Call-Forwarding Scam Reappears: Don’t Be Tricked Into Dialing *72

Dawn Fallik

Beware of scam phone callsOfficials are warning people to be careful of an old con that’s popped up again — the call forwarding scam.

Victims often think they’re doing a kindness to a stranger or for a friend. The phone rings, usually late at night, and callers tell the victim someone has been injured, and to contact an officer at the scene.

How to get the officer? By dialing *72, then a phone number.

Continue reading Call-Forwarding Scam Reappears: Don’t Be Tricked Into Dialing *72

Get Your Money Right in 2011 New Years Resolution #2

Get Your Money Right, Dr. Dre

Get your money right
Don’t be worried ’bout the next man – make sure your business tight
Get your money right
Go inside the safe, grab your stash that you copped tonight
Get your money right
Be an international player, don’t be scared to catch those red eye flights.
You better get your money right
Cause when you out there on the streets, you gotta get it – get it.

Guys and Dolls you see that we are up to serious business today. 2011 is just a hop, skip, and jump away and we are starting it with a BANG! Sooo what is our #2 Resolution for the New Year? MONEY! That Cheese, Cheddar, Moolah, Green Stacks. The LOVE of money may be the root of all evil, but living with out it ain’t so grand either. We wanna go shopping in New York, hustle a plane to California, then there’s college applications, college wardrobe, let’s not forget the all important  Spring Break trip. Next add  a new car, car insurance,gas for the car, and we gotta have that new cell phone, oh and the $39.95 monthly fee to Shoe Dazzle. And trust us that is just the very beginning of the list.  It’s a lot, which is exactly why we are starting off with a smart plan. Plans seem like work in the beginning; but in the end they pay off. So here goes:

1. Set financial goals.  Make a list of your financial goals beginning with your top priorities.  Set a timeline for when you think you can accomplish them.  Don’t worry.  If you don’t reach each goal when you have projected, no one needs to know.  Just pace yourself to keep moving forward.
2. Review your budget. Oh no!  Not the “B” word.  List your income and expenses.  This will help you know how to gauge your spending and where there are any weaknesses.  The most important thing is to be honest with what you are spending your money on.
3. Get out of debt. One of the top 10 New Year resolutions is to get out of debt.  This may feel like a never ending feat but with careful planning, discipline and a game plan you can do it.  If you can’t see a way out doing it yourself, contact a credit counselor who can hold your hand or put you in a debt management program.
4. Save.  Saving money is another top 10 New Year’s resolution.   You can’t save money unless you have a budget and become more conscious of where your money is going.  Forego the instant gratification of an impulse!  Take the money that you “almost spent” and put it into your savings or pay down your debt.
5. Prioritize your bills.  Always pay your essential bills first.  That includes your mortgage or rent, utilities, food, and secured loans such as your automobile and insurance.  Once the essential bills are paid then pay the remaining bills that are due.
6. Track every penny you spend. This is a painful exercise.  For the next 60 days track every penny that you spend.  Divide into categories, for example, food, entertainment, clothes, mortgage/rent payments, utilities, ATM withdrawals (must be put in whatever category you used it for).  At the end of the month, total all the columns.  It will be an eye-opener to see where some of your money has been wasted.
7. Start an emergency fund. If this seems overwhelming, you can save approximately $2,000 in one year by saving $166.67 per month or $38.46 per week.  You need to have at least four to six months of living expenses in a reserve account.
8. Review your credit report. Request a free copy of your credit report from all three credit reporting agencies, Experian, Trans Union, and Equifax at least once a year.  Review it to make sure there are no errors.  You can request a free annual credit report at: www.annualcreditreport.com. (Make sure you’re on this website. It’s the official free site with no strings attached.)
9. Use your hobby to make money. Many businesses start because of a hobby or talent you may have.  For example, if you are talented with working on computers, writing, automotive, art, etc. try and make money with your skill helping others. (Ahem…can you say 3GM Three Girls & A Mic, was a hobby now an official business)
10. Stay healthy. By staying healthy, exercising and eating a healthy diet you will save on medical bills.  Give up bad habits and vices that can cause health risks and hurt your wallet.
11. Keep a money box.  Take all your change and put it in a money box or jar.  Add to it daily.  Don’t touch it.  At the end of the year count the change.  You may have enough to pay off a debt or add to your savings.

Watchout…Debit Cards Can Be Dangerous

More people are using debit cards than credit cards this holiday season, which has spurred the Federal Reserve to push ahead on restricting the amount banks can charge merchants for each debit swipe. While banks gripe and merchants rejoice about the Fed rules that are due out this week, budget-savvy experts consider the rise in debit card usage good news because it means that shoppers are attempting to spend no more than they have, avoiding those nasty credit hangovers in January.

The bad news is that using a debit card is just not as safe as using a credit card — even after new rules went into effect last summer to restrict overdraft charges caused by debit purchases. What makes using a debit card so dicey?

Phantom Charges

Traveling to see relatives this holiday season? Be careful about pulling out that debit card. We all know that when you use your credit card at a gas station or hotel, they charge the card when you leave for the amount of the purchase. It doesn’t work that way with a debit card.

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When you check into a hotel with a debit card, many hotels put a “hold” on money in your account. That “hold” that starts the moment you check in, can be for more than the amount of the room multiplied by all the nights you’re planning to stay, too. How can it be for more than you’ll be spending? They argue that you may decide to use the mini-bar or charge things to your room, so they’re just protecting themselves from your potentially free-spending ways. Meanwhile their hold, while temporary (and often arbitrary), can cause devastating results for you. One consumer complained that a phantom charge — a hotel hold for a room that was eventually paid for with cash — cost him $140 in overdraft fees because he was unaware that his stated bank balance was made partly “unavailable” by the undisclosed hold. It caused his regular bills, which were scheduled to be paid while he was away, to bounce.

Gas stations also commonly place holds of $50 to $75 on your bank account when you use a debit card to purchase gas. These holds can last for days after your visit to the gas station. And it doesn’t matter that you only put $10 of fuel in the tank to top off the rental car.

If you use your debit card at a gas station or hotel, find out what their hold policy is and make sure you have plenty of money in your account to cover it.

Overdrafts

Last summer, the Federal Reserve Board enacted new rules that stopped banks from automatically enrolling consumers in overdraft plans that would subject them to high fees when they used debit card for purchases that exceeded their balance. Banks have gone to great lengths to actively enroll people in these costly overdraft plans since then. If you were gullible enough to sign up, you could be at risk of overdrafts if you use a debit card anywhere. If you weren’t, any transaction that exceeds your balance should be declined.

The only catch: Some debit transactions — any debit transaction that does not require a pin number, for instance — aren’t recorded immediately, opening the door to overdraft charges. The good news here is that you may be able to dispute these overdraft fees, saying that they should never have been levied. The bad news? Dickering with your bank may be as common as visiting Santa or cruising Christmas Tree Lane at this time of year, but it’s not as much fun.

Merchant Disputes

Let’s say you’re doing some of your Christmas shopping online and the goods show up damaged — or don’t show up at all. When you’ve ordered using a credit card you have two things going for you: You’re usually billed some weeks after the purchase, giving you a chance to receive and inspect your order before you pay. You also have the right to dispute a charge — and not pay that portion of your bill — when something shows up damaged or the merchant fails to deliver it.

When you use your debit card, the amount of the purchase is subtracted from your account immediately — often long before you’ve seen the goods. You then have to fight with the merchant to get your money back. If this was a reputable merchant, you shouldn’t have a problem. But good luck if you’re dealing with a crook.

Account Safety

Like credit cards, federal law limits your liability for fraudulent use of your debit card to $50. But that’s only if you report the card stolen within two days of discovering the theft. If you take an extended holiday and don’t check your statements for a couple of months, the crook can drain your bank account and there’s nothing you can do about it. If there’s any chance that somebody could steal your debit card, you need to keep close and regular track of your bank balance and dispute any unfamiliar purchases promptly.

Pay Now/Reimburse Later

If someone has fraudulently used your credit card, you (or your credit card company) are likely to spot it before you get the statement. That means you’re never out the money. You dispute the charge, subtract the disputed amount from your bill and let the credit card issuer worry about it. With a debit card, the stolen money may have already left your account. That means you have to dicker with your bank to get reimbursed. Some banks are quick and helpful in resolving these disputes. Others? Not so much.

by Kathy Kristo

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