Consumer Help
Check Clearing for the 21st Century Act, or "Check 21".
Check Clearing for the 21st Century Act (Check 21) went into effect on October 28, 2004. This law allows for the incorporation of electronic technology to improve the check processing system. The old method of processing checks is both costly and time consuming because checks have to be physically transported to several locations during the check clearing process. Check 21 allows check processors to produce a copy of the original check and process it as if it were the original check. This “substitute check” will have the verbiage “This is a legal copy of your check. You can use it the same way you would use the original check.”
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How to Be an Informed Online Donor
From CU/System, Madison, WI (1/4/05)
[Individuals] considering providing assistance for broad humanitarian relief to the 11 nations affected by the Dec. 26 tsunami along the Indian Ocean coast should take responsibility for making sure they donate funds through legitimate organizations. Unfortunately, scams and fake organizations proclaiming to assist the tsunami victims already are siphoning funds intended for the victims.
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Emergency Financial First Aid Kit
We live in a vulnerable world where it’s likely that we – or someone we know – will be affected by an emergency event. Emergencies often come when we least expect it. What’s more, many of us do not think to prepare our financial interests in advance. The Emergency Financial First Aid Kit (EFFAK) is here to help.
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Protect Yourself from the Latest Fraudulent E-Mail Schemes.
On April 13, 2004, the Treasury Department issued a warning regarding fraudulent e-mail schemes. The warning details attempts to deceive credit union members into surrendering sensitive personal information, which could lead to identity theft. Fraudulent emails, which may appear to be from government agencies, direct recipients to web sites where they are asked to verify personal information.
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Scam Alert!
Don't respond to Emails, phone calls, or web pages which tell you to call an "809" Phone Number. This scam is spreading extremely quickly can easily cost you $2400 or more, and is difficult to avoid unless you are aware of it.
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Virus Attacks Microsoft Internet Explorer Users for Banking Data
A virus named Bankhook.A spreads by attaching itself to certain pop-up ads and targeting Microsoft Internet Explorer browser users. The bug records keystrokes on some financial institution internet banking platforms. Names of those institutions have not yet been disclosed. The latest Microsoft Internet Explorer update released in April 2004 contains a patch that may protect you from this virus. You may also use a different browser until threat of the virus has dissipated. If you continue to use Internet Explorer, set your security settings to “high” and make sure your virus software has been updated as well. Click below to download the latest Microsoft Updates.
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Close the Gap!
You may not realize it, but if your vehicle is declared a total loss, you remain liable to your credit union for the difference between your insurance company’s settlement and the loan balance. In many cases, this can cost you upwards of $3,000 or more.
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Truth or Fiction?
Do you receive e-mails or hear stories, and wonder “Is that true?” Well, MAX is offering a resource that can help you decide. Link to this site to see the most recent eRumors, hoaxes, and stories.
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