Victory State Bank: Debit Cards’ Consumer Protection

Differs From Credit Cards

STATEN ISLAND, N.Y. -- Although both credit cards and debit cards are easy ways to pay for your purchases, debit cards have some different levels of consumer protection and the potential for consumer fees.

The government Web site USA.gov explains that debit cards are directly connected to your bank account, so when you swipe your card make sure that you have the money in your account to pay immediately.

If you don't have enough money in your account, your bank may "loan" the money and pay the overage. However they may charge you up to $35 for this courtesy, even if the dollar amount the bank covered was small. There may also be fees applied to your card when you use your card with your PIN.

Debit cards don't offer as much protection against fraudulent use, or if your card is lost or stolen. Also, if you need to dispute a purchase, you are in a weaker position because the merchant already has the money and it will only be returned if you win the dispute.

Another fact to keep in mind is when you use your debit card to make reservations for hotels or rental cars, a hold is placed on your debit card (and your checking account) which can affect your other pending transactions. Even if the hold is removed, it may take as long as a week to make the funds available to you again.

For more information about debit cards, visit http://www.usa.gov/topics/money/banking/atm-debit.shtml.

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

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Victory State: Review Your Budget, and Update as Needed

STATEN ISLAND, N.Y. – Victory State Bank is reminding consumers and business owners alike that budgets aren’t carved in stone. Budgets are important; however, there are times they need to be adjusted to reflect changes in finances.

A budget is a tool to help you plan, prioritize, and manage your income and expenses. Review your budget often and update it when you are experiencing a change in income and expenses.

Victory State Bank suggests that everyone create a budget, and follow these useful tips from the Federal Trade Commission:

  • Write down your monthly take-home pay. Or if you’re out of work, your unemployment compensation. If you’re in sales – or work on commission – you may have to estimate, since your income may vary from month to month. List income you receive from any source, like a part-time job, a tax refund, gifts, unemployment, public assistance, dividends, and alimony or child support. Add the entries to determine your actual income for that month. Keep in mind, some of these amounts may fluctuate.
  • List how much you deposit in savings each month from your take-home income, even if it’s only a small amount.
  • List your fixed monthly expenses – the predictable, set amounts for the must-have items and services that you pay for each month – like rent or mortgage, car payment, and telephone, cable, or Internet access.
  • List your variable expenses – the amounts that change, as well as the expenses you pay weekly, monthly, quarterly, semi-annually, or every year – like groceries, clothing, haircuts, property taxes, auto and homeowners insurance, and gas and electric.
  • List estimates for once-in-a-while expenses – like birthday and wedding gifts, or holiday gifts and entertainment.
  • Total your fixed and variable expenses and divide by 12 to get a monthly estimate.
  • If after paying your bills and putting money in savings, you still have funds, you can carry over the balance for the next month or use it for unexpected expenses. If this month’s balance is negative, look for ways to cut back on the variable expenses.

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.