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News & Information
Quarterly Newsletter
Every quarter we mail our members a quarterly statement. It is during this time that dividends are paid, and members with only a regular share account receive a statement. Members with an active checking account will receive their statements monthly. With each quarterly statement, we prepare a quartlery newsletter, The Money Talker. Please be sure to check the newsletter each quarter!
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Information
FRAUD ALERT!
INTERNET AUCTION/CASHIER’S CHECK SCAM
If it seemed too easy to sell your car/boat/motorcycle or other large ticket item on E-Bay….it probably WAS!
At least two Members of our Credit Union have recently been victims of a scam concerning sales transacted through an internet auction. Both Members were selling large items, such as a motorcycle, and got a good price from a buyer. The buyer then contacted the Member (either by phone or e-mail) to arrange delivery and payment.
When the cashier’s check came for payment it was for more than the purchase and delivery charges. The Member was then contacted and told that the wrong amount was sent, and that the fastest way to “fix” the error was for the Member to wire transfer the extra money back to the buyer.
One Member is still trying to get his money back; the second was noticed by the teller taking the cashier’s check for deposit and was saved by a phone call to the bank that supposedly issued the cashier’s check. It was a counterfeit!
Although E-Bay and other internet auction sites are fun and usually a safe way to buy or sell items, there are predators who know how excited we all get when we win a bid or get the price we were looking for. Please refer to the safety tips below whenever you use an internet auction site or even the newspaper’s sale pages to buy or sell your “good stuff”:
- NEVER give your account information to anyone over the phone or internet.
- If you sell something to an unknown buyer, be sure to let us know to place a hold on the cashier’s check that you deposit. This means your deposit will not be available, generally for ten days, but you can also hold off on sending the merchandise until the check clears.
- Do not sign over title to the vehicle or mail the item to the buyer until you know that the check has cleared.
- Do not hesitate to call the issuing financial institution to find out if a cashier’s check or credit card check is legitimate.
- If you have any reason at all to suspect foul play in a transaction, contact us immediately. You may also contact the administrator of the auction site or local authorities.
- Do not be so embarrassed by the possibility that someone has tried to dupe you that you don’t do something about it! We can only help save your money if we know it may be in trouble! And all your business transactions are considered confidential, so only those with a need to know will be involved.
Questions? Call us! 475-4149, 226-3106 or 346-4633. Our Member Service Representatives and Bookkeeping staff are more than happy to answer your questions about check clearing, wire transfers and using the internet for shopping.
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