Are my deposit accounts FDIC insured?
Yes. Each individual customer's account is insured by the FDIC up to $100,000 per account ownership. However, on October 3, 2008, FDIC deposit insurance temporarily increased from $100,000 to $250,000 per deposit through December 31, 2009. In addition, federal law provides for insurance coverage of up to $250,000 for "self-directed" retirement accounts.
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What is Identity Theft?
Identity theft is a serious crime. It occurs when your personal information is stolen and used without your knowledge to commit fraud or other crimes. Identity theft can cost you time and money. It can destroy your credit and ruin your good name.
At Commencement Bank we are committed to protecting our customer's personal information. We maintain a comprehensive customer information security program that includes administrative, technical and physical safeguards.
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What are some of the most common ways Identity Theft happens?
Dumpster Diving. They rummage through trash looking for bills or other papers with your personal information on it.
Skimming. They steal credit/debit card numbers by using a special storage device when processing your card.
Phishing. They pretend to be financial institutions or companies and send spam or pop-up messages to get you to share your personal information.
Changing your address. They divert your billing statements to another location by completing a "change of address" form.
"Old-Fashioned" Stealing. They steal wallets and purses; mail, including bank and credit card statements; pre-approved credit card offers; and new checks or tax information. They steal personnel records from their employers, or bribe employees who have access.
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How can I deter identity thieves by safeguarding my information?
Shred financial documents and paperwork with personal information before you discard them.
Protect your Social Security number. Don't carry your Social Security card in your wallet or purse or write your Social Security number on a check. Give it out only if absolutely necessary or ask to use another identifier.
Don't give out personal information on the phone, through the mail, or over the Internet unless you know who you are dealing with.
Never click on links sent in unsolicited e-mails; instead, type in a web address you know. Use firewalls, anti-spyware, and virus software to protect your home computer; keep them up-to-date.
Don't use an obvious password like your birthdate, your mother's maiden name, or the last four digits of your Social Security number.
Keep your personal information in a secure place at home, especially if you have roommates, employ outside help, or are having work done on your house.
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How can I detect suspicious activity regarding my financial accounts and billing statements?
Be alert to signs that require immediate action:
-Bills that do not arrive as expected
-Unexpected credit cards or account statements
-Denials of credit for no apparent reason
-Calls or letters about purchases you did not make
-Inspect your credit report. Credit reports contain information about you, including what accounts you have and your bill paying history.
The law requires the major nationwide consumer reporting companies-Equifax, Experian, and TransUnion to provide a free copy of your credit report each year if you request it.
Visit www.AnnualCreditReport.com or call 1-877-322-8228, a service created by these three companies to order your credit reports each year.
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How can I defend against Identity Theft as soon as I suspect it?
Place a "Fraud Alert" on your credit reports, and review the reports carefully. The alert tells the creditors to follow certain procedures before they open new accounts in your name or make changes to your existing accounts. The three nationwide consumer reporting companies have toll-free numbers for placing an initial 90-day fraud alert; a call to one company is sufficient:
Equifax: 1-800-525-6285 or www.equifax.com
Experian: 1-888-397-3742 or www.experian.com
TransUnion: 1-800-680-7289 or www.transunion.com
Close accounts. Close any accounts that have been tampered with or established fraudulently.
Call the security or fraud departments of each company where an account was opened or changed without your okay. Follow up in writing with copies of supporting documents.
Use the ID Theft Affidavit at ftc.gov/idtheft to support your written statement. (Federal Trade Commission)
Ask for verification that the disputed account has been closed and the fraudulent debts discharged.
Keep copies of documents and records of your conversations about the theft.
File a police report with the law enforcement officials to help you with creditors who may want proof of the crime.
Report the theft to the Federal Trade Commission. Your reports helps law enforcement officials accross the country in their investigations.
Online: ftc.gov/idtheft
By phone: 1-877-ID-THEFT (438-4338) or TTY 1-866-653-4261
By mail: Identity Theft Clearinghouse, Federal Trade Commission, Washington, DC 20580
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