Before Making Charitable Donation, Check Out the Charity

 

Staten Island’s only community-based business bank shares suggestions for making wise contributions

 

STATEN ISLAND, N.Y. – When making charitable donations, it’s important  to ensure that those in need, not scam artists, are the one who will benefit.

With this in mind, Victory State Bank urges you to heed the following advice from the Federal Trade Commission:

 

Before you donate:

  • Ask for detailed information about the charity, including name, address, and telephone number.
  • Get the exact name of the organization and do some research. Searching the name of the organization online — especially with the word “complaint(s)” or “scam”— is one way to learn about its reputation.
  • Call the charity. Find out if the organization is aware of the solicitation and has authorized the use of its name. The organization’s development staff should be able to help you.
  • Find out if the charity or fundraiser must be registered in your state by contacting the National Association of State Charity Officials.
  • Ask if the caller is a paid fundraiser. If so, ask:Keep a record of your donations.
    • The name of the charity they represent
    • The percentage of your donation that will go to the charity
    • How much will go to the actual cause to which you’re donating
    • How much will go to the fundraiser

 

  • Make an annual donation plan. That way, you can decide which causes to support and which reputable charities should receive your donations.
  • Know the difference between “tax exempt” and “tax deductible.” Tax exempt means the organization doesn’t have to pay taxes. Tax deductible means you can deduct your contribution on your federal income tax return.
  • Never send cash donations. For security and tax purposes, it’s best to pay by check — made payable to the charity — or by credit card.
  • Never wire money to someone claiming to be a charity. Scammers often request donations to be wired because wiring money is like sending cash: once you send it, you can’t get it back.
  • Do not provide your credit or check card number, bank account number or any personal information until you’ve thoroughly researched the charity.
  • Be wary of charities that spring up too suddenly in response to current events and natural disasters. Even if they are legitimate, they probably don’t have the infrastructure to get the donations to the affected area or people.
  • If a donation request comes from a group claiming to help your local community (for example, local police or firefighters), ask the local agency if they have heard of the group and are getting financial support.
  • What about texting? If you text to donate, the charge will show up on your mobile phone bill. If you've asked your mobile phone provider to block premium text messages — texts that cost extra — then you won't be able to donate this way.

 

 

About Victory State Bank

VSB Bancorp, Inc. (OTC: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank. For additional information, Victory State Bank may be reached at 718-979-1100 or visited online http://www.victorystatebank.com.

Media Inquiries:

Relevant Public Relations, LLC

Headquarters: 718 682 1509

http://www.RelevantPR.com

Mobile: 917 715 8761

Email:  This email address is being protected from spambots. You need JavaScript enabled to view it.

 

  • Staten Island’s only community-based commercial bank echoes government warning

STATEN ISLAND, N.Y. – When shopping for a home mortgage or refinancing in 2014, you may see or hear ads with offers of low rates or payments. Victory State Bank is echoing a warning from the Federal Trade Commission (FTC): Many ads for home mortgages are terribly flawed.

To help you recognize an offer that may be less than complete, learn the buzzwords that should trigger follow-up questions, as well as information to insist on after you've read an ad:


Low "Fixed" Rate

Ads that tout a "fixed" rate may not tell you how long it will be "fixed." The rate may be fixed for an introductory period only, and that can be as short as 30 days. When you shop for a mortgage, you need to know when and how your rate, and payments, can change.

Very Low Rates

Are the ads talking about a "payment" rate or the interest rate? This important detail may be buried in the fine print, if it's there at all.
The interest rate is the rate used to calculate the amount of interest you will owe the lender each month. The payment rate is the rate used to calculate the amount of the payment you are obligated to make each month. Some offers advertise a low payment rate without telling you that it applies only during an introductory period.
What's more, if the payment rate is less than the interest rate, you won't be covering the interest due. This is called "negative amortization." It means that your loan balance is actually increasing because you're not paying all the interest that comes due, and the lender is adding the unpaid interest to the balance you owe.

Very Low Payment Amounts

Ads quoting a very low payment amount probably aren't telling the whole story. For example, the offer might be for an Interest Only (I/O) loan, where you pay only the amount of interest accrued each month.
While the low payment amount may be tempting, eventually, you will have to pay off the principal. Your payment may go up after an introductory period, so that you would be paying down some of the principal – or you may end up owing a "balloon" payment, a lump sum usually due at the end of a loan. You must come up with the money when a balloon payment is due.
If you can't, you may need another loan, which, in turn, means new closing costs, and potentially points and fees. And if housing prices are falling, you might not be able to refinance to lower your payments.

About Victory State Bank

VSB Bancorp, Inc. (OTC: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.'s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank. For additional information, Victory State Bank may be reached at 718-979-1100 or visited online http://www.victorystatebank.com.

Media Inquiries:

Relevant Public Relations, LLC
Headquarters: 718 682 1509
www.RelevantPR.com
Mobile: 917 715 8761
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Staten Island's only community-based commercial bank warns of false promises

STATEN ISLAND, N.Y. – Scammers pushing empty promises of wealth from business opportunities never cease to be creative.

In an effort to protect entrepreneurs from scam artists, Victory State Bank, is embracing an old adage: Look Before You Leap."

The Federal Trade Commission has updated the Business Opportunity Rule, which requires business opportunity sellers to provide specific information on a simple, one-page form to help consumers more effectively evaluate an opportunity.

If you are considering a business opportunity, be sure the seller provides you with the form – which should include these details:

• The seller's identifying information

• Whether there is a claim about your likely earnings; if so, the seller must provide information supporting the claim

• If the seller, its affiliates or key personnel have been involved in certain legal actions; if yes, a list of those actions

• If there is a cancellation or refund policy; if so, the seller must provide a document with the terms

• A list of people who bought the business opportunity within the previous three years

About Victory State Bank:

VSB Bancorp, Inc. (OTC: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.'s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank. For additional information, Victory State Bank may be reached at 718-979-1100 or visited online http://www.victorystatebank.com.

Media Inquiries:

Relevant Public Relations, LLC
Headquarters: 718 682 1509
http://www.RelevantPR.com
Mobile: 917 715 8761
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Staten Island's only community-based business bank urges caution when responding to questionable calls

STATEN ISLAND, N.Y. – Victory State Bank would like to advise you to be extremely careful when responding to calls asking for money transfers.

How do these scams work? Generally, you get a call from someone who says:

• You won a prize but you have to pay "taxes" on it
• A friend is in trouble and needs your help
• You can get a loan — even if you have bad credit — but you have to pay a small fee first

Whatever the pitch, the caller's only goal is to get your money ¬— not to give you something in return. Do your research before ever agreeing to wire money to someone or to a company. If something sounds too good to be true, or out of the ordinary, it probably is.

About Victory State Bank:

VSB Bancorp, Inc. (OTC: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.'s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank. For additional information, Victory State Bank may be reached at 718-979-1100 or visited online http://www.victorystatebank.com.

Media Inquiries:

Relevant Public Relations, LLC
Headquarters: 718 682 1509
http://www.RelevantPR.com
Mobile: 917 715 8761
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

STATEN ISLAND, N.Y. – Victory State Bank would like to provide you with the following update that has been issued by the Federal Trade Commission (FTC).

If you've been following the news this holiday season, you've probably heard that Target shoppers may have been affected by the recent data breach. Target notified their customers of the breach via email.

Unfortunately, scammers follow the news, too. Scam artists may send out phony "Target" emails pretending to help, but they actually want to trick you into giving them your personal information. And they are skilled at making the emails look real. If you get an email that says it's from Target, here's what to look out for to make sure you don't get scammed.

*If any email asks for your personal or financial information, it's most likely a scam. Say the email asks for your credit card number to check whether your card was compromised by the breach. What do you do? Don't reply. No legitimate business will ask for your personal information through unsecure methods like email.

*If there are links in the email, don't click on them, even if they seem legit at first glance. Scammers can easily create links and sites that look like the real deal, but can install viruses to your device or direct you to spoof sites that exist to steal your information. Hovering over a link can reveal a deliberately misspelled web address, or a completely different destination. Your best bet is to type the URL directly into your browser.

During the holidays, scammers may send emails promising a free gift card, a new tablet or computer, or even a seasonal job in exchange for your financial information. Even though these offers may sound tempting, delete the message and keep your information to yourself.

If you think you've received a fake email, forward it to This email address is being protected from spambots. You need JavaScript enabled to view it. , and delete the message from your inbox.

About Victory State Bank:

VSB Bancorp, Inc. (OTC: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.'s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank. For additional information, Victory State Bank may be reached at 718-979-1100 or visited online http://www.victorystatebank.com.

Media Inquiries:

Relevant Public Relations, LLC
Headquarters: 718 682 1509
http://www.RelevantPR.com
Mobile: 917 715 8761
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.