Credit Cards, Debit Cards, Gift Cards and What You Need to Know About Using Them; Part 2 of 3

 

Staten Island’s only community-based commercial bank highlights the positives and negatives of debit cards

 

STATEN ISLAND, N.Y. – Debit cards are arguably a popular financial tool. The positives and negatives of these plastic conveniences should never be ignored.

With this in mind, Victory State Bank is sharing the following information from the Department of Financial Services:

Debit Card
A debit card (also known as a check card or ATM card) is a card that is used to access money in a checking or savings account. Debit cards look like credit cards but operate like cash or personal checks. When you use a debit card, you are subtracting your money directly from your bank account and you can spend only up to the amount in that account. Debit cards can be used at Automated Teller Machines (ATMs) and some types are also accepted at many grocery stores, retail stores, gas stations, and restaurants.

There are different types of debit cards:

 

  • Online cards use transactions called Electronic Funds Transfers or EFTs. There is an immediate transfer of money from your bank account to the merchant's account. To access your account, you enter your personal identification number (PIN) in a keypad, as you would at an ATM. The system checks your account and transfers enough money to cover the transaction. The merchant may charge a fee for this transaction.
  • Off-line - These cards are known as check cards, and are linked to your checking account. They are available through your bank and carry a credit card logo (such as Visa or MasterCard). The transaction, while it debits your account directly, resembles a credit card transaction, in that you sign receipt, as you would with a credit card. For a consumer, there is no noticeable difference between using these cards and ATM cards - they were created for merchants who don't or can't process EFTs.
  •  A debit-check card works both as a check card and as a debit card, allowing you to shop at places that take only credit cards, and also to get cash from an ATM.

 

    • The Positives
      •   Getting a debit card is easier than getting a credit card and will often be issued with a checking account.
      •   You do not have to carry large amounts of cash or a checkbook and can visit an ATM when you run out of money. This may help you avoid the need for traveler's checks or carrying a lot of cash when traveling.
      •   You will not build up debt using your debit card.
      •   Debit cards may be more readily accepted by merchants than checks.
      •   Government regulations require debit card issuers to hold you responsible for a maximum loss of $50 if the debit card is reported lost or stolen within two days of discovery. Liability increases to $500 if the lost or stolen debit card is reported within 60 days. (After 60 days you will not be able to get any of your money back!)
      •   There are debit cards that can be pre-paid by a parent for a child. These cards can be used as a financial education tool. The parent 'loads' the card with money and carefully monitors the use of the card.
    • The Negatives:
      •   The money is immediately withdrawn from your account.
      •   You are charged a fee for a transaction when you use your PIN.
      •   Using a debit card may mean you have less protection than with a credit card purchase for items which are never delivered, are defective, or were misrepresented. Returning goods or canceling services purchased with a debit card is usually treated as if the purchase were made with cash or a check; you may be limited to a store credit or have to wait for a refund in the mail.
      •   If you don't report your card as lost or stolen within 60 days your account can be emptied.

 

 

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

Mobile:917-715-8761

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

 

 

 

Credit Cards, Debit Cards, Gift Cards and What You Need to Know About Using Them; Part 1 of 3

 

Staten Island’s only community-based business bank highlights the positives and negatives of credit cards

 

STATEN ISLAND, N.Y. –  Credit cards are arguably included among most people’s financial tools. But the positives and negatives of these plastic conveniences should never be ignored.

With this in mind, Victory State Bank is sharing the following information from the Department of Financial Services:

Credit Cards

Credit cards give you access to a revolving line of credit, the amount of which is capped by the card issuer. When you use a card to make a purchase, you are borrowing money from the company that issues the card. You sign the card on the back and when you make a purchase, you sign a receipt. The two signatures are then compared to make sure they match. When you buy something by mail, phone or Internet, you provide the card's expiration date and a security code found on the card. Every card comes with a customer agreement. It's important for you to know the terms of that agreement. Simply put: You agree to repay a minimum amount once every billing period and you receive a monthly statement detailing your charges, any interest that may have accrued on an unpaid balance and the minimum payment you must make.

The Positives:

  • $A credit card can help you establish a positive credit history if it is used responsibly.
  • With a credit card you have access to more money than can be safely carried around in cash.
  •  Credit cards can provide an extra source of money for unexpected expenses.
  • Some airline tickets, rental cars and hotel rooms, can only be secured using a credit card.
  • If your card is lost or stolen and used without your permission you are not held responsible for unauthorized charges above $50 as long as you report the card missing.
  • When you use the card to make purchases, you will have a record of that spending.
  • Most credit cards offer warranties against product defects, bankrupt airlines, etc. You may also receive extended warranties and protection from theft and damage for purchases you make with that card.
  • Some credit cards let you earn points or offer discounts or rebates on certain types of purchases.
  • Stop payments on purchases are possible with credit cards. 

The Negatives:

  •  You may buy more with a credit card than you normally would spend in cash. Credit cards can be used too often and for unnecessary items and debt can add up quickly.
  •  You pay a finance charge or interest if you do not pay the full amount every month by the due date and sometimes you pay a yearly fee.
  •  Credit card debt can be compounded by finance charges, a raised interest rate and other fees if payments are missed or late.
  •  Problems with a credit card can show up on your credit report and hurt your credit history.
  •  If you get a cash advance on a credit card there are cash advance fees, interest accrues from day one and there is no grace period. The interest rates are also higher for cash advances than for credit purchases.
  •  Credit cards that offer incentives, like airline miles or other goods and services, often place restrictions on the goods or services or offer services that you don't really need or are unable to use.

Guaranteed Credit Card: A Scam for Sure!

There is no such thing as a guaranteed credit card. Never pay anyone in advance for a so-called guaranteed credit card. If the entity making the offer doesn't steal your "advance payment" outright, what you may end up with is a card that can only be used to purchase certain goods from a particular company. No one can guarantee in advance that you will be approved for a credit card by a legitimate credit card company - you have to apply and be evaluated.

 

 

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

Mobile:917-715-8761

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

  

Using Your Home as Collateral

 

Staten Island’s only community-based business bank recommends taking a serious look at your home collateral options

 

STATEN ISLAND, N.Y. – If you need money to pay bills or make home improvements, and think the answer is in refinancing, a second mortgage, or a home equity loan, consider your options carefully. If you can't make the payments, you could lose your home as well as the equity you've built up.
Don’t let anyone talk you into using your home as collateral to borrow money you may not be able to pay back.
High interest rates and credit costs can make it very expensive to borrow money, even if you use your home as collateral.
Not all loans or lenders (known as “creditors”) are created equal. Some unscrupulous creditors target older or low income homeowners and people with credit problems. These creditors may offer loans based on the equity in your home, not on your ability to repay the loan.
Avoid any creditor who:


 Tells you to lie on the loan application. For example, stay away from a lender who tells you to say that your income is higher than it is.
 Pressures you into applying for a loan or for more money than you need.
 Pressures you into accepting monthly payments you can't comfortably make.
 Doesn’t give you required loan disclosures or tells you not to read them.
 Misrepresents the kind of credit you're getting, like calling a one-time loan a line of credit.
 Promises one set of terms when you apply, and gives you another set of terms to sign — with no legitimate explanation for the change.
 Tells you to sign blank forms — and says they'll fill in the blanks later.
 Says you can't have copies of documents you signed.

 

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

Mobile: 917-715-8761

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

 

A Text Message That is No Prize

 

Staten Island’s only community-based commercial bank warns against text message scams

STATEN ISLAND, N.Y. – A free iPad? A $1,000 gift card? And all for clicking on a “YOU HAVE BEEN SELECTED FOR A PRIZE” text message you got out of the blue? According to the Federal Trade Commission, text message scams are on the rise yet again.

So what can you do when you get unwanted text messages?

  • Delete the text messages. Especially ones that ask you to enter a special code, or to confirm or provide personal information. Legitimate companies don’t text or email to ask for sensitive information like your Social Security number, bank account numbers, credit card and utility account numbers, or passwords.
  • Don’t reply or click on links within the text message. Links can take you to spoof sites that look real but will steal your personal information.
  • Review your cell phone bill for unauthorized charges, and report them to your carrier.

If you are an AT&T, T-Mobile, Verizon, or Sprint subscriber, report spam texts to your carrier by copying the original message and forwarding it to the number 7726 (SPAM), free of charge.

 

 

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

Mobile:917-715-8761

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

 

 

 

Tips for Secure Credit Card Use

 

Staten Island’s only community-based commercial bank echoes sound advice from the FTC

  

STATEN ISLAND, N.Y. – Regardless of whether you’re using your credit card to buy a laptop or laundry soap, you have rights and responsibilities under the law. Getting a good grip on the safe use of credit cards can help you avoid a credit calamity.

The Federal Trade Commission suggests the following security tips:

    • Never lend your card to anyone.
    • Never sign a blank charge slip. Draw lines through blank spaces on charge slips above the total so the amount can’t be changed.
    • Never put your account number on the outside of an envelope or a postcard.
    • Always be cautious about disclosing your account number on the telephone, online, or other communication device unless you know the person you’re dealing with represents a reputable company.
    • Keep your receipts and print out online receipts so you can reconcile the charges on your bill.
    • Carry only the cards you expect to use to minimize the damage of a potential loss or theft.
    • Keep a record – in a safe place separate from your cards — of your account numbers, expiration dates, and phone numbers of each creditor to report a loss quickly.

 

 

 

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 onlinehttp://www.victorystatebank.com.

Media Inquiries:

Relevant Public Relations, LLC

Headquarters: 718 682 1509

http://www.RelevantPR.com

Mobile: 917-715-8761