Victory State Bank Shares Scams Targeting Military Families



Victory State Bank Shares Scams Targeting Military Families

 

STATEN ISLAND, N.Y. – Recently, there has been an upswing in scams targeting Military families. In an effort to keep everyone informed, Victory State Bank would like to provide the following information from the Financial Fraud Enforcement Task Force.

Here are the scams to be aware of:


Charity Scams

Many legitimate charities are soliciting donations to support the nation’s military veterans as well as the families of active-duty personnel. And despite tough economic times, people reportedly are responding generously to these requests. However, not all “charities” are legitimate. Some are sham operators whose only purpose is to make money for themselves. The Federal Trade Commission, the nation’s consumer protection agency, says there are several ways to make sure your donations go to a legitimate charity rather than a greedy scam artist trying to use the cachet of veterans and military families to cash in. For example, did you know that the words “veterans” and “military families” in an organization’s name does not necessarily mean that veterans or the families of active-duty personnel will benefit from the money.


Credit Monitoring

Having good credit is an important issue for all individuals and protecting that credit when your identity has been stolen is critical. Active service members who deploy can place what’s called an “active duty alert” on their credit reports to help minimize their risk of identity theft. The alert requires creditors to take steps to verify your identity before granting credit in your name.


Payday Loans and Cash Advances

Have you ever heard about payday loans or cash advances? If you answered yes, you may know that they usually come with steep interest rates. If you are in the military, the average percentage rate charged on these types of loans cannot be more than 36%. The lender must give you documents that explain the cost of your loan and your rights. However, before you consider a payday loan or a cash advance, you may wish to consider other choices such as getting financial help from military aid societies. For example, you may wish to contact the Army Emergency Relief (703-428-0000), Navy and Marine Corps Relief Society (703-696-4904), Air Force Aid Society (800-769-8951), or Coast Guard Mutual Assistance (800-881-2462).

 



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. .

 

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