The Diary of Your Money with Dean

A while back, Baretta was one of my favorite television shows. Baretta was a crime fighter who had a certain way with words. As he arrested criminals he would say, "You do the crime, you will pay the time." Unfortunately, we at CUA have often found ourselves using these same words. CUA is committed to protecting our members' personal identity and finances from acts of theft, embezzling, and fraud.

Many times we tend to be careless with our personal and financial information. We fail to realize what we have gotten ourselves into until it is too late and we are faced with the possibility of jail time and/or paying restitution. Did you know that cashing or depositing a check for someone else may cause you to go to jail? Here are a few guidelines to follow to help you avoid a problem:

1) Never agree to cash a check for someone by depositing it into your account unless you are certain that the check is good or that the person's intentions are honorable. If they have no other way to cash a check, you can rightfully assume there is a problem either with the check or the individual;

2) Never accept money for cashing a check for someone; and

3) Never believe that you can profit by accepting funds on behalf of an individual or organization. In doing so, you may be implicated in an investigation and find yourself behind bars. The same rule of thumb applies when receiving a check or letter in the mail (in some cases e-mails) instructing you to deposit the funds and send a portion of the money back to the company. Just stop for a moment and think about it. Why would someone send you a $10,000 check out of the blue and ask you to deposit the funds into your account, and then send $8,000.00 back to them. If it smells and feels like a scam, then more than likely it is a scam or fraud; and you are the intended victim.

Practice these safety measures to help further protect you and your money from potentially fraudulent activity:

• Do not keep any personal identification numbers (PIN) in the same place as your debit, ATM or credit card.
• Never give your PIN number to anyone if he or she is not a joint-owner on the account. Too many times we discover that money is stolen from us by someone we know.
• Check your wallet or pocketbook frequently to make certain that your checkbook, credit and debit cards are in place. If something seems out of place, contact your financial institution immediately.
• Open and review your statements as soon as you receive them. Most institutions can refuse to reimburse you for a loss unless it is reported within 60 days of having received your statement.
• Sign up for home banking and check your account balances and history frequently. In most cases, you only have 60 days to dispute items appearing on your statement.
• If you purchase merchandise on the Internet, verify that you are transacting business on a secured website.
• Keep an inventory of your debit and credit card information in a safe location. Just in case your cards are lost or stolen, you have the institution's telephone number and card numbers so that you can notify the company immediately.
• Invest in an inexpensive shredder and shred all personal information and mail.

Remember, be safe in everything that you do!

Written by: DeFarra Devin Gaymon. If you want more tips on how to save money, e-mail "Dear Dean" at DefarraG@CuAtlanta.org. I will answer your questions by e-mail or in the next newsletter.

What's New? Small Dollar Transactions

Why didn't I get a receipt?

As a result of a change to federal law, you may not get a receipt every time you use your ATM/Debit card. Federal law generally requires a receipt to be made available for these electronic fund transfers. However, the law provides an exception for transactions of $15 or less.

What does this mean to the average consumer?

The impact will be minimal. However, for some transactions with certain retailers and service providers, you may no longer be offered a receipt when using your ATM/Debit card if the total dollar amount of the transaction is $15 or less.

Should I stop using my debit card for small-dollar transactions?

No. Your debit card is still a convenient and efficient way to pay for your purchases. However, you should use the payment method you are most comfortable using. Most merchants will still make a receipt available in case you need to return or exchange something you purchased.

What if I need documentation for tax purposes or company reimbursement?

While not a receipt, your transaction information is available on your periodic account statement and in your online transaction history. You can log in to see and print the most up-to-date transaction information available. Copies of the information can be kept as a record, submitted, or filed to document the expense.

Should you have any questions about the new law, feel free to come in to any of our three branch offices or call us at (404) 658-6465.