$ Money Talk $ 4th Quarter

Sylvania's Own Community Credit Union









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4 TH Quarter 2007 View PDF

In This Issue:

  • Online Shopping Reccomendations
  • Scholarships
  • Rates

DEBIT CARDS TOO RISKY FOR ONLINE SHOPPING

Use the wrong payment method or the wrong piece of plasitc when shopping online and someone you don’t know could zero out your checking account balance in a matter of minutes. Remember some simple cyber rules to avoid becoming a statistic (Credit Union National Association center for personal finance).

It’s a fact: The safest form of payment online is a credit card, although there still are risks, particularly if you don’t know the reputation of the seller. But, if you’re a die-hard debit card user and insist on using it for online purchases, you’re putting yourself at a much greater risk than if you use a credit card for those same purchases.

Credit Card Liability. Federal law protects you so your liability is no more than $50 (per card) if a crook uses your card fraudulently before you report the theft. Report the theft before the crook uses your card, and your liability is zero. Even if you’re subject to the $50 liability, some issuers may waive that amount.

Debit Card Liability. Here’s where it gets sticky. If you report the theft within two business days, your liability is limited to $50, and again, some issuers may waive that amount. However, after two business days, your liability jumps to $500. And if you don’t report the loss or theft within 60 days of receiving your statment, your liability is unlimited.

To further compound the problem, remember that debit card purchases are deducted immediately from your account. If the debit card purchases are deducted immediately from your account, or if the debit charges are unauthorized or incorrect- such as double billing-they may be harder to recover. To get your money back, you’ll need to work it out with the merchant, which maybe much more difficult for online transactions.

On the other hand, if you file a dispute over fraudulent charges made on your credit card, the card issser’s money is on the line-not yours-and it’s up to the issuer to get the money from the merchant. Bottom line: Don’t use a debit card for online purchases. Use a credit card on sites of reputable sellers. And follow more simple advice from the Federal Trade Commission:*Get the seller’s phone number in case you have questions or problems.

Type the seller’s name in your search engine to see if there are unfavorable reviews.

Read the website’s privacy policy to see how your personal information will be used.

Understand the return policies

When entering payment information, make sure the http.// changes to https.//’’ in the site’s URL address line.

Don’t shop online unless your computer has antivirus and antispyware software and a firewall.

 

The Credit Union Will be Closed to Observe the Following Holidays:

  • Martin Luther King-Jr. / January 21, 2008
  • President’s Day / February 18,2008

The Credit Union is extending our 12-12 Loan to help members pay for holiday bills coming due in January.

Scholarship Available:
Applications, for Sylvania Area Federal Credit Union yearly Scholarship, are available in our office for a 2008 graduating area high school student, to attend the college of their choice. A student is eligible to apply, if a family member is a member of the credit union. We will consider new members as eligible. The scholarship will be awarded on the basis of an application and a essay, determined by the scholarship committee of SAFCU. The scholarship is $1000.

The credit union is also taking donations to the fund in hopes of making more than one scholarship in the future. Please remember our scholarship in your will. College costs are increasing rapidly and making impossible for young people to attend a good college. The application should be submitted by March 15, 2008.

The credit union also has Applications for a scholarship from the Northwest Chapter of Credit Unions. $2000-$1,500 are available.
SAFCU Financing and Free Gas Cards!

We are giving you FREE gas when you get your car loan at the credit union. Great Payments for your budget and FREE gas - How can you lose at your credit union? Come see us today and get your pre-approval before you go to the dealership. Bargain with money in your hand.
  • New Car Loan - $50 Gas Card
  • Pre-Owned Car Loan - $25 Gas Card
  • Refinance your car from another financial institution - $50 Gas Card

Don’t forget to stop in the office and vote for your credit union directors from January 15-February 15. It is your right as a member-owner. They represent you!

2008 ANNUAL MEETING WILL BE MARCH 19, 2008 AT 6:00PM AT THE SYLVANIA BRANCH LIBRARY.