FDIC Consumer News
This informative newsletter is issued quarterly by the Federal Deposit Insurance Corporation (FDIC). Each issue provides valuable guidance on how to better use various financial services and answers common consumer questions.
Winter 2016 “A Bank Customer’s Guide to Cyber-security”
Fall 2015 “Shopping Tips for Loans and Credit Cards”
Summer 2015 “From Coupons to Cash Back”
Spring 2015 “Teaching Young People about Money”
Winter 2015 “Buying and Borrowing Tips”
Fall 2014 “Is it Time for a Financial Checkup?”
Summer 2014 “Are Your Finances Ready for a Stressful Life Event?”
Spring 2014 “More Ways to Save at the Bank”
Winter 2014 “Be in Charge of Your Credit Cards”
Current and past issues are available on the FDIC’s website at FDIC Consumer News.
ATTENTION CARDHOLDERS: Debit Card Phone Scam Alert
United Midwest Savings Bank has learned of a potential phishing scam targeting debit card holders. An automated telephone message is being made to cardholders indicating you must update your debit card with your bank to continue using the card. The message then proceeds to request your 16 digit card number, expiration date, 4-digit PIN, &/or other information.
THESE CALLS ARE FRAUDULENT. HANG UP AND DO NOT PROVIDE ANY DETAILS. United Midwest Savings Bank will never solicit debit card information by a phone call.
If you responded to this or a similar phone call or email message prior to learning of this scam, please promptly notify your local branch or call Customer Service at (800) 686-2052. If you need assistance after regular banking hours, please call (800) 528-2273 to report that your card has been compromised. The representative answering your after-hours call will immediately block the card and advise you to contact your local branch for a replacement card and additional assistance. (August 28, 2015)
IRA One-Rollover-Per-Year Rule Changes Effective January 1, 2015
The IRS has announced that the longstanding interpretation of the one-rollover-per-year rule will be changing effective January 1, 2015. Historically, the understanding has been that this rule applies to each IRA an individual owns. However, beginning “as early as January 1, 2015”, according to the IRS website announcement, “you can make only one rollover from an IRA to another (or the same) IRA in any 12 month period, regardless of the number of IRAs you own”.
For more details, see the IRS announcement on their website: IRS One-Rollover-Per-Year Rule.
Scammers are preying on people that have just made a lot of online purchases on Black Friday and Cyber Monday. There are several scam campaigns being sent right now.
- Be on the lookout for “Shipping Problem” emails from FedEx, UPS or the US Mail, where the email claims they tried to deliver a package from (for instance Apple Computer) but could not deliver due to an incomplete address. “Please click on the link to correct the address and you will get your package.” If you do, your computer is likely to get infected with malware. Warn everyone in the family, especially teenagers.
- Watch out for alerts via a TEXT to your smartphone that “confirm delivery” from FedEx, UPS or the US Mail, and then asks you for some personal information. Don’t enter anything.
- And to reiterate the warning, there is a fake refund scam going on that could come from a big retailer. It claims there was a “wrong transaction” and wants you to “click for refund” but instead, your device will be infected with malware.
Especially in these times, Think Before You Click!
Potential Compromised Card Information at Retail Store
As recent news reports have indicated, Home Depot has reported a card compromise. As United Midwest Savings Bank learns of compromised cards, we will notify cardholders and promptly replace your card with a new card number. In the meantime, if you have used your card at any of these locations, we ask you to review your account history closely and contact your local branch or Customer Service at (800) 686-2052 for prompt replacement of your card. We also advise cardholders to review their account history on a regular basis using Internet Banking if you have access to this online service. (September 2014)
ATTENTION CARDHOLDERS: Potential Debit Card Phone Scam
United Midwest Savings Bank has learned of a potential phishing scam targeting debit card holders. An automated telephone message is being made to customers stating your debit card has been temporarily disabled or closed. THESE CALLS ARE FRAUDULENT. HANG UP AND DO NOT PROVIDE ANY DETAILS. United Midwest Savings Bank will never solicit debit card information by automated message (including phone, text, email, and so on). (January 27, 2014)
Potential Compromised Card Information at Various Merchants
As recent news reports have indicated, Target, Neiman Marcus and Michaels Stores have reported card compromises. As United Midwest Savings Bank learns of compromised cards, we will notify cardholders and promptly replace your card with a new card number. In the meantime, if you have used your card at any of these locations, we ask you to review your account history closely and contact your local branch or Customer Service at (800) 686-2052 for prompt replacement of your card. We also advise cardholders to review their account history on a regular basis using Internet Banking if you have access to this online service. At this time, reports indicate that these compromises may have started around early-to-mid-2013. (2013 Qtr 4)
Did you know that 54% of Americans are extremely concerned about the loss of personal or financial information? And that 96% of Americans feel a personal responsibility to be more secure online? The U.S. Department of Homeland Security, the Anti-Phishing Working Group and the National Cyber Security Alliance have developed the Stop.Think.Connect campaign to help make the internet a safer place for everyone. For more information, visit http://www.stopthinkconnect.org/.
Paying for College
The Consumer Financial Protection Bureau offers a tool to help college students and their families compare financial aid and college costs. If you have received financial aid offers, use this tool to understand how all those numbers impact your payments down the road. Visit the CFPB Paying for College website page for this and other helpful materials.