I’m sure we’ve all been there; you go to check the mail and you have 2 or 3 or 4 or more of these different offers whether they are credit cards or other offers that you’ve not asked for. I refer to these items as junk mail myself. Have you ever wondered how these companies get your name and address?

What happens is that a company can request a list of names and addresses that match a certain criteria from a credit bureau. For example, say you wanted a list of people that lived in KY that were 30-45 years of age, and have a credit score between 650 & 720. Well you would send that criteria to a credit bureau and for a price they’ll generate you a list of names and addresses that fit that criteria. They won’t actually give out the exact credit score but they must fit the criteria.

Well if you want to stop these unsolicited offers you can Opt-out a number of different ways. One is to call the toll free number 1.888.567.6888 (1-888-5-OPTOUT) or you can go to www.optoutprescreen.com and opt out. Either way will opt you out for five years. If you want to permanently opt out you have to fill out a form, which you can get from optoutprescreen.com, and mail it in. On the flip side if you decide at a later date you can also opt back in.

Some things you should know are that by getting pulled on a prescreened list, it doesn’t affect your credit score, so you don’t have to worry about it hurting your score. Also, just because you’ve opted – out that doesn’t mean that all of the unsolicited mail will stop. Companies may still mail solicitations to you, using an old list that they have, but you shouldn’t show up on any new list that are generated.
 

It’s after banking hours and you need some cash so what do you do, make a quick run to the ATM. Maybe you are on vacation and find that you didn’t bring enough cash with you or the store you are trying to make a purchase at doesn’t take cards; so you run to the ATM. ATM’s are so covenant and handy to use, but there are some things you should do to keep you and your money safe when using ATMs.

The first thing to do is to pick an ATM where you feel safe; one that is well lit and has some traffic around would be a good choice. While you approach the ATM and while you are using it, you should be aware of your surroundings and make sure that you are not being watched and that no one is trying to get your PIN by looking over your shoulder.

You should also inspect the ATM before you use it. There is a technique called skimming that steals billions of dollars each year from ATM users. I’ve talked to people that work at ATM manufacturers and they generally say that they don’t see too many skimmers in this area as a general rule. That doesn’t mean they won’t begin to show up, plus as you travel to larger cities you may be at greater risk. After all, the best defense is being educated.

So what is a skimmer and how does it work. Well there are several variations of methods but usually it involves a false front attached (typically they are lose) to the ATM where the card is inserted or swiped. When a card is swiped or inserted in the false front it too is recording the information on the magnetic strip on the back of the card. That’s just step one, the bad guys also need your PIN. So generally they place a small and some times disguised camera that is pointed at the key pad where you type your PIN in.

Things you should do besides inspecting the ATM for a false front where the card goes, is to place your hand over the key pad when you key in your PIN. Here is a link to a video of a news broadcast talking about a specific skimming event; I thought that might give you a bit of a better idea as to what to watch for. Now if you don’t think there’s really anything to worry about just search for ATM skimmer on YouTube and I think that will change your mind. If you come across a skimmer, don’t use the ATM and notify the bank and/or the police.

Last but not least you should regularly monitor you account activity to identify suspicious transactions as soon as possible. Internet Banking works great for this, plus timely notification of suspicious transactions can mean the difference between getting your money back and not getting your money back.
 

There were some new rules that went into place on February 22, 2010 that were put in place by the Federal Reserve that means some changes for credit card companies and new protections for consumers. I’m going to resist the compliance person in me and not get to technical or to into the details but I’m going to try to give a brief overview of some changes that were made.

• Before your credit card company can increase your rate and/or certain fees, or another other significant changes to the terms they must send you a notice 45 days before doing so.
• Now your monthly credit card bill should include information detailing how long it would take to pay off your balance if you only make your minimum payment.
• Credit card companies will not be able to increase your rate for the first 12 months.
• If the rate on your card is increased, it can only apply to new charges.
• If you want to be able to make transactions that take you over you limit (this generally generates additional charges and/or higher interest rates) you must first notify your credit card company that you want to allow these transactions; otherwise you will be denied.
• If you are required to pay fees to your credit card company, those fees cannot total more than 25% of the initial credit limit.
• If you are under age 21, you will need to show that you are capable of making the payments, or you will need a cosigner to get a credit card.
• Credit card companies must mail or deliver your bill at least 21 days before it’s due. Also your payment cut-off time cannot be earlier than 5 p.m. on the due date.
• If you make more than the minimum payment, they must apply the excess amount to the balance with the highest interest rate. (There are exceptions to this rule.)
• Credit card companies can only impose interest charges on balances in the current billing cycle.

Keep in mind this is a brief overview as the actual rules are much more detailed. To find out more about the changes you should check the Federal Reserve’s website.
 

We’ve mentioned here in the past on the blog about the Federal Deposit Insurance Corporation (FDIC) raising the dollar amount for insured deposits from $100,000 to $250,000 temporarily. Well with the passing and signing of the new financial reform bill (Dodd-Frank Wall Street Reform and Consumer Protection Act) on July 21, 2010 this increase has been made permanent.

So what does this mean for you? Well first off it doesn’t mean necessarily increased taxes for American’s as the FDIC receives no federal tax dollars; instead it’s funded by insured financial institutions such as PBK Bank. If you have more than $100,000 in one financial institution then you may now have greater insurance coverage on your deposits. Now we’ve talked before on the blog that there are ways to get increased coverage using various techniques but this should give some customers added protection and peace of mind.

If you want to see if all of your deposits are covered there are several ways you can go about finding out. One is by using the “EDIE The Estimator” on our website. If you would rather talk to someone about if feel free to give us a call. The FDIC has also setup a toll-free number that you can call Monday – Friday from 8:00 am to 8:00pm EST to get help with finding out if your deposits are fully insured or not. The FDIC number is 1-877-ASK-FDIC (1-877-275-3342) or for the hearing-impaired 1-800-925-4618.
 

The summer is winding down, temperatures are finding their way back into the 80’s and the kids are getting ready to start back to school.  What to do now?  Here are a few ideas for squeezing those last drops of fun out of the remaining days of summer.

Lincoln County

August 11^th-Fort Logan Hospital Open House-  Come out for refreshments and see Lincoln County’s spectacular hospital (X-Rays not included) 1:00-3:00.

August 20^th- Car Show/Cruise in-Main Street, Stanford-Shine up your Corvette (or Chevette for that matter) and bring it downtown for a night of Hemi’s, horsepower, and hotdogs.  Fun for the whole family.

Boyle County

August 5-8-Highway 127 yard sale-The yard sale actually starts in Alabama and extends all the way to Michigan, but for our purposes, we’ll stick with the Lincoln/Boyle County areas.  It’s the perfect place to find a new-used furniture set or to sell those turtleneck sweaters that you got from your great-aunt last Christmas. 

All month long-Pioneer Playhouse- Head over to Danville’s out door theatre to check out the comedies “For Better,” about romance in the digital age, or “Run for your Wife,” about a two-timing cab driver.

Rockcastle County

August 7-All Night Gospel Sing-Renfro Valley, Mt. Vernon-Come out for a night of gospel music lasting from 7:00 pm until midnight.  Featuring: Gospel Enforcers, Crystal River, and more.

For more information, contact: 800-765-7464

August 2-7-Little World Fair, Brodhead- This is the 128^th anniversary of this old-fashioned carnival.  Bring the whole family!

Location: Brodhead Fairgrounds US 150
Contact: Larry Taylor 859-661-7159 or John Dyehouse 606-308-3479