where it was purchased and verify the validity that way. Get the bank's phone number from directory assistance or another reliable source, not from the person who gave you the check.
• If the buyer insists you wire back funds, end the transaction immediately: Legitimate buyers don't pressure you to send money by Western Union or a similar company. In addition, you have little recourse if there's a problem with a wire transaction.
• Resist pressure to act now:
• Throw away any offer asking you to pay for a prize or gift: If it's free or a gift, you shouldn't have to pay for it.
• Resist the urge to enter foreign lotteries: Most foreign lottery solicitations are phony and it is illegal to play a foreign lottery through the mail or on the telephone.

New Packaging for Personal Checks

To meet Postal Service requirements, the traditional mailing carton is being replaced with a new streamlined package. This new package delivers the quality and security you expect-and inside the package, the easy-to-assemble flat box folds together to store checks.

Our check supplier, Deluxe, worked proactively with the U.S. Postal Service (USPS)to develop this new package that meets new postal regulations and helps keep mailing costs to a minimum. With the USPS significantly raising rates for three-dimensional bulk mail packages, switching to a flat package is a more cost-effective solution. The stringent new automated bulk mail requirements specify that packages must be:

• Flexible enough to securely fit in a variety of mail receptacles
• No more than 3/4" thick

The new Deluxe check packaging meets these requirements. Learn more.

Federal Reserve Bank Launches Web Site for Consumers. learn more.

Fidelity National Information Services Announces Misappropriation of Consumer Data by Employee of Certegy Check Services Division: Press release, questions & answers and contact information for consumers. Learn more

Fraudsters Impersonate Financial Institutions with Caller ID: New fraud method that has surfaced recently, members are called by a fraudster, impersonating your financial institution, and have a way for your institution's phone number to show up on the member’s caller ID.  People have reported that someone called; it showed on their caller ID as the financial institution phone number, then the fraudster proceeded to ask for their social security number and account number.  Never give out personal information to someone you don't know.

Jury Duty Scam: This has been verified by the FBI (their link is also included below). Please pass this on to everyone in your email address book. It is spreading fast so be prepared should you get this call. Most of us take summons for jury duty seriously, but enough people skip out on their civic duty, that a new and ominous kind of scam has surfaced. The caller claims to be a jury coordinator. If you protest that you never received a summons for jury duty, the scammer asks you for your Social Security number and date of birth so he or she can verify the information and cancel the arrest warrant. Give out any of this information and bingo; your identity just got stolen. The scam has been reported so far in 11 states, including Oklahoma, Illinois, and Colorado. This (scam) is particularly insidious because they use intimid ation over the phone to try to bully people into giving information by pretending they're with the court system. The FBI and the federal court system have issued nationwide alerts on their web sites, warning consumers about the fraud. Check it out here: Learn More...  

Don't Get Hooked by a Phishing Attack

If you have Internet access, you may be under attack -- a phishing attack, that is. This high-tech scam involves three components:

• Spoofing is creating a replica of an existing web site.
• Spamming is unsolicited, or "junk" email.
• Phishing is the act of using spoofing and spamming to lure unsuspecting victims, hoping to deceive you into disclosing your Social Security number, credit card and checking account numbers, passwords, or other sensitive information. The Federal Trade Commission recommends the following tips to help you avoid gettting hooked:

1. If you get a pop-up or e-mail message requesting personal or financial information, don’t reply or click on the link in the message. Legitimate companies won’t ask for this information.

2. Be cautious about opening attachments or downloading files from e-mail messages.

3. Never send personal information via e-mail. Look for a closed padlock at the bottom of your browser window, or a URL that begins with “https”--the “s” stands for secure. However, some phishers forge these security icons.

4. Review statements for accuracy as you receive them. If they’re late, call the company to confirm billing address and balance.

5. Use antivirus software and keep it up-to-date. Run a firewall, particularly if you have a broadband connection. Take advantage of free software “patches.”

6. Report suspicious activity to the FTC at www.ftc.gov, and forward suspicious messages to spam@uce.gov.

Credit Unions Still No. 1

It's official: Credit unions have retained their title, for the 17th consecutive time, as financial institution leaders when it comes to customer satisfaction, according to the latest American Banker/Gallup consumer survey. Credit unions have held the top spot over banks and thrifts every year since the satisfaction survey was first conducted in the 1980s. Nearly 75% of consumers surveyed who use a credit union as their primary financial institution said they were "very satisfied." Banks, by contrast, received a 58% "very satisfied" rating. Savings and loans and other thrifts scored 68% in this area.

Credit Union National Association President and CEO Dan Mica cites two reasons: credit unions’ not-for-profit cooperative structure, and "credit union boards and staffs who have maintained the highest level of member service and satisfaction."

The survey of 1,001 U.S. households, was conducted by national telephone poll by the Gallup organization for the American Banker newspaper, an independent trade paper.

The Catholic Family hopes you're as happy as surveyed consumers with service CFFCU provides. Please don't hesitate to let us know how we can serve you better!

Go Direct     This campaign makes it easy for people to sign up for direct deposit -- they can call the Go Direct helpline at (800) 333-1795, click here to sign up online.

 Know What Your Credit Report Says About You!

 How to Request Your Free Credit Report

The Fair and Accurate Credit Transactions Act signed into law on December 1, 2003 gives all Americans the right to check their credit report annually .....for FREE! You may request your FREE annual credit report any of the following ways:

1. On the internet at www.annualcreditreport.com
2. By calling toll-free: 1-877-322-8228
3. By mailing your request to:
   Annual Credit Report Request Service
   PO Box 105281
   Atlanta, GA 30348-5281

Questions on the new Medicare Prescription Drug Program? Get the straight answers now.

Protecting yourself from overdraft and bounced check fees

FREE Financial First Aid Kit

Discounted Worlds of Fun® Tickets at CFFCU

Have fun and save money! CFFCU will have great discount offers for Worlds of Fun and Oceans of Fun®. Season starts in April for Worlds of Fun and May for Oceans of Fun.

Children's Miracle Network Credit Union's For Kids

Identity Theft - When Bad Things Happen to Your Good Name

On-line Tips for YOU!    Tips to safely conduct financial transactions over the internet

Save a Little...Get a Lot!

1. Plan It, Save For It
   You can build the wealth
   

America Saves is a nationwide campaign that helps people save and build wealth through information, advice and encouragement. They assist those who wish to pay down debt, build an emergency fund, save for a home, education or retirement. Americasaves.org
 

1. Set a plan to pay off debt
2. Select a savings plan
3. Start saving!

• Christmas Savings Club
• Money Market PLUS Account
• Certificates
• Individual Retirement Accounts