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 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.

 

 

Victory State Bank Shares 4 Things You Need to Know About Repaying Your Student Loans

 

 

STATEN ISLAND, N.Y.After college, understanding student loan repayment can be a grey area for many graduates. Victory State Bank, along with the U.S. Department of Education, would like to provide you with the following information to help with this process.

When do I begin repaying my federal student loans?

You don’t have to begin repaying most federal student loans until after you leave college or drop below half-time enrollment. Many federal student loans have a grace period. The grace period is a set period of time after you graduate, leave school, or drop below half-time enrollment before you must begin repaying your loan. The grace period gives you time to get financially settled and to select your repayment plan. Note that for most loans, interest will accrue during your grace period.

Your loan servicer or lender will provide you with a loan repayment schedule that states when your first payment is due, the number and frequency of payments, and the amount of each payment.

Whom do I pay?

The U.S. Department of Education uses severalloan servicersto handle the billing and other services onfederal student loans. Your loan servicer will work with you to choose a repayment and will assist you with other tasks related to your federal student loans. It is important to maintain contact with your loan servicer and keep your servicer informed of any changes to your address, e-mail, or phone number.

How much do I need to pay?

Your bill will tell you how much to pay. Your payment (usually made monthly) depends on

§  the type of loan you received,

§  how much money you borrowed,

§  the interest rate on your loan, and

§  the repayment plan you choose.

You can use ourrepayment estimatorto estimate your monthly payments under different repayment plans to determine which option is right for you. Just remember, if you would like to switch repayment plans, then you must contact yourloan servicer.

What should I do if I’m having trouble making my student loan payments?

Contact your loan servicer as soon as possible. You may be able to change your repayment plan to one that will allow you to have a longer repayment period or to one that is based on your income. Also, ask your loan servicer about your options for a deferment or forbearance or loan consolidation.

 

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 Advises Writing a Letter

If A Company Disappoints You

 

 

 

STATEN ISLAND, N.Y. – Victory State Bank reminds you that you do not have to stay unsatisfied with a product or service you have paid for. Most businesses want to keep you happy so you'll keep coming back. If phone calls to a company do not correct the problem, a written letter can be a helpful next step.

 

The Federal Trade Commission recommends the following tips when writing a letter to a company.

 

  • Be clear and concise. Describe the item you bought and the problem; include serial or model numbers, and the name and location of the seller.

 

  • State exactly what you want done and how long you are willing to wait for a response. Be reasonable.

 

  • Don't write an angry, sarcastic, or threatening letter. The person reading your letter probably isn’t responsible for the problem, but may be very helpful in resolving it.

 

  • Include copies of relevant documents, like receipts, repair orders, and warranties. Keep the originals.

 

  • Provide your name, address, and phone numbers. If an account is involved, be sure to include the account number.

 

 

 

You may want to send your letter by certified mail and request a return receipt. You’ll have proof that the company got your letter and who signed for it.

 

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 Reducing Direct Marketing Solicitations

 

 

STATEN ISLAND, N.Y.Victory State Bank knows that you may want to have your name removed from direct marketing lists. Direct marketing can become quite bothersome to uninterested consumers. Be aware, however, that if you purchase goods by phone or mail after your name is removed, it may be added again.

The Federal Trade Commission has provided the following information on having your name removed from direct marketing lists.

 

Telemarketing

The Federal Government has created the National Do Not Call Registry — the free, easy way to reduce the telemarketing calls you get at home. To register, or to get information, visit www.donotcall.gov, or call 1-888-382-1222 from the phone you want to register. You will receive fewer telemarketing calls within three months of registering your number. It will stay in the registry for five years or until it is disconnected or you take it off the registry. After five years, you will be able to renew your registration.

 

Mail

The DMA Mail Preference Service lets you opt out of receiving direct mail marketing from many national companies for five years. When you register with this service, your name will be put on a “delete” file and made available to direct-mail marketers. However, your registration will not stop mailings from organizations that are not registered with the DMA’s Mail Preference Service. To register with DMA, send your letter to:

DMAchoice
Mail Preference Service
PO Box 643
Carmel, NY 10512

Or register online at www.dmachoice.org.

 

Email

The DMA also has an EMail Preference Service to help you reduce unsolicited commercial emails. To “opt-out” of receiving unsolicited commercial email, use DMA’s online form at www.dmachoice.org. Your online request will be effective for one year.

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.