Victory State Bank: How to Avoid Fraud When Utilizing a Money Transmitter Service


STATEN ISLAND, N.Y. – When the need arise to send money, Victory State Bank urges consumers to use a money transmitter they trust.

In order to do business in New York, money transmitters must be licensed by the Department of Financial Services (DFS).  Money transmitters may operate through a network of agents.  Agents of money transmitters are not required to be registered or licensed by the DFS, but must have a written contract with a licensed money transmitter to act as its agent.

How do I know that I am using a licensed money transmitter or authorized agent of a licensed money transmitter?

All licensed money transmitters and their agents must affix a notice on the front window or entrance of its door, at least 20 inches wide x 12 inches high, indicating the name of the licensee and the statement that the licensee is “Licensed as a Money Transmitter by the Department of Financial Services.”

If you don’t see the sign, don’t use the money transmitter or agent!

What is a licensed money transmitter required to provide as evidence of a money transmission?

Get a receipt for your transaction. Save your receipt in case there is a problem. A receipt will make it easier to trace the transaction and to resolve any dispute surrounding the transaction. Your receipt would typically contain the following basic information:

  • The sender’s name
  • The receiver’s name
  • A notification of the option to pay the wired money in dollars
  • Any and all fees associated with the transfer

The receipt, at a minimum, is required by regulation to disclose the following:

  • The name and principal address of the licensee,
  • The type of transmission activity the licensee is authorized to engage in,
  • A telephone number established by the licensee to answer questions and register complaints,
  • That the licensee is licensed and regulated by the DFS,
  • That unresolved consumer complaints may be mailed to the DFS,
  • A statement of the liability of the licensee for nondelivery or delayed delivery,
  • A statement of the refund policy of the licensee,
  • The dollar amount of transmission, and
  • The fee charged.

What other types of information should I ask about?

Some money transmitters may charge additional or hidden fees. Ask about any other fees that may be charged to you and/or to the person to whom you are sending the money.

If you are sending money to a foreign country and not asking for the transaction to be delivered in dollars, ask about the licensee’s foreign exchange policy.  Determine if the foreign exchange policy or exchange rate is disclosed.  If an exchange rate is not disclosed, is the amount the beneficiary is to receive indicated?

Find out before you make your transaction if there is a time limit for filing a refund claim in the event of delayed payment or failed delivery. 

Shop Around for the Best Currency Exchange Rate and the Lowest Fees

Be aware that money transmitters charge different fees and may offer different exchange rates as the DFS does not regulate fees charged or exchange rates used within the money transmitter industry. Shop around.  Ask the money transmitter or its agent about the fees to be charged and its foreign exchange policy.

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 Reminds Staten Islanders That ‘Do Not Call Registrations’ Are Permanent


Staten Island, N.Y. – When at home, the folks at Victory State Bank enjoy their privacy. Regardless of your profession, no one enjoys being pestered at home by an ongoing barrage of telephone solicitors.

This is why Victory State Bank is reminding our friends and neighbors about the National Do Not Call Registry as a means to stop telemarketing.

Telephone numbers placed on the National Do Not Call Registry will remain on it permanently due to the Do-Not-Call Improvement Act of 2007, which became law in February 2008. More than 157 million phone numbers are on the National Do Not Call Registry.

Under the Act, the Federal Trade Commission will continue to remove telephone numbers that have been disconnected and reassigned to other customers. Consumers can delete their telephone numbers from the registry at any time by calling 1-888-382-1222 (TTY 1-866-290-4236) – the call must be made from the telephone number they wish to delete.

TO REGISTER YOUR NUMBER:

Online: http://www.donotcall.gov/
Phone: 1-888-382-1222

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 Points to Harmful Home Equity Practices


STATEN ISLAND, N.Y. -- Victory State Bank wants to help you keep your home and equity where it belongs, with you and your family.Working with the wrong lender can lead to losing you home. The Federal Trade Commission advises you to be on the lookout for:


• Loan Flipping: The lender encourages you to repeatedly refinance the loan and often, to borrow more money. Each time you refinance, you pay additional fees and interest points. That increases your debt. 


• Insurance Packing: The lender adds credit insurance, or other insurance products that you may not need to your loan.


• Bait and Switch: The lender offers one set of loan terms when you apply, then pressures you to accept higher charges when you sign to complete the transaction.


• Equity Stripping: The lender gives you a loan based on the equity in your home, not on your ability to repay. If you can’t make the payments, you could end up losing your home.


• Non-traditional Products: The lender may offer non-traditional products when you are shopping for a home equity loan:


      For example, lenders may offer loans in which the minimum payment doesn't cover the principal and interest due. This causes your loan balance, and eventually your monthly payments, to increase. Many of these loans have variable interest rates, which can raise your monthly payment more if the interest rate rises.


      Loans also may feature low monthly payments, but have a large lump-sum balloon payment at the the end of the loan term. If you can’t make the balloon payment or refinance, you face foreclosure and the loss of your home.

• Mortgage Servicing Abuses: The lender charges you improper fees, like late fees not allowed under the mortgage contract or the law, or fees for lender-placed insurance, even though you maintained insurance on your property. The lender doesn’t provide you with accurate or complete account statements and payoff figures, which makes it almost impossible for you to determine how much you have paid or how much you owe. You may pay more than you owe.


• The "Home Improvement” Loan: A contractor calls or knocks on your door and offers to install a new roof or remodel your kitchen at a price that sounds reasonable. You tell him you're interested, but can't afford it. He tells you it's no problem — he can arrange financing through a lender he knows. You agree to the project, and the contractor begins work. At some point after the contractor begins, you are asked to sign a lot of papers. The papers may be blank or the lender may rush you to sign before you have time to read what you've been given. The contractor threatens to leave the work on your house unfinished if you don't sign. You sign the papers. Only later, you realize that the papers you signed are a home equity loan. The interest rate, points and fees seem very high. To make matters worse, the work on your home isn't done right or hasn't been completed, and the contractor, who may have been paid by the lender, has little interest in completing the work to your satisfaction.



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 Wants You To Make Wise Choices


STATEN ISLAND, N.Y. -- Running a business means having to make important decisions.

Victory State Bank wants you to make the right choices. Some decisions can influence the future of your enterprise.

This may seem stressful, but the following tips from the U.S. Small Business Administration may help in your decision making:

  • Define, as specifically as possible, what the decision is that needs to be made. Is this really your decision or someone else's? Do you really need to make a decision? (If you do not have at least two options, there is no decision to be made.) When does the decision need to be made? Why is this decision important to you?
  • Brainstorm, and write down as many alternatives as you can think of. Be sure to use your resources (experienced friends and family, the Internet, etc.) to find out more about the implications of each option.
  • Visualize the outcome of each alternative. Do you feel more satisfied with one outcome than with the others?
  • Do a reality check. Cross off those alternatives that most likely will not occur.
  • Once you have made your decision, get moving on it. Worrying or second-guessing yourself will only cause stress. You have done your very best. Remember, no decision is set in stone!    



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.

 

  5 Social Media Mistakes You Can Easily Avoid


STATEN ISLAND, N.Y. – Time is money. This cliché is especially true if you run a professional practice or other type of business.

In today’s world, a lot of time is spent in the online world of blogs and social media. Victory State Bank suggests entrepreneurs take best advantage of the time they spend online by following a brief bit of advice from Relevant Public Relations.

The Relevant PR blog says:

Social media sites are like pharmaceuticals: They need to be tested to make sure they perform as intended – and work safely.

A post on Mashable.com reminded me that the site now known as Facebook first emerged in 2004. According to Wikipedia.org, Twitter was born in 2006, and LinkedIn was founded in 2003.

Each of these online venues is still relatively new, and their long-term influence – or side effects -- on business and society will not be known until years or even decades from now.

In the mean time, there are some things business people should avoid when communicating through any social media platforms.


For example:

1) DO NOT use your business’ social-networking Website for anything other than business.

2) DO NOT allow comments or photos to be posted on your company’s social-media pages prior to being screened for unsightliness, expletives, spam or other undesirable content.

3) DO NOT post useless information.

4) DO NOT brag, over-market or state flattering falsehoods about your business, or disparage your competition.

5) DO NOT forget to integrate your social media pages into other marketing, public relations or advertising initiatives you may have.

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

About Relevant Public Relations LLC

Relevant Public Relations is available online at www.RelevantPR.com, and may be reached at 718-682-1509 or via email:  This email address is being protected from spambots. You need JavaScript enabled to view it. .