—The Independent Community Bankers of America (ICBA) is challenging unfounded concerns raised about the safety of bank deposits. Federal deposit insurance guarantees your deposits are safe in every financial institution insured by the Federal Deposit Insurance Corporation, including community banks. Don't believe the hype. Get the facts.
The FDIC insures deposits up to $100,000 per depositor and $250,000 for certain retirement accounts. If you have more than $100,000 at a community bank, you can still be fully insured if your accounts meet certain requirements. For example, accounts owned by a single person are separately insured from joint accounts or retirement accounts owned by that person. The FDIC's Electronic Deposit Insurance Estimator can determine your coverage.
Community banks focus on the needs of local families, businesses and farmers, and their top executives are generally available on site to answer your questions directly and make timely decisions. Many of the nation's largest banks are structured to serve large corporations and have CEOs headquartered in office suites, not local banks.
Your money on deposit will be used to make loans in the community that help your neighbors start a nearby business, purchase a home, or send a son or daughter to college. Continuing to hold deposits in community banks ensures the neighborhoods where you live and work will continue to grow and thrive.
Community bankers are common sense lenders that don't engage in high-risk activities. Instead, they stick to the longstanding fundamentals of responsible banking, and always seek to serve the long-term interests of their customers and communities.
The overwhelming majority of the nation's banks are safe and well capitalized. As stated by FDIC Chairman Sheila Bair, IndyMac is only one of nearly 8,500 depository institutions operating in the United States and represents just 0.2 percent of banking-industry assets. There is little chance your bank will be taken over by the FDIC. And if that does happen, you will continue to have virtually uninterrupted access to your insured deposits.
There is no mortgage-lending crisis for community banks because they are well-run, highly capitalized, tightly regulated and more risk-averse than big banks. Community banks have money to lend homeowners for new purchases and to refinance existing mortgages. In spite of talk of a credit crunch, community banks are open for business.
For more information on the safety of community bank deposits, visit ICBA's Web site.
[back to top]
Tired of giving kids gifts that offer nothing more than a few hours of entertainment before they break or run out of batteries? Why not consider the following gifts that will start kids on the road to financial security?
- Piggy banks and change sorters are a fun way to start the savings habit early while teaching kids how to set short and long-term goals.
- Computer software, magazine subscriptions or books about personal finance can be both entertaining and educational. Coloring books with money-related themes are good choices for younger age groups.
- History buffs might like one of the new Series I savings bonds. Each features a famous American like Dr. Martin Luther King, Albert Einstein, or Helen Keller, and comes with a narrative that explains that person’s place in history.
- For older kids, consider mutual funds. Kids can read the prospectus, see what companies the fund invests in and track their progress.
- Stocks can make great stocking stuffers, too, especially if you buy shares of a company the child knows, like an athletic shoe maker or a fast food franchise.
- Board games like Monopoly can teach many concepts related to money in an entertaining fashion.
- A few coins left over from international trips, along with a book on coin collecting, could inspire a young person to start a coin collection.
[back to top]
The Money Talks newsletter series contains tips, practical advice, thought-provoking ideas and age-appropriate activities to bring money lessons alive for young children, tweens, teens and young adults. This newsletter is designed for parents, grandparents and other caring adults to help them teach children and young adults about money.
The following issues of Money Talks are available. Please download and read these newsletters, and ask your banker if you have any questions.
English
Money Talks to Young Children, Vol. 1 and Vol. 2 – NEW!
Money Talks to Tweens, Vol. 1 and Vol. 2
Money Talks to Teens, Vol. 1 and Vol. 2
Money Talks to Young Adults, Vol. 1 and Vol. 2
Money Talks Special Edition - Glossary of Banking Terms
Spanish
Money Talks a los jóvenes, Vol. 1 and Vol. 2 – NUEVO!
Money Talks a los niños 9-12, Vol. 1 and Vol. 2
Money Talks a los adoloscentes, Vol. 1 and Vol. 2
Money Talks to adultos jóvenes, Vol. 1 and Vol. 2
Money Talks - Glosario de terminos bancarios
© 2007 American Bankers Association Education Foundation. All rights reserved. Reprinted with permission.
|
[back to top]
The American Bankers Association offers these tips:
- Check your bank statements immediately. Make sure all payments are yours.
- Periodically check your account balance and transactions, by utilizing online banking, by telephone, or by printing interim statements at the ATM.
- Contact your bank immediately if your card is lost, stolen or subject to fraudulent use.
- Keep a record of card numbers, PINs, expiration dates and 1-800 numbers for banks so you can contact the issuing bank easily in cases of theft.
- Memorize your PIN number. Do not use your birth date, address, phone number or social security number. Never store your PIN with your card, and do not make it available to others.
- Keep your receipts. You'll need them to check your statement. If they have your account number on them, tear up or shred receipts before throwing them away.
- Mark through any blank spaces on debit slips, including the tip line at restaurants, so the total amount cannot be changed.
- Know your limits. Many issuers limit daily purchases and withdrawals for your protection.
- Do not use an ATM if it looks suspicious, it could be a skimming device.
- Be wary of those trying to help you, especially when an ATM "eats" your card, they may be trying to steal your card number and PIN.
- Do not give your PIN number to anyone over the phone, often thieves steal the cards and then call the victim for their PIN, sometimes claiming to be law enforcement or the issuing bank.
For more tips and information, visit the Federal Trade Commission's website at www.ftc.gov.
[back to top]
Consumers nationwide now have new tools to fight identity theft and credit reporting errors under a new federal law. Beginning March 1, 2005 you will be able to check your credit report annually with the three major national bureaus, to make sure your accounts are not being misused and that no unauthorized accounts have been opened in your name. You can also check your credit report for mistakes not caused by identity theft that could also damage your credit rating.
Equifax, Experian, and Trans Union, the three national credit reporting agencies, have set up a special site where you can request, view, and print a free report. The site is www.annualcreditreport.com and it is the only authorized site to request your free report(s). If you do not have access to the Internet you can call toll free at 877-322-8228 or write to Annual Credit Report Request Service, P.O. Box 105281, GA 30348-5281.
A credit report contains information on where you live, how you pay your bills and whether you’ve filed for bankruptcy. Nationwide consumer reporting companies sell information in your report to creditors, insurers, employers, and other businesses that use it to evaluate your applications for credit, insurance, employment, or renting a home.
When you order your report, you will need to provide your name, address, Social Security number and date of birth. To verify your identity, you may need to provide some information that only you would know, like the amount of your monthly mortgage payment. You may order one, two, or all three reports at the same time or you may stagger your requests. It’s your choice. Staggering your requests during a 12 month period may be a good way to keep an eye on the accuracy and completeness of the information in your reports.
[back to top]
The Federal Deposit Insurance Corporation (FDIC) has released a new expanded version of its Electronic Deposit Insurance Estimator, also known as “Online EDIE,” for use by bank customers. With this new version, users can estimate insurance coverage for a wider range of account types.
Online EDIE is a user friendly internet application designed to enable novice computer users to get accurate statements of their deposit insurance coverage. The “Walk Me Through” format is a step by step approach that helps users estimate their coverage by entering information about their FDIC-insurance institution accounts. The “Calculator” format is an all inclusive approach that allows users to enter all necessary information on one screen. Online EDIE generates a printable report clearly showing the amount of insurance coverage for the user’s accounts.
This new version of Online EDIE can also be used to calculate insurance coverage on business accounts (i.e., accounts owned by corporations, partnerships and unincorporated associations) and simple formal revocable trust accounts. Previously, Online EDIE could only be used to calculate coverage for single accounts, self-directed retirement accounts, joint accounts and informal revocable trust accounts (e.g., payable on death and in trust for accounts).
Bank customers can access the new Online EDIE on the FDIC’s website at http://www.fdic.gov/deposit/deposits/index.html.
[back to top]
Updated March 2006 by the IRS
The Internal Revenue Service has issued several consumer warnings on the fraudulent use of the IRS name or logo by scammers trying to gain access to consumers’ financial data in order to steal their assets
As a general rule, the IRS does not send out unsolicited e-mails or ask for detailed personal information. Additionally, the IRS does not ask people for the PIN numbers, passwords or similar secret access information for their credit card, bank or other financial accounts.
Do not open any attachments or mail messages claiming to be from the IRS.
To report the fraudulent misuse of the IRS name, logo, forms or other IRS property, you may contact the TIGTA toll-free hotline at 1-800-366-4484 or visit the TIGTA Web site.
[back to top]
How can your identity be stolen? When an identity thief appropriates vital information like your name, birth date, Social Security number, or credit card number without your knowledge. Financial institutions employ a variety of technologies and practices to guard against identity theft; however, consumers should be aware of the many steps they can take to safeguard their personal information.
- Social Security Cards and Numbers
- Credit Cards
- Internet
- Mail
- Miscellaneous
- Do not carry your Social Security card.
- Remove your Social Security number from your driver’s license and bank checks.
- Provide your Social Security number only when necessary—for example, on tax forms and employment records, or for banking, stock and property transactions.
- Do not give out your Social Security number without questioning how it will be used. (Be aware that if you refuse to give your Social Security number to a business, that business can refuse service if it feels the information is necessary.)
- Use a unique number as an account identifier instead of a Social Security number. When creating passwords and PINs, do not use a number that could be easily discovered by a thief, like part of your Social Security number, birth date, middle name, spouse’s name, child’s name, pet’s name, mother’s maiden name, address, or consecutive numbers.
- Check your Social Security earnings and benefits statement each year to ensure someone else is not using your Social Security number. (This statement may be ordered from the Social Security Administration.)
- Do not carry more than two credit cards. When carrying cards, take precautions to prevent their loss.
- Always take credit card, debit card, and ATM receipts. Tear them up or shred them when no longer needed.
- Tear up or shred unused pre-approved credit card solicitations and convenience checks.
- Never provide credit card numbers over the telephone unless you placed the call and have a trusted relationship with the other party.
- Cancel unused credit cards.
- Create a list of credit cards and bank accounts. For each, include the account number, expiration date, credit limit, and telephone numbers for customer service and fraud departments. Keep this list in a safe place (not in a wallet or purse) so each creditor can be contacted quickly if cards are lost or stolen.
- When making online purchases, be sure you know the entity or person to whom you are giving your personal information. To confirm the legitimacy of a site, click on the solid lock or key symbol on your browser window. The symbol provides information about the merchant from the server certificate. A cloned site will not have a certificate. If a certificate name does not match the site, do not use it.
- Only do business with Internet companies that use secure technology to capture private information like account or credit card numbers, or place orders by telephone or mail. The key symbol on your browser status bar indicates whether or not a page is secure.
- Check merchant privacy policies and only shop with those whose published privacy policies are acceptable to you.
- Ensure your computer(s) are equipped with antivirus protection and firewalls to help keep trespassers out. Always maintain backup of your original data.
- Do not leave bill payments in your mailbox. Install a lock on your mailbox if mail theft has occurred in your area.
- Immediately review credit card and utility statements, including cell phone bills, for unauthorized use. If you suspect your account has been used fraudulently, contact the provider’s customer service and fraud departments.
- Monitor your bank accounts and monthly statements thoroughly, ensuring that all the activity is accurate. If your account statements are late, immediately contact your bank to find out when they were mailed.
- If credit card statements or new or renewed credit cards are not received in a timely manner:
- Call the creditor to see if a change-of-address request has been filed, or if additional or replacement cards have been requested. If either has happened, instruct the creditor not to honor the request.
- Contact the post office to see if a change-of-address request has been filed. If so, immediately notify your local postal inspector.
- No matter how good a reason a person might have for needing your information, do not give it away. (Often identities are stolen by skilled “social engineers” who have their stories down, know to what most people will respond, and understand that people are often willing to provide information to others if they perceive that it is needed or that they will benefit.)
- Keep your birth certificate and passport in a safe place.
- Always protect your account information. Memorize passwords and PINs—never keep them in a wallet, purse, or Rolodex. Never write a Social Security or credit card number on a check.
- Shield the keypad when entering a PIN at an ATM, store, or telephone.
- Consider having your name removed from marketing lists by the following methods:
- Individuals who would like to have their name and address removed from mailing lists obtained from the main consumer credit reporting agencies should call 888-5OPTOUT (888-567-8688).
- Request that credit card issuers not disclose to marketers any information based on the purchases you make.
- The Direct Marketing Association (DMA) maintains lists of people who do not want to receive mail and telephone solicitations from national marketers. Request that your name be added to the DMA’s Mail Preference Service and Telephone Preference Service name-removal lists. For more information go to http://www.dmaconsumers.org/offmailinglist.html
- Order a credit report each year from each of the three major credit reporting agencies. Check the reports for accuracy and indications of fraud, such as new accounts, unauthorized credit applications or inquiries, and any unrecognized charges, defaults or delinquencies. Also check the accuracy of your name, address, Social Security number, and other identifying information.
[back to top]
- Report the incident to the card issuer as quickly as possible
- Report using toll-free numbers and 24-hour service that many companies have established to deal with such emergencies.
- Request your card issuer close your compromised account number and reissue you a new card with a different number.
- Monitor your account activity and review account statements carefully after the information loss.
- If any unauthorized charges appear, call the card issuer immediately and follow up with a hard copy letter via a traditional delivery service such as the U.S. Postal Service (keep a copy for yourself) describing each questionable charge.
Your maximum liability under federal law for unauthorized use of your credit card is generally $50. However, the $50 potential liability probably does not apply for unauthorized telephone and Internet transactions because there is “no means to identify the cardholder” in those cases.
- Your liability under federal law for unauthorized use of your ATM or debit card depends on how quickly you report the loss.
- You risk unlimited loss if you fail to report an unauthorized transfer within 60 days after your bank statement containing unauthorized use is mailed to you for transactions made after the 60-day period.
- Report the theft of this information to the bank as quickly as possible.
- Request your bank close the compromised account and re-open a like account with a different number.
Some phishing attacks use viruses and/or “Trojan Horses” to install programs called “key loggers” on your computer. These programs capture and send out any information that you type to the phisher, including credit card numbers, user names and password, social Security number, etc. If this happens, it is likely you may not be aware of it until you notice unusual transactions on your account.
To minimize this risk you should:
- Install and/or update anti-virus and personal firewall software.
- Update all virus definitions and run a full scan.
- If your system appears to have been compromised, repair it and then change you password again, since you may well have transmitted the new one to the hacker.
- Check your other accounts! The fraudsters may have helped themselves to many different accounts: eBay account, PayPal, your email ISP, online bank accounts, online trading accounts and other e-commerce accounts, and everything else for which you use online passwords.
If you believe you have given out personal information such as your name, address, and Social Security number to someone who may use it for fraud:
Contact the three major credit reporting agencies – Experian, Equifax and TransUnion – and do the following:
- Request that the agencies place a fraud alert and a victim’s statement on your file.
- Request a free copy of your credit report to check whether any accounts were opened without your consent.
- Request that the agencies remove inquiries and/or fraudulent accounts stemming from the theft.
- To order your report, call: 800-685-1111 or write P.O. Box 740241, Atlanta, GA 30374-0241.
- To report fraud, call: 800-525-6285 and write: P.O. Box 740241, Atlanta GA 30374-0241
- Hearing impaired call 1-800-255-0056 and ask the operator to call the Auto Disclosure Line at 1-800-685-1111 to request a copy of your report.
- To order your report, call: 888-EXPERIAN (397-3742) or write: P.O. Box 2002, Allen, TX 75013.
- To report fraud, call: 888- EXPERIAN (397-3742) and write: P.O. Box 9530, Allen TX 75013. TDD: 1-800-972-0322.
- To order your report, call 800-888-4213 or write: P.O. Box 1000, Chester PA 19022.
- To report fraud, call: 800-680-7289 and write: Fraud Victim Assistance Division, P.O. Box 6790, Fullerton, CA 92634. TDD: 1-877-553-7803.
- If bank accounts were set up without your consent, close them.
- Contact your local police department to file a criminal report.
- Contact the Social Security Administration’s Fraud Hotline to report the unauthorized use of your personal identification information.
- Notify the Department of Motor Vehicles of your identity theft.
- Check to see whether an unauthorized driver’s license has been issued in your name.
- Notify the passport office to be on the lookout for anyone ordering a passport in your name.
- File a complaint with the Federal Trade Commission. Ask for a free copy of “ID theft: When Bad Things Happen in Your Good Name,” a guide that will help you guard against and recover from your theft – and guard against it in the future.
- File a complaint with the Internet Crime Complaint Center (IC3) by visiting their Web site: www.ic3.gov. IC3 is a partnership between the Federal Bureau of Investigation (FBI) and the National White Collar Crime Center (NW3C), with a mission to address fraud committed over the Internet. For victims of Internet fraud, the Center provides a convenient and easy-to-use reporting mechanism that alerts authorities of a suspected criminal or civil violation.
- Document the names and phone numbers of everyone you speak to regarding the incident. Follow up your phone calls with letters. Keep copies of all correspondence.
[back to top]
Please be aware that State Bank of Lizton does not, nor will we ever, request any personal information (such as account numbers, passwords, PINS, Social Security Numbers, etc.) through an unsecure e-mail.
If you receive an e-mail which appears to be sent by State Bank of Lizton, and it requests your personal information, do not reply to it. Please contact your local branch or the main office at 317-994-5115.
These types of e-mails, called "phishing schemes" attempt to trick customers into sending personal information to fraudsters.
All Internet users should be aware of the online scam known as "phishing" (pronounced "fishing"). Phishing involves the use of e-mail messages that appear to come from your bank or another trusted business, but are actually from imposters.
Phishing e-mails typically ask you to click a link to visit a Web site, where you're asked to enter or confirm personal financial information such as your account numbers, passwords, Social Security number or other data. Although these Web sites may appear legitimate, they are not. Thieves can collect whatever data you enter and use it to access your personal accounts.
Look for these warning signs:
- Language and tone. The message you receive may urge you to act quickly by suggesting that your account is threatened. It may say that if you fail to update, verify or confirm your personal or account information, access to your accounts will be suspended. The wording may also be sloppy and contain misspellings.
- Requests for personal information. Scam e-mails typically ask for personal or account information such as:
- Account numbers
- Credit and check card numbers
- Social Security numbers
- Online banking user IDs and passwords
- Mother's maiden name
- Date of birth
- Other confidential information
- E-mailed instructions to download software. All your online banking should be done through our secure Web site, and we will not send you e-mail instructions to download any banking software to your computer. Do not install software downloads directly from e-mail messages, or from companies or Web sites you do not recognize. When in doubt, contact the company directly or call our customer service number at 262-554-5321.
- Non-secure Web pages. Clever thieves can build a fake Web site that looks nearly identical to an authentic one. They can even alter the URL (the Web address) that appears in your browser window. Watch out for non-secure Web pages that ask for sensitive information (secure sites will typically display a lock in the status bar at the bottom of your browser window).
Here are some safety tips:
- Be suspicious of demanding messages. Messages threatening to terminate or suspend your account without your quick response should be treated as suspicious. A legitimate bank or business should not request personal information from you over an unsecured Web site. When in doubt, call the business' customer service number (available on your account statement) to confirm the status of your account. Do not use telephone numbers found on the suspected Web site.
- Be cautious of downloads. Installing unknown software on your computer can put your personal information at risk and potentially harm your computer's hard drive. Make sure the software comes from a legitimate Web site, not an e-mail message. If you're not sure whether you should download a program, contact a customer service representative for more information.
- Be careful of emails that are not personalized and/or contain spelling errors and awkward syntax and phrasing. Many phishing emails are sent in great bulk and, therefore, are not personalized. Many are also being sent from other countries, from individuals for whom English is a foreign language, thus resulting in misspelled words and awkward syntax and phrasing.
- Always type in the URL of the Web page you need. Phishing scams rely on embedded links that take you to fake Web sites. It's safer to type your bank's Web address directly into your browser so you know you're visiting the legitimate site.
- Protect your password. Don't write down sensitive personal information such as your password or Social Security number. Change your password frequently.
- Review credit card and bank account statements as soon as you receive them to determine whether there are any unauthorized charges. If your statement is late by more than a couple of days, call your credit card company or bank to confirm your billing address and account balances.
- Keep your computer up to date. State Bank of Lizton recommends that you install anti-virus and firewall programs to help keep your computer safe. Always visit your internet browser provider's home page to download the latest security patches even if they don't alert you to do so. For example, if you use Microsoft's Internet Explorer, you will find security updates located on Microsoft's Web site. Make it a point to learn more.
Report suspicious activity to the Federal Trade Commission. You may also want to forward it to the FTC at spam@uce.gov, or contact them at www.consumer.gov/idtheft* or 877.IDTHEFT (877.438.4338). You can also visit the FTC's Identity Theft Web site (www.ftc.gov/idtheft) to learn how to minimize your risk of damage from identity theft.
If you receive suspicious e-mail that appears to come from State Bank of Lizton, please notify us immediately by calling your local branch or the main office at 317-994-5115 (do not open any attachments or click any links found in the suspicious e-mail).
If you believe you have provided personal or account information in response to a fraudulent e-mail or Web site, please contact State Bank of Lizton at 317-994-5115 and contact the other financial institutions with which you have accounts.
To learn more about phishing, read the phishing brochure provided by The Office of the Comptroller of the Currency (OCC). The OCC charters, regulates and supervises all national banks.
[back to top]
Have you found that your resolution to save money in 2006 is unraveling already? To take control of your finances, the American Bankers Association Education Foundation offers the following tips:
- Set goals, and write them down. Do you want a home? Save for retirement? Start a college fund for your kids? Write down your goals, and create a plan to achieve them.
- Save for the future. Pay yourself first. If you wait to see what's left over, you are less likely to save. Determine in advance how much money you plan to deposit into your savings account each month.
- Set a realistic budget. Keep monthly records of your spending and living expenses, and look for areas where you can save. Consider cutting out the gourmet coffee every morning, or start bringing your lunch to work. Small changes will add up to hundreds of dollars over time.
- Get organized. Keep ATM transaction receipts, bills, purchases and tax records organized in labeled files. This will help you stay on track with your budget and make it easier when it's time to pay bills.
- Use credit wisely. Credit cards are not magic money; they're a loan with an obligation to repay. Don't spend more than you can afford to pay back.
- Get out of debt. Pay off credit cards with the highest interest rates first, while paying at least the minimum balance on low/no interest credit cards. Determine how much you owe creditors, and prioritize payments.
- Shop around. Compare prices, and be selective to get the best prices, services, convenient locations and lowest fees for credit cards, bank accounts, mortgages and certificates of deposit (CDs).
- Smart spending equals big savings. Check out sale racks and consignment shops, cut coupons or search the Internet for deals. If you do a little research, you will save money.
- Protect yourself. Don't be a victim of fraud or identity theft. Guard your credit card, PIN and account numbers. Buy a paper shredder so you can dispose of statements, receipts and bills safely.
- Pay attention. Read your bills and statements each month. This helps you keep track of your spending, and alerts you to fraud and any mistakes that may occur on your account.
[back to top]
Attention Checking Account Holders:
Effective immediately, the Bank may make a change in you checking account that will not affect your available balance, interest earnings, FDIC insurance or bank statement. This account will consist of a checking sub account and a savings sub account. The Bank may periodically transfer funds between these two sub accounts. On a sixth transfer during a calendar month, any funds in the savings sub account will be transferred back to the checking sub account. If your account is a plan on which interest is paid, your interest calculation will remain the same. Otherwise, the savings sub account will be non interest bearing. The savings sub account will be governed by the rules governing our other savings accounts.
Click here for Frequently Asked Questions.
[back to top]
|
