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Our experienced staff answer your questions.
Safe Check Ordering
QUESTION: What should I know about ordering checks, especially from companies that advertise online and in magazines and newspapers?
ANSWER: Inexpensive checks, not ordered through your bank, have a high potential of causing problems including identity theft & fraud. Consider that you are sending account numbers & personal information to a company that you know little about. It is quite probable that your personal information will be sold to list dealers. Don’t be fooled by teaser rates for inexpensive checks. Re-orders & shipping rates may double or triple. We work diligently to combat check fraud that may lead to identity theft. We choose a checking supplier with proven security features. Security, of the level that we have established at our offices, is crucial for safeguarding account information. Here is a sampling of security measures our customers who order checks from us enjoy.
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Padlock Icon — This symbol indicates that security features on checks are detailed in Warning Box on back of check. Checks bearing icon without a Warning Box are suspect.
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Magnetic Ink —Laser toner, the alternative offered by many companies, is susceptible to fraud because it can be lifted or easily changed.
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Security Screen — Specially formulated inks and graphics are visible to the eye but difficult to replicate through photocopying or scanning.
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Unique Design Features — Foiling, embossing, and high-resolution borders make check reproduction difficult.
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Additional security elements remain invisible to the eye until tampered with.
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Your personal information remains safe and secure with us - never sold to outside vendors and you are never added to unsolicited mailing lists.
Person- to-Person Payments Go High Tech
Question: Do you know of a way that I can have a friend pay me using their debit card, for example when we go to dinner and split the tab?
Answer: Great question!
There are several ways that this can be accomplished today but expect many changes in products and services in the near future and do your homework before you make a purchase.
Many people use a debit card exclusively for groceries, gas, and other shopping because of the convenience and the security, especially when your photo is on your card. Personal bookkeeping is incredibly simple since each transaction happens in real time meaning that the funds are immediately withdrawn from your account & transaction information (i.e. purchase amount, time, merchant) is available when you log in to your online banking account.*
The downside of this is that many of us carry very little cash – cash we need to make purchases at a garage sale, pay our friends or family for the restaurant tab and many other instances.
Recently, SquareTwitter co-founder Jack Dorsey started a mobile payment company - Square - which is the simplest way for individuals (and businesses) to accept credit/debit cards. The whole concept is to enable easy credit/debit card transactions using a small sleek device, the card swiper, which plugs directly into the headphone/microphone jack of the iPhone, iPod Touch or iPad. The device costs 9.95.
I just bought one of these and it is amazing. Now I can accept credit/debit cards for everything including a payment from my friend for their portion of the dinner tab or a payment from someone shopping at my garage sale. The funds are sent to the account that I designate and I can send receipts electronically.
*many factors can affect the speed of the transaction including the merchant and the bank processing policies.
Question: What is payday lending?
Answer: Payday lenders depend on consumers needing cash right away. Payday loans, also called 'check cashing' or 'payroll advance', are risky and very expensive loans to get you through until your next paycheck. They are tempting because they may be easy to get because a borrower's credit worthiness does not have to be established. While lenders like your local bank are monitored and regulated, most payday lenders are not.
Here is an example of what a payday loan could cost though many variables can impact the amount that you need to repay.
- A payday loan may cost $20 - $40 per $100 borrowed if it is repaid in 2 weeks. If you borrow $400, you must repay $480 when your paycheck arrives. If it takes you 12 weeks to repay the original $400, your interest will amount to $480 meaning you are repaying $880!
The best way to avoid payday loans is to establish your own $500 emergency fund as a savings account. Make a list of what constitutes an emergency and use the money only for these items. Make sure you have a personal and/or household budget and stick to it. This takes planning and work and you can't buy everything you want but it is worth it so that you can avoid running out of money at the end of a pay period.
(Based on information from the ABA Education Foundation).
LOOKING FOR TRAVELER'S CHECKS?
Question: Why can’t I find travelers’ checks and what is my alternative for summer travel?
Answer: Traveler’s checks are still available though many banks have discontinued carrying them due to lack of demand. Many businesses no longer accept travelers' checks and younger clerks may not know what they are.
Our recommendation: Our Visa TravelMoney Card. We load and issue this card while you wait, using funds from your checking/savings account. The Card is accepted at stores & restaurants worldwide or online - anywhere Visa debit cards are accepted. You can also obtain local currency from ATMs.
The card is re-loadable and the spending is limited to the amount of money you place on the card. It’s less hassle than travelers' checks & safer to carry than cash. Because this Card is not tied to your personal banking information, your purchases - and credit rating - are protected from identity theft & fraudulent use. If lost or stolen, the unspent amount can be refunded to you but the thief will not be able to access any of your personal accounts because the card does not hold this information.
Stop in for a Visa TravelMoney Card. Reload the card as many times as you like, online 24/7 or you may call us for assistance. Excess money on the card is refundable.
Reliable, safe, and good for our customers. That’s what we’re all about.
YOUR CREDIT SCORE
QUESTION: What Does My Credit Score Really Mean?
ANSWER: A credit score is a measure of risk based on a person's credit history and indicates how likely they are to repay a loan & make payments on time. A higher score is considered lower risk & this person is likely to get better loan terms than people with low credit scores.
A credit score can range from 300 to 900, depending on the rating agency. Generally, about 35% of the score is based on payment history; 30% is based on the ratio of outstanding debt to credit available; 10% is based on the number of inquiries into a report; and 10% is based on types of credit. Some lenders have their own scoring methods that may include information such as income or length of time at the same job.
Your credit report, which includes your score, also contains more information about you, including name, Social Security number, current and former addresses - and current and past employers. If you're unemployed, that information may be in your credit report, though not your credit report score. Under the law, credit bureaus are not allowed to take your employment status into consideration when formulating your credit score.
Remember - check your credit report annually. You can get one free copy of your report each year. If you find errors, dispute them.
Federal Trade Commission 877-322-8228 or www.annualcreditreport.com.
DEBIT CARDS
QUESTION: How safe is my debit card?
ANSWER: Many people are using debit cards because it's convenient and you are spending money that is already in your checking account – it is not a credit card. Today, debit cards come with many security features. Having your photo on your card makes it harder for others to use it if it's lost or stolen. At Brainerd Savings and Loan, we are so convinced that a PHOTO Debit Card increases security that we provide it FREE to our debit card customers, while many other banks charge $10 – $15 to add a photo to your debit card. "We want our customers to be confident that we're doing everything we can to protect their accounts from fraud and theft," says John Forrest, Brainerd Savings & Loan President. "Using a debit card securely should be hassle-free, and adding your photo to your card increases security for you.”
We are also proud of the fraud monitoring reviews we provide. These help to block potential fraud if unusual usage patterns are detected. According to Sharon, our Deposit Operations Specialist, “We encourage our customers to contact us prior to international travel or making purchases that are not typical card usage for them so we can quickly handle monitoring flag issues.”
Knowing the features of your debit card and checking account will help you decide about the safety of your debit card and to get the most out of your banking relationship.
