Staten Island Business Bank Helps Spread Word of Military Consumer Protection Day

 

Are you a service member or Veteran? Victory State Bank  wants you to know that today – July 16 -- is the second annual Military Consumer Protection Day (MCPD).

The Federal Trade Commission, along with more than 30 public and private sector organizations, are collaborating to provide military consumers with free resources about managing their money, avoiding scams, and dealing with identity theft in celebration of today’s event.

MCPD is part of Military Consumer, a year-round campaign hosted by the FTC, the Department of Defense, the Consumer Financial Protection Bureau, Military Saves, and other consumer advocacy and military support organizations to empower and engage service members, Veterans and their families with information related to pocketbook issues. 

The centerpiece of MCPD is a town hall/Twitter chat today at 2 p.m.

To join the conversation, which is focused on identity theft and credit-related issues, submit questions using the hashtag #MCPD2014. Visit Military Consumer to learn more about the ongoing campaign, subscribe to the blog, and more.

About The Federal Trade Commission

The Federal Trade Commission works for consumers to prevent fraudulent, deceptive, and unfair business practices and to provide information to help spot, stop, and avoid them. To file a complaint in English or Spanish, visit the FTC’s online Complaint Assistant or call 1-877-FTC-HELP (1-877-382-4357). The FTC enters complaints into Consumer Sentinel, a secure, online database available to more than 2,000 civil and criminal law enforcement agencies in the U.S. and abroad. The FTC’s website provides free information on a variety of consumer topics. Like the FTC on Facebook, follow us on Twitter, and subscribe to press releases for the latest FTC news and resources.

 

 

About Victory State Bank

VSB Bancorp, Inc. (OTCQB: 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 onlinehttp://www.victorystatebank.com.

Media Contact for Victory State Bank 

Relevant Public Relations, LLC

Headquarters: 718‑682‑1509

Mobile: 917‑715‑8761

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

 

 

Staten Island Commercial Banks Shares Tips For Avoiding ‘Anti-Aging’ Product Scams

 

Victory State Bank looks to FBI for red flags of product fraud

 

Scammers are always trying to dig into consumer wallets. This is why we all need to be diligent about potential fraud.

Are you showing signs of aging? As the years pass, it’s only natural. What isn’t  natural, however, are the rip-offs perpetrated by thieves who claim they can make you look years younger.

 

With this in mind, Victory State Bank is sharing the following tips from the FBI on how to avoid fraudulent “anti-aging” products:

  

  • If it sounds too good to be true, it probably is. Watch out for “Secret Formulas” or “Breakthroughs.”
  • Don’t be afraid to ask questions about the product. Find out exactly what it should and should not do for you.
  • Research a product thoroughly before buying it. Call the Better Business Bureau to find out if other people have complained about the product.
  • Be wary of products that claim to cure a wide variety of illnesses — particularly serious ones — that don’t appear to be related.
  • Be aware that testimonials and/or celebrity endorsements are often misleading.
  • Be very careful of products that are marketed as having no side effects.
  • Question products that are advertised as making visits to a physician unnecessary.
  • Always consult your doctor before taking any dietary or nutritional supplement.

 

 

 

About Victory State Bank

VSB Bancorp, Inc. (OTCQB: 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 onlinehttp://www.victorystatebank.com.

Media Contact: 

Relevant Public Relations, LLC

Headquarters: 718‑682‑1509

Mobile: 917‑715‑8761

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

 

 

 

Subject to new tax surcharge?

 

Victory State Bank sees investment-income levy spawning strategies

 
 

STATEN ISLAND, N.Y. -- The impact of the new federal 3.8 percent surtax on net investment income is already shaping approaches to 2014 returns. 

Victory State Bank says the increasing volume of buzz about the new tax indicates a large number of people are in its crosshairs.


Single taxpayers with a modified adjusted gross income (MAGI) above $200,000 are subject to it, as are couples above $250,000.

The Net Investment Income Tax (NIIT) has shown itself to be somewhat complicated in taking a bite from interest, dividends, capital gains, rental receipts, royalties, and more.

Forbes magazine tells readers, "The NIIT is still practically brand-new, and the final regulations are complex." 

At the end of a piece outlining some ways to reduce or avoid the surcharge, some of which Forbes suggests may not be practical, the magazine says, "Pay a tax pro before trying any fancy stuff."

In fact,the American Institute of CPAs has issued advisory information for practitioners toward minimizing the impact on individuals' passive investment income and on estates and trusts.


The levy was widely described as a way to help pay for the The Patient Protection and Affordable Care Act, popularly called Obamacare.

 

The surcharge's reach is rather sweeping, and other sources are distilling the basics into short lists that include these highlights: 

  •   Gains from selling stocks and securities in taxable brokerage accounts; capital gains from mutual funds; real estate gains that include the taxable portion of a large gain from the sale of a principal residence. 
  •   Gross income from (a) dividends, (b) interest but excluding tax-free interest such as from municipal bonds, (c) royalties, (d) annuities, (e) gains from passive business activities requiring minimal time spent on them, and (f) rents.
  •   Gains from the sale of passive partnership interests and S corporation stock which take up very little time.
  •   Gross income and gains from trading financial instruments or commodities.

 

For someone considering a tax-trimming conversion to a Roth, a caveat from Kiplinger's advises keeping income below amounts that trigger the tax and being mindful of the 3.8 percent if there's a likelihood of crossing into a higher bracket.



 About Victory State Bank

VSB Bancorp, Inc. (OTCQB: 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 Contact: 

Relevant Public Relations, LLC

Headquarters: 718‑682‑1509

Mobile: 917‑715‑8761

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

 

Applying For a Loan? You Are Protected By the Equal Credit Opportunity Act

 

Victory State Bank echoes federal law that prohibits credit discrimination on the basis of race, color, religion, national origin, sex, marital status, age, and more

 

People use credit to pay for education or a house, a remodeling job or a car, or to finance a loan to keep their business operating. If you are applying for a loan, Victory State Bank, Staten Island’s only community-based business bank, suggests you know your rights under federal law to ensure discrimination doesn’t play a role in a lender’s decision-making process.

The Federal Trade Commission (FTC), the nation’s consumer protection agency, enforces the Equal Credit Opportunity Act (ECOA), which prohibits credit discrimination on the basis of race, color, religion, national origin, sex, marital status, age, or because you get public assistance.

Creditors may ask you for most of this information in certain situations, but they may not use it when deciding whether to give you credit or when setting the terms of your credit. Not everyone who applies for credit gets it or gets the same terms: Factors like income, expenses, debts, and credit history are among the considerations lenders use to determine your creditworthiness.

The law provides protections when you deal with any organizations or people who regularly extend credit, including banks, small loan and finance companies, retail and department stores, credit card companies, and credit unions. Everyone who participates in the decision to grant credit or in setting the terms of that credit, including real estate brokers who arrange financing, must comply with the ECOA.

For a brief summary of the basic provisions of the ECOA, log onto: http://www.consumer.ftc.gov/articles/0347-your-equal-credit-opportunity-rights.

 

 

About Victory State Bank

VSB Bancorp, Inc. (OTCQB: 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 onlinehttp://www.victorystatebank.com.

Media Contact: 

Relevant Public Relations, LLC

Headquarters: 718‑682‑1509

Mobile: 917‑715‑8761

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

 

Protect Deceased’s Identity from Theft

 

Victory State Bank offers pragmatic IRS advisory



Each year, thieves steal the identities of nearly 2.5 million deceased Americans.

Victory State Bank suggests following these few simple IRS tips to reduce the risk of a deceased person’s identity being stolen:

  • Send the IRS a copy of the death certificate; this is used to flag the account to reflect that the person is deceased.
  • Send copies of the death certificate to each credit reporting bureau asking them to put a “deceased alert” on the deceased’s credit report.
  • Review the deceased’s credit report for questionable credit card activity.
  • Avoid putting too much information in an obituary, such as birth date, address, mother’s maiden name or other personally identifying information that could be useful to identity thieves. More information to help you guard against identity theft is available at IRS.gov; enter ID Theft in the search box.

  

 

About Victory State Bank

VSB Bancorp, Inc. (OTCQB: 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 Contact: 

Relevant Public Relations, LLC

Headquarters: 718‑682‑1509

Mobile: 917‑715‑8761

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