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

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.

Regaining Your Lost Home Equity

Posted by SIU Credit Union on Jun 4th, 2010 | View Comments

Six trillion dollars. Most of us have difficulty wrapping our brains around such a figure. That’s roughly how much U.S. homeowners lost in home value—$5.9 trillion, to be exact—from March 2006, when the housing market peaked, through November 2009, according to Zillow.com.

When seeking ways to recover lost home equity, consider these questions:

• What’s my best move? That depends. If you’ll stay in your house for many more years, you have time for it to regain value. If you plan to move soon and need to sell, you’d need to act sooner to boost your home’s value, and thus your equity.

• Should I do home improvements? If you need to sell, doing minor fix-ups can enhance your home’s appeal and value, and hence your equity, without costing a lot of money.

• Is it smart to do major renovations? Doing major remodeling just to boost your house’s value usually doesn’t pay. Renovation projects don’t earn a dollar-for-dollar return in increased home value.

• Could I refinance?Mortgage rates are at historic lows. You may be able to refinance to a fixed-rate mortgage at a lower rate. Our mortgage officer, Jana Ledbetter can help you. Call her at 618-457-3595 to discuss your options.

• Should I pay off my mortgage faster? If you do, you’ll build equity faster and pay less total interest over the life of the loan. You might refinance from a 30-year to a 15-year mortgage. Or keep the longer-term mortgage and pay extra when you can.

• Is there a better use for my money? Financial planners urge homeowners to look at the big picture. Putting extra money into your mortgage won’t build your wealth over time. Instead, you could put that extra amount toward paying off high-interest debt, contributing to your 401(k) to get the employer match, or investing conservatively. Our CERTIFIED FINANCIAL PLANNER Jeff Rose is available to help you. E-mail him at jeff.rose@siucu.org or call him at 618-549-8632.

New $100 Bill Unveiled

Posted by Joshua English on Apr 22nd, 2010 | View Comments

How to Invest with Good Cents

Posted by Chris Sievers on Apr 9th, 2010 | View Comments

Investing your dollars and cents with good sense will be an easier reality if you attend the first of the “How To Series” presented by the Professional Development Committee of 13Pro on Monday, April 12, 2010 at 6pm at the Carterville Community Center. 

The experts for the kickoff of this series are 13Pro’s own: Jeff Rose (Alliance Investment Planning Group), Jennifer Tate (Woodmen of the World), and Kevin Frost ( Northwestern Mutual Financial Network). They’ll cover topics such as acquiring wealth, how to invest for the future, even if you don’t already have plans in place.

The event is free and open to the public. SIU Credit Union is sponsoring the event.