Victory State Bank Warns of Fake Debt Collectors

 

 

STATEN ISLAND, N.Y. – Victory State Bank is urging that you be on alert for scam artists posing as debt collectors. It may be hard to tell the difference between a legitimate debt collector and a fake one. Sometimes a fake collector may even have some of your personal information.

If the caller refuses to answer your questions or is using bullying tactics, they are most likely not a legitimate debt collector.

The Federal Trade Commission suggests the following if you think that a caller may be a fake debt collector:

    • $1Ask the caller for his name, company, street address, and telephone number. Tell the caller that you refuse to discuss any debt until you get a written "validation notice." The notice must include the amount of the debt, the name of the creditor you owe, and your rights under the federal Fair Debt Collection Practices Act.
    • If a caller refuses to give you all of this information, do not pay! Paying a fake debt collector will not always make them go away. They may make up another debt to try to get more money from you.
    • $1Stop speaking with the caller. If you have the caller's address, send a letter demanding that the caller stop contacting you, and keep a copy for your files. By law, real debt collectors must stop calling you if you ask them to in writing.
    • $1Do not give the caller personal financial or other sensitive information. Never give out or confirm personal financial or other sensitive information like your bank account, credit card, or Social Security number unless you know whom you're dealing with. Scam artists, like fake debt collectors, can use your information to commit identity theft – charging your existing credit cards, opening new credit card, checking, or savings accounts, writing fraudulent checks, or taking out loans in your name.
    • $1Contact your creditor. If the debt is legitimate – but you think the collector may not be – contact your creditor about the calls. Share the information you have about the suspicious calls and find out who, if anyone, the creditor has authorized to collect the debt.
    • $1Report the call. Contact the FTC and your state Attorney General's office with information about suspicious callers. Many states have their own debt collection laws in addition to the federal FDCPA. Your Attorney General's office can help you determine your rights under your state's law.

 

 

About Victory State Bank:

VSB Bancorp, Inc. (NASDAQ: 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.

 

Victory State Bank Guides You To Saving Winter-Energy $$

STATEN ISLAND, N.Y. – Victory State Bank would like to remind you that in winter, when many people turn on their heaters and put up holiday lights, gas and electric bills can be much higher than usual.

According to the Department of Energy (DOE), a family spends more than $1,900 a year on electricity bills and other utilities. A big part of those costs come from wasted energy during those cold months.

However, you can save on winter energy costs if you make some changes in certain areas of your home.

Lighting

Improve the lighting in your home and save energy.

    • Replace traditional light bulbs with compact fluorescent light bulbs, which last between six and 12 times longer. Remember to turn off any lights that aren’t in use.
    • Consider using LED lights for Christmas decorations. These use 90 percent less energy than the standard Christmas lights.

Thermostats and heating

Keep your home warm and comfortable.

    • Install a programmable thermostat for your home’s heating system.
    • Keep the doors and windows closed while the heat is on.
    • Frequently change the filters in your furnace.
    • Set the thermostat on your water heater to 120 degrees Fahrenheit.

General tips

Be energy efficient throughout your home.

    • Only use the exhaust fan in the kitchen and bathrooms when necessary.
    • Repair any water leaks in the bathrooms, kitchen, laundry room, etc.
    • Use power strips to plug in portable heaters, television and cell phone chargers. That way, you can turn off the power switch when the devices are not in use.
    • If you’re thinking of replacing your appliances, make sure they have an Energy Star logo. Energy Star products are more energy efficient.

Programs for low-income families

During winter, the government helps low-income families with their energy bills.

The Low Income Home Energy Assistance Program, also known as LIHEAP, helps families pay some of their heating costs. Find out more at http://www.benefits.gov/benefits/benefit-details/1534.

 

About Victory State Bank:

VSB Bancorp, Inc. (NASDAQ: 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.

 

 

 

Victory State Bank Spotlights Travel Offer Scam

 

STATEN ISLAND, N.Y. – Are you beginning to make your holiday travel arrangements? Or, perhaps dreaming of a warm getaway far from the chilly New York air? Victory State Bank would like to advise you of a “free” travel offer scam.
 
 
The Federal Trade Commission says in these scams, the company — whose name appears to be that of a well-known airline — urge you to act quickly, or you might miss this “last chance.” They even sent a “voucher” for the tickets.
Before signing up for a “free” travel voucher, ask yourself the following questions:
 
  • What did I do to deserve this? It’s beyond improbable that you’ll get free airline tickets — or anything similar— out of the blue. Even if you entered a contest or sweepstakes, it’s unlikely that you’d get this kind of prize scot-free. The offer of something for nothing is a big red flag.
  • What’s the rush? “Act now…” “Last chance …” ”We’ve been trying to reach you ...” “Final attempt…” These are some of the phrases dishonest marketers and scam artists use to make you do something before thinking it though. Their object is to get you on the phone so they can pitch the urgency of their “offer.” Taking some time to think about it will spare you their fast talk — and possibly protect you from being ripped off.
  • What’s the catch? While some of the best things in life may be free, the best material things typically cost money. For example, even if there’s a chance of free airline tickets, you probably will be required to sit through a marathon, high-pressure sales pitch to get you to join a travel club, buy a timeshare, or otherwise commit money, sooner or later. In other words, the offer is not so “free” after all. And if you see the term “certain restrictions,” assume many restrictions will apply.
  • What’s that name again? Many scammers and dishonest marketers use names that sound very similar to legitimate airlines or other companies. Search the name of the company that sent you the letter to check on news articles or complaints. Check several sources: some companies flout the law even further by paying people to write fake endorsements.

 

 

 

About Victory State Bank:

VSB Bancorp, Inc. (NASDAQ: 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.

 

 

 

Victory State Bank Shares Advice on Starting an Internet Business

 

 

STATEN ISLAND, N.Y. – Starting an Internet business can sound like a dream: Work from home, set your own hours, be your own boss. But most Internet startups require significant investments of time and money, and many of them fail.

Victory State Bank would like to point out that often, bogus Internet-opportunity sales pitches are short on details and long on high-pressure tactics to persuade you to buy before you’ve investigated the offer.

You may encounter pitches like “Start your own Internet business;” “No experience required;” “Experts available to coach you” in a variety of places: on the Web and in e-mail offers, infomercials, classified ads, flyers, texts, telephone pitches, seminars, and direct-mail offers.

The Federal Trade Commission recommends doing the following before you buy any business opportunity:

 

  • Consider the promotion carefully. If it claims buyers can earn a certain income, the promoter also must give the number and percentage of previous purchasers who earned that much. If the promotion makes an earnings claim - but the additional information isn't there - the business opportunity seller may well be violating the law.
  • Study any disclosure documents. Under the Business Opportunity Rule, which is enforced by the FTC, many business opportunity promoters are required to provide a document to potential purchasers that includes information about cancellation and refund policies, whether the seller has faced any lawsuits from purchasers or other legal actions alleging fraud, and contact information for references who have bought the opportunity.
  • Interview previous buyers in person. This helps reduce the chance of being misled by phony references.
  • Do a few Internet searches by entering the company name, or the name of the company’s CEO or president, and words like “complaints” or “scam.” Contact the state attorney general's office, local consumer protection agency, and Better Business Bureau, both where the business opportunity promoter is based and where you live, to see if complaints are on file. While a complaint record may indicate questionable business practices, a lack of complaints doesn't necessarily mean the company – or the opportunity – is legitimate. Unscrupulous dealers often change names and locations to hide a history of complaints.
  • Consult an attorney, accountant, or other business advisor before you put any money down or sign any papers. Entering into a business opportunity can be costly, so it's best to have an expert check out the contract first.

 

 

About Victory State Bank:

VSB Bancorp, Inc. (NASDAQ: 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.

 

 

 

 

 

Victory State Bank Warns Against Deceptive Mortgage Ads

 

 

 

STATEN ISLAND, N.Y.If you’re looking for a mortgage to buy a home or refinance an existing loan, 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.

A 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. (NASDAQ: 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.