Simple Ways To Prevent Check Fraud

Posted by Dennis Schaefer on Jun 29th, 2010 | View Comments

Skilled professional criminals are using sophisticated technologies to easily defraud individuals and their financial institutions using a copy of a check and or an individual’s personal information. A thief is able to create new, authentic looking checks using a blank check or personal information obtained from an intercepted check mailed to pay a bill. Common-sense and a logical approach with the way an individual uses andstores checks can help reduce the risk of this type of loss.

WAYS TO REDUCE THE RISK OF CHECK FRAUD

1. Keep your account information confidential and never provide your account number or personal information to unknown persons. Be particularly cautious of unsolicited phone sales.

2. Reconcile your bank statement as soon as possible after receipt (within 20 days) to detect any irregularities. Delays may subject you to liability for any losses due to check fraud.

3. Protect your checks – Store your checkbook, blank checks, deposit slips and bank statements in a secure location.

4. Don’t leave blank spaces on the payee or payment amount lines on your checks.

5. Monitor check orders to ensure they are received timely and immediately verify that all checks were received with the order.

6. Mail bill payments through the Post Office and not from your mail box at home. Seeing the upright red flag on your home mail box is a favorite signal for criminals to look in the box and steal whatever is there.

7. Do not add personal information on your check (Social Security #, Driver’s License # or DOB).

8. Destroy (shred) cancelled checks (if received), account statements and deposit tickets unless needed for tax purposes.

9. Use your own pre-printed deposit slips and make sure the account number on your slip is correct. Thieves have made attempts to alter deposit slips at drive-up windows in the hope that bank representatives will not notice with the result that the funds are deposited into the thief’s account.

10. Don’t ever make a check payable to cash and also, never endorse a check until you are ready to cash the item or make the deposit. If lost or stolen, a check made payable to cash may be legally and rightfully cashed by anyone.

11. If someone pays you with a cashier’s check, be cautious and if possible, have them accompany you to the bank to cash the item. If you need to accept a check for payment, do so during normal business hours so you can verify with the financial institution that it is legitimate. Make sure you obtain identification information from the individual.

12. If your home is burglarized, determine if any checks have been stolen. Look closely because thieves will take checks from the back or middle of your check book to avoid immediate detection.

-Allied Solutions

Carbondale Big 3 Auto Sale This Week

Posted by Chris Sievers on Jun 29th, 2010 | View Comments

Each year SIU Credit Union partners with the three largest Carbondale car dealerships to offer special financing rates to our members.

Get the SIU Credit Union price through July 3 at

Auffenberg of Carbondale

Vogler Motors

Vic Koenig Chevrolet

Join A Credit Union For Big Savings

Posted by SIU Credit Union on Jun 29th, 2010 | View Comments

NEW YORK (6/29/10 CUNA)–Consumers need to find a way to join a credit union to be able to enjoy all the great resources they offer, said an ABC News correspondent Monday.

“I was once again reminded what phenomenal resources credit unions are,” said Elisabeth Leamy, ABC News consumer correspondent, in a segment titled, “Save Big Money on Home and Car Loans: Go to Credit Union for Auto Financing.”

“In fact, if you are in the market for a car, you have GOT to find a way to join a credit union, if you’re not already a member. You can find one you are eligible for at Find a Credit Union. Or to see if you are eligible to join SIU Credit Union, click here.

“Credit union auto financing is generally such a great deal that I’m going to issue a rule here: never shop for a used car at a dealership without first getting outside financing quotes, especially from a credit union,” she added.

Leamy then compares car loan interest rates at her credit union with those of area banks. See the full report here.

CNNMoney.com, Fox Business Tout CUs

Posted by SIU Credit Union on Jun 25th, 2010 | View Comments

MADISON, Wis. (6/25/10 CUNA)–CNNMoney.com and Fox Business both advised consumers to join a credit union to take advantage of better rates and fees.

Fox noted that consumers should “strongly” consider getting a credit union credit card because credit unions charge a lower late fee–a median of about $20–compared with $39 at banks. Large banks tend to charge higher fees, Fox said. The segment discussed how the Credit Card Accountability, Responsibility and Disclosures Act will affect consumers and what they need to know about the act, which was enacted in May.

CNNMoney mentioned that credit unions offer better interest rates and rates on share certificates, savings accounts and money market accounts. The article, saying that credit unions offer a “popular alternative to large banks,” also noted the Credit Union National Association’s credit union locator–creditunion.coop.

Show Me The Future

Posted by Chris Sievers on Jun 14th, 2010 | View Comments

We spend a good amount of time out in the community teaching financial literacy. Whether it’s to families, college students or high school and grade school students, we understand the importance of teaching the basics of good financial habits. I’m always on the lookout for new ways to deliver the information. When Show Me The Future came across my desk this morning it caught my attention. 

If you have grade-school to college-age kids, you’ll definitely want to pass along this link to them. With this game, you’ll have a whole new identity including occupation, income, whether you’re married or single, whether or not you have kids, and more.   You have a checking account with a register, which will contain the money you earned as your new identity.  Then you get to make choices, like the kind of house you’ll live in and what you’re going to eat, based on your identity.  Every choice you make costs money, which will be deducted from the money in your checking account.  The trick to the game is to see if you can make ends meet and still have some cash at the end. 

About Show Me the Future

Click here to Take a look and enjoy.

“Don’t Change Interchange” by The Disclosures

Posted by Joshua English on Jun 10th, 2010 | View Comments

Protect your credit union’s debit card! Recently, the US Senate approved the Financial Regulatory Reform Bill which included a provision that would mandate price controls on the interchange fees paid by merchants for accepting debit cards. This bill has unintended consequences for credit union members and every consumer with a debit card in his or her wallet.

Contact your federal legislators ASAP and ask them to oppose the Senate-passed interchange provision.

TAKE ACTION:

Send a letter to congress:
http://capwiz.com/cuna/home/

Call Legislators:
1-877-223-5275

Please post, watch, and share this video anywhere you see fit to help spread the word on this important issue.

Song performed by The Disclosures with apologies to George Michael. The Disclosures are Chad Helminak (right) and Christopher Morris (left).

The views and opinions expressed in this video are solely those of The Disclosures.