Be wary of those who come bearing
gifts. The most recent credit card scam works like this:
A phone call from someone who says
that he is from some outfit called: "Express Couriers" asking if
someone was going to be home because there is a package, and the
caller says that the delivery would arrive at your home in
roughly an hour. And sure enough, about an hour later, a
delivery man turns up with a beautiful basket of flowers and
wine. What a surprise for you (especially if there is no special
occasion or holiday), and no-one certainly expects anything like
that! Intrigued you ask who the sender is. The deliveryman's
reply was, he is only delivering the gift package, but allegedly
a card is being sent separately; (the card never arrives). There
is also an official looking ‘consignment’ note with the gift. He
now goes on to explain that because the gift contains alcohol,
there is a $3.50 ‘delivery charge’ as proof that he had actually
delivered the package to an adult, and not just left it on the
doorstep to just be stolen or taken by anyone. Sounds logical
doesn’t it? You offer to pay cash but he tells you that the
company requires the payment to be by credit or debit card only,
so that no ‘cash’ is exchanged and everything is properly
accounted for. You take out your (or your husbands) credit/debit
card and the "delivery man" asks you to swipe the card on the
small mobile card machine which has a small screen and keypad
where you now enter the card's PIN and security number. A
receipt is printed out and given to you.
Next week you will find that money has
been charged/withdrawn from your credit/debit account at various
ATM machines all over the country. It appears that the "mobile
credit card machine" which the deliveryman carried now has all
the info necessary to create a "dummy" card with all your card
details, after you have swiped the card and entered the
requested PIN and security number.
Please be aware - no one should
request a copy of your Debit Card or request YOU to read the
numbers for verification. If over the phone and they can't
supply the information for you, hang up.
If they are legit, they will have all of that information and be
able to verify it by reading it TO you. If in person, any
suspect description or suspect vehicle information should be
reported to your local police agency.
it to one of our clever customers to come up with a great way to
keep credit card purchases under control and simplify record
about spending more on your credit card than you should?
Here's how to solve the problem:
you use your credit card to pay for something, record the
purchase in your check register as if you had written a check or
used your debit card. In
place of the check number, put in "CC" for credit card.
Subtract the amount from your checking balance.
When the credit card statement becomes available, check
off the corresponding individual charges in your register.
The total of all of the "CC" marked items will
balance with the total of your credit card bill.
Allow the credit card company to charge your checking
account for the total bill (set this up automatically to happen
each month). Since
you've already deducted the amounts as you made the purchases,
the payment is already accounted for!
you have discovered a reliable method to aid in using the
payment system, e-mail us and tell us about it.
We love to share helpful solutions amongst our family of
When traveling, it's likely that you will
encounter situations where the credit card makes more sense to
use than the debit card. Renting
a room in a hotel or motel commonly causes a security hold for
multiple nights, damage deposit, etc. to be "held" against
the card's available credit balance.
This is a situation most people would NOT want to put
their checking account funds into by using their debit card,
even though the holds are generally released within a couple of
days. A similar
experience can result in many auto rental agreements and even in
A good rule to follow is to use the debit
card wherever you would feel comfortable writing a check.
If you wouldn't want someone to see the information
plainly available on your printed check (such as name, address,
bank routing number, your account number, a specimen of your
signature) then the additional security of a credit card
transaction is to your advantage.
Cyber shopping on the internet is just too risky NOT to
use a secured credit card method of payment.
Remember, you get to review your
transactions on your credit card record BEFORE you pay the bill
off with YOUR funds. Regular
reviews of your checking account transactions online will allow
you to be assured that all is well with the debit card
transactions you have initiated.
The two cards are more complementary than
they are competitive. Like
a rake and shovel or fork and spoon, each one should be used
under the correct circumstances for the best results.
CARDS and THE PAYMENT SYSTEM
Not too many years
ago, an order to pay from one's bank account used to be
limited to a written check or draft.
It needed to be on paper, have properly constructed
specific components including written and numeric amounts,
current date, payee, authorized signature, and an identified
financial institution. When
properly endorsed by the payee, presented to the paying bank,
and within the limit of available funds of the maker, the
payment would be completed.
The debit card has
been developed into a replacement product so a payment order
might be completed through an electronic network much like a
credit card purchase. Though
these plastic cards may appear to be similar, they are regulated
the level of security and consumer protection is different for
each type, the use of one or the other can be advantageous
depending on the circumstances.
Chelsea State Bank
debit cards are generally secured in their use differently
depending largely upon where the actual plastic card is during
the transaction. Here
are examples of the more frequently occurring transactions:
The payer appears at
the point of purchase (or ATM) in person with the debit card in
hand. The card is
physically scanned by the merchant (or ATM) and the transaction
is completed by either the entry of the cardholder's PIN
(Personal ID Number) or with the cardholder's signature on a
The payer is
communicating the debit card number and is not present at the
point of purchase. With
very few exceptions, the 3 number CVC code on the back of the
card is required to complete this type of transaction.
If the merchant is properly secured in his/her payment
processing system, the transaction will be completed.
If the transaction
cannot be secured as in the above examples, CSB's current best
practice recommendation is NOT to use the debit card for the
purchase. A credit
card is the more appropriate method in such instances.
Cardholders can accomplish the end result of paying for
these transactions from their checking accounts by having the
credit card bill paid from the checking account when due once
each month AFTER having reviewed the credit card statement.
By "filtering" the less secure payments through the
credit card and paying the credit card bill from the checking
account, the cardholder is receiving the best of both systems.
CSB has many years of
experience with thousands of customers and millions of secure
are available to help you find the best system of payments
regardless of the situation and an ever changing payment system.
Call us, e-mail us, come in and meet with us, stop us in
the grocery store if you have to, but let us help you with all
When you seek financial peace of mind, rapid
accountability of your
personal financial transactions is available through Chelsea
State Bank's internet banking service.
Today's fast pace living style is reflected in a fast
pace payment system. The
emerging electronic clearing of payments demands that
participants have access to their accounting records 24/7.
The reliability of
this information allows the level of responsibility
to be the highest it can be.
Pre-authorized payment of bills by reliable
creditors, payments entered through bill pay, debit card
purchases, and electronic substitution of written checks are
all posted and available for review more rapidly than ever.
Likewise, direct deposit of payroll and entitlements
helps keep pace with those payments.
Management of account records in this environment is
highly efficient and results in maximum dependability.
CSB has always been progressive in the
automation arena. Taking
ownership of the process and sharing the information with its
clients in a reliable format is at the foundation of best
banking practices. By
partnering with us, you can be assured of the integrity of
your financial transactions and receive that assurance
you feel that you need help with today's sophisticated
payment system, rely on CSB as members of our community have
relied on us since 1897.
E-mail us at www.csbonline.com,
call us at (734) 475-1355, or stop in at one of our 3 locations
at your earliest convenience.
"Friends" to Avoid & How to Do It
The Federal Trade
Commission estimates that identity theft affects about 9
million Americans each year. Even though you're not posting
your Social Security number on your profile, you're giving
identity thieves an incredible amount of info that could be
used to destroy your credit history and your credibility.
not only identity thieves you need to look out for: A recent
study by Legal & General found that 38% of social network
users post their vacation plans on their profile. Considering
that many users have pages that are completely open to public
viewing, thieves are making appointments with empty houses via
The Better Business Bureau
identified several schemes and scams that have made their way
onto Facebook and MySpace such as the good old viral wall
post. This hack targets those of us who are especially careful
about who can see or access our information, making it even
more malicious than other hacks. It works like this: a
"friend" posts on your wall to let you know that
some of your pictures are up on a random Web site. You,
wanting your info on lockdown, click the link to the site and,
in effect, give the hacker access to your account and allow
them to post the same message on the walls of all of your
friends. Not only does this cost you, but it could cost others
you have noticed that many financial institutions seem to be
scrambling to adjust their overdrawn account fees lately.
Overdrawn accounts have been a sensitive subject for
banks and their customers for many years.
checking account depositors who will apply and qualify for a
credit line loan account, Chelsea State Bank features an
automated overdraft protection line of credit tied to your
checking account that will advance funds in $100 increments,
should your checking account fall below a zero balance.
If you don't ever use the line, the cost is nothing.
When an advance is made, the cost is a nickel per
$100 per day until repaid (18.0% APR).
A nickel could save you $30 the first time you're
like insurance you don't have to pay for, UNLESS you are in an
good? CSB has been
providing this service since 1993!
19 years ahead of all of those financial institutions
that are now scrambling to adjust. Why take the risk? If
you are one of the hundreds of satisfied CSB checking account
owners already enjoying this service, thank you for the
opportunity for us to serve you.
If you're not, where have you been?
Call us today and let us help you bank with confidence.
Many people launch
their personal financial ships for the first time without a clue
as to what can sink the boat.
Just as you would likely benefit from some boating safety
information before you sail off on your initial voyage, a
personal financial plan will likely be helpful before you set
out in the sea of life.
Understanding the relationship between income and expense
is the key to maintaining a comfortable balance.
Let's start with
it's important to make sure your tax liabilities are
reasonable, many people make the mistake of
"over-withholding" on taxes taken out of their paychecks so
they can "get a big refund from the government" in the
participate in this activity denies you use of some of your own
money all year. Keep withholding amounts adequate to cover the taxes that
will be due, but no more than that.
Once you have
determined the correct withholdings, the amount left for you is
your "net pay". Convert
your net pay to a monthly figure by calculating the number of
pays you get per year, times the net amount, divided by 12.
The primary rule here is to NEVER allow your fixed
monthly payments to exceed ½ of your monthly net income.
What is considered a
fixed monthly payment? Rent
or mortgage payment, car loan or lease payment, personal loan
payment, credit card carrying a balance payment, and any other
LOAN payment. In
this method, food, utilities, insurance, and all other expenses
are to be budgeted from the other half of your net income.
Suzy earns $800 per pay (every 2 weeks) after taxes.
26 x 800 = 20,800 annually divided by 12 = 1,733.33
According to our
plan, Suzy needs to limit her fixed monthly obligations to
$866.66. She and
her roommate share an apartment and each pay half of the $600
monthly rent. Since
her share is $300, that leaves 566.66 to cover her other fixed
monthly payments which include her car at $200 and a student
loan of $75. Her
credit card seldom carries a balance that she can't payoff
each month, a good sign that she hasn't abused use of her
credit card. Her
total fixed monthly payments are $575.00. (300 rent + 200 car + 75 student loan)
Her monthly budget
for the rest of her expenses is:
To help her account
for her finances, Suzy has her paycheck directly deposited to
her bank on payday. She
immediately transfers half of the check (plus $50) to her
combined savings account. She
only moves enough money back into her checking account from
savings when one of her fixed monthly payments is coming due
prior to the next payday. Because Suzy has kept her finances in line, she has managed
to save over $2,000 in the last year. (Top)
getting the maximum benefit from your bank relationship?
The following tips can help you get the highest quality
personal banking experience anywhere!
As your portal to the payment system, CSB can provide you
with the financial tools you need to succeed.
checking account is the proper transaction vehicle for all
of your incoming and outgoing payments.
Because savings accounts are limited by *regulation as to
the number of pre-authorized transfers made, they better serve
as a reservoir for immediately available funds you are able to
keep, at least for a while.
appropriate savings account(s) to your lead checking
account allows YOU to maintain the balances in all of your
accounts relative to your specific income and payment needs.
We recommend that you maintain a balance in your lead
checking account that will adequately fund outgoing payments for
the ensuing week. The
amount of the difference can then be transferred to or from the
savings account (reservoir) until the next week through csbonline.com
or CSB telephone access.
the correct balances weekly, *regulations that limit remote
savings transfers or pre-authorized transfers to no more than 6
per month will always be satisfied. Weekly account maintenance also allows you to keep much
better track of your account activity.
It shouldn't be surprising that balancing your account
weekly is MUCH easier than when waiting a full month.
Once you have
become accustomed to weekly account maintenance and transaction
review, you will likely see that pre-authorized bill payments
originated by your creditor(s) or online bill payment by you
using CSB online bill pay, are convenient tools at your
command. Many of
our banking clients have decreased paper check writing to
card is the next tool you need to have in your financial
tool kit. It's a
reusable plastic check accepted anywhere Master Card is honored.
Finally, our overdraft
protection credit line can save you if you miscalculate the
days or accidentally drop an item from your check register.
Once your application has been approved and the stand-by
line of credit agreement has been signed, transfers in even $100
increments will automatically guard your lead account from
costly and embarrassing overdrafts.
So choose your
day of the week and start getting the most from CSB.
Here are the necessary tools you should have to maximize
your personal banking relationship:
Lead Checking account
online bill pay
D of the Federal Banking Regulations
"How can they charge me a fee for my OWN
Because it's NOT your money. The real truth is that the cash in the ATM machine belongs to
the owner of the machine, not you.
In the early days of ATM cash service, a cardholder could
ONLY get cash from an ATM owned by his/her own bank.
As time went on, the banks learned how to "exchange"
transactions to broaden the availability of ATM cash services to
cardholders using a network.
Since the bank that owns the ATM has the expense of the
machine itself, the cash inside it, and maintaining the
connections to the network, "guest" users of the ATM are
receiving cash right now that the host bank (the true owner of
the money) is dispensing to them.
The host bank must then contact the "guest"
cardholder's bank to line up the repayment of the cash
what your front end fee covers.
"So why do I have to pay my own bank a
fee for the same thing? That
seems like a double charge."
After the cardholder's bank receives the
repayment request, it must charge the cardholder's account and forward the repayment back to the ATM owner bank so that bank can get
the money back it gave to you.
That is the back end fee you are charged by your own
"Can I get cash from an ATM anywhere in
the U.S. and have the ATM owner bank and my bank settle my
transaction for those two fees?
As long as the ATM is a member of the
network sponsoring your card, yes.
"How many ATMs are there?" Millions at
"Is there a way to do the transaction
without a fee?"
the card in the store where you are making the purchase as a
point of sale payment instead of going to an ATM machine to get
retailers allow a reasonable amount of cash back to the customer
at no extra fee. Use
that feature to re-supply your pocket cash.
Of course you can plan ahead and be sure to stop by an
ATM owned by your own bank where the fee is waived.
"So if I use my ATM/Debit card to make
purchases at the store instead of getting cash at a machine,
there is no fee and I can pocket return cash up to the limits
set by the store?
Yes, providing the total transaction
doesn't exceed your account available balance.
We can help!
us for more information at (734) 475-1355.
As you might suspect, the effort of controlling
the outbreak of any pandemic disease can be enhanced by limiting
people’s exposure to other people and places that may have been
contaminated. While it may be difficult to imagine cutting yourself off
completely from any contact with anyone or anything by going into
total isolation, you can decrease your exposure in much that you do. To do so will improve your chances of staying clear of
When it comes to your finances, internet banking
services and telephone banking allow you to avoid physically going
into the bank while accomplishing most every financial task that
arises directly from your home or office. Payment at the point of sale by using your debit card will
avoid the use of cash that passes through many hands. Preauthorized creditor originated payments, bill pay service,
and direct deposit of payroll or entitlement are other ways to limit
Shopping over the internet, when possible, will
help you avoid contact with a potentially contaminated physical
it becomes necessary to make a physical trip, careful planning to cut
down on the number of them you make will also improve limited
These alternative delivery systems are available
right now! How many of
them are you using? You
can probably be better prepared by becoming familiar with these
valuable tools now. If a
severe influenza outbreak ever did occur, you’ll be better prepared. We can help! Call
us for more information at (734) 475-1355.