Electronic banking requires a Bit of Diligence

  

Staten Island’s only community-based business bank shares advice

  on keeping your money safe

 

 

STATEN ISLAND, N.Y. – For many people, electronic banking means 24-hour access to cash through an automated teller machine (ATM) or Direct Deposit of paychecks into checking or savings accounts. But electronic banking involves many different types of transactions, rights, responsibilities — and sometimes, fees.

Do your research. You may find some electronic banking services more practical for your lifestyle than others.

Victory State Bank recommends the following tips to help keep your money safe while using automated and online bank services:

 

  • Take care of your ATM or debit card. Know where it is at all times; if you lose it, report it as soon as possible.
  • Choose a PIN for your ATM or debit card that's different from your address, telephone number, Social Security number, or birthdate. This will make it more difficult for a thief to use your card.
  • Keep and compare your receipts for all types of electronic fund transactions with your statements so you can find errors or unauthorized transfers and report them.
  • Make sure you know and trust a merchant or other company before you share any bank account information or pre-authorize debits to your account. Be aware that some merchants or companies may process your check information electronically when you pay by check.
  • Read your monthly statements promptly and carefully. Contact your bank or other financial institution immediately if you find unauthorized transactions and errors.

 

 

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.

 

 

 

Beware Deceptive Car Ads

   

Staten Island’s only community-base commercial bank discusses red flags

of vehicle advertising

 

 

STATEN ISLAND, N.Y. – Whether you’re buying or leasing, shopping for a car can be fun and exciting.

But wading through ads and promotions offered by car dealers also can be stressful. Some advertise unusually low prices, low or no up-front payments, low- or no-interest loans, or low monthly payments.

Others promise high trade-in allowances, free or low-cost options, or rebates.

And if you’re looking to lease a vehicle, ads for very low — or no payment — at signing may be especially enticing.

Victory State Bank would like to remind you to be cautious of ads that seem a little too good to be true.

HERE ARE SOME CLAIMS THAT MAY BE DECEPTIVE — AND WHY:

Vehicles are available at a specific low price or for a specific discount

What may be missing: The low price is after a downpayment, often thousands of dollars, plus other fees, like taxes, licensing and document fees, on approved credit. Other pitches: The discount is only for a pricey, fully-loaded model; or the reduced price or discount offered might depend on qualifications like the buyer being a recent college graduate or having an account at a particular bank.

“Only $99/Month”

What may be missing: The advertised payments are temporary “teaser” payments. Payments for the rest of the loan term are much higher. A variation on this pitch: You will owe a balloon payment — usually thousands of dollars — at the end of the term.

Zero or Low Rate Loans

What may be missing: The low advertised annual percentage rate (APR) may apply only to loans up to a certain amount — which may be a lot less than the purchase price. You will pay a higher APR for loans financing higher amounts. A variation on this pitch: rates may not be stated as “APR,” meaning the advertised rate may not reflect the true “annual” cost of financing, and may exclude certain costs required to be included in the APR.

“$0 Due at Lease Signing”

What may be missing: The fine print indicates that additional fees — sometimes several thousand dollars — are due at lease signing.

You’ve won!

What may be missing: The prize. This is just a tactic to get you into the showroom.

 

 

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.

 

10 Ways to Avoid Fraud

 

Scam artists in the U.S. and around the world defraud millions of people each year. They use the phone, email, postal mail, and the Internet to trick you into sending money or giving out personal information.

Victory State Bank suggests you become acquainted with the following 10 things you can do — or not do — to stop a scam:

 

WHAT TO DO

Know who you’re dealing with.

Try to find a seller’s physical address (not a P.O. Box) and phone number. With internet phone services and other web-based technologies, it’s tough to tell where someone is calling from. Do an online search for the company name and website, and look for reviews. If people report negative experiences, you’ll have to decide if the offer is worth the risk. After all, a deal is good only if you get a product that actually works as promised.

Know that wiring money is like sending cash.

Con artists often insist that people wire money, especially overseas, because it’s nearly impossible to reverse the transaction or trace the money. Don’t wire money to strangers, to sellers who insist on wire transfers for payment, or to anyone who claims to be a relative or friend in an emergency and wants to keep the request a secret.

Read your monthly statements.

Scammers steal account information and then run up charges or commit crimes in your name. Dishonest merchants bill you for monthly “membership fees” and other goods or services without your authorization. If you see charges you don’t recognize or didn’t okay, contact your bank, card issuer, or other creditor immediately.

After a disaster, give only to established charities.

In the aftermath of a disaster, give to an established charity, rather than one that has sprung up overnight. Pop-up charities probably don’t have the infrastructure to get help to the affected areas or people, and they could be collecting the money to finance illegal activity. For more donating tips, check out ftc.gov/charityfraud.

Talk to your doctor before you buy health products or treatments.

Ask about research that supports a product’s claims — and possible risks or side effects. In addition, buy prescription drugs only from licensed U.S. pharmacies. Otherwise, you could end up with products that are fake, expired, or mislabeled — in short, products that could be dangerous to your health. Learn more about buying health products online.

 

Remember there's no sure thing in investing.

If someone contacts you with low-risk, high-return investment opportunities, stay away. When you hear pitches that insist you act now, that guarantee big profits, that promise little or no financial risk, or that demand that you send cash immediately, report them at ftc.gov.

 

WHAT NOT TO DO

Don’t send money to someone you don’t know.

Not to an online seller you’ve never heard of — or an online love interest who asks for money. It’s best to do business with sites you know and trust. If you buy items through an online auction, consider using a payment option that provides protection, like a credit card.

If you think you’ve found a good deal, but you aren’t familiar with the company, check it out. Type the company or product name into your favorite search engine with terms like “review,” “complaint,” or “scam.” See what comes up — on the first page of results as well as on the later pages.

Never pay fees first for the promise of a big pay-off later — whether it’s for a loan, a job, a grant or a so-called prize.

Don’t agree to deposit a check and wire money back.

By law, banks have to make funds from deposited checks available within days, but uncovering a fake check can take weeks. You’re responsible for the checks you deposit: If a check turns out to be a fake, you’re responsible for paying back the bank. No matter how convincing the story, someone who overpays with a check is almost certainly a scam artist.

Don’t reply to messages asking for personal or financial information.

It doesn't matter whether the message comes as an email, a phone call, a text message, or an ad. Don’t click on links or call phone numbers included in the message, either. It’s called phishing. The crooks behind these messages are trying to trick you into revealing sensitive information. If you got a message like this and you are concerned about your account status, call the number on your credit or debit card — or your statement — and check on it.

Don’t play a foreign lottery.

It’s illegal to play a foreign lottery. And yet messages that tout your chances of winning a foreign lottery, or messages that claim you’ve already won, can be tempting. Inevitably, you have to pay “taxes,” “fees,” or “customs duties” to collect your prize. If you must send money to collect, you haven’t won anything. And if you send any money, you will lose it. You won’t get any money back, either, regardless of promises or guarantees.

Report Scams

If you think you may have been scammed:

If you get unsolicited email offers or spam, send the messages to This email address is being protected from spambots. You need JavaScript enabled to view it. .

If you get what looks like lottery material from a foreign country through the postal mail, take it to your local postmaster.

 

 

If you get unsolicited email offers or spam, send the messages to This email address is being protected from spambots. You need JavaScript enabled to view it. .

If you get what looks like lottery material from a foreign country through the postal mail, take it to your local postmaster.

 

 

 

 

How to Rid Your Phone of Telemarketers

  

Staten Island’s only community-based business bank offers advice

for blocking unwanted phone calls at home

 

STATEN ISLAND, N.Y. – If you are fed up with the annoyance of unsolicited phone call, Victory State Bank recommends registering your phone number with the National Do Not Call Registry.

The National Do Not Call Registry gives you a choice about whether to receive telemarketing calls at home.

Most telemarketers should not call your number once it has been on the registry for 31 days. If they do, you can file a complaint at https://complaints.donotcall.gov/complaint/complaintcheck.aspx.

You can register your home or mobile phone for free.

After logging onto https://www.donotcall.gov/register/reg.aspx, follow the registration steps below:

 

 

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.

 

  

What Should You Ask If Credit Is Denied?

  

 

STATEN ISLAND, N.Y. – If a creditor or insurance company says you were denied credit or insurance because you are too near your credit limits on your credit cards, you may want to reapply after paying down your balances. Because credit scores are based on credit report information, a score often changes when the information in the credit report changes.

If you’ve been denied credit or insurance or didn’t get the rate or terms you want, Victory State Banks suggests you ask these questions:

Ask the creditor or insurance company if a credit scoring system was used. If it was, ask what characteristics or factors were used in the system, and how you can improve your application.

If you receive a notice explaining that you are being offered less favorable credit terms than those offered to most other consumers, ask the creditor or insurance company why you aren’t getting its best offer.

If you are denied credit or not offered the best rate available because of inaccuracies in your credit report, be sure to dispute the inaccurate information with the credit reporting company. To learn more about this right, see Disputing Errors on Credit Reports.

 

 

 

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.