Victory State Bank Warns Of Timeshare Marketing Scams

STATEN ISLAND,  N.Y. –  Beware of marketing scams involving timeshare properties. Victory State Bank is spotlighting a warning from the Internet Crime Complaint Center (IC3), http://www.ic3.gov/default.aspx.

According to IC3, timeshare owners across the country are being scammed out of millions of dollars by unscrupulous companies that promise to sell or rent the unsuspecting victims' timeshares.

In the typical scam, timeshare owners receive unexpected or uninvited telephone calls or e-mails from criminals posing as sales representatives for a timeshare resale company. The representative promises a quick sale, often within 60-90 days.

The sales representatives often use high-pressure sales tactics to add a sense of urgency to the deal. Some victims have reported that sales representatives pressured them by claiming there was a buyer waiting in the wings, either on the other line or even present in the office.

Timeshare owners who agree to sell are told that they must pay an upfront fee to cover anything from listing and advertising fees to closing costs.

Many victims have provided credit cards to pay the fees ranging from a few hundred to a few thousand dollars.

Once the fee is paid, timeshare owners report that the company becomes evasive – calls go unanswered, numbers are disconnected, and Web sites are inaccessible.

Anyone who believes they have been a victim of this type of scam should promptly report it to the IC3's Web site at www.IC3.gov. The IC3's complaint database links complaints together to refer them to the appropriate law enforcement agency for case consideration.

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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