How The Scam Works You either get a postcard or a telephone
call saying you have won a free prize or can qualify for a
major credit card, regardless of past credit problems. If you
respond to the offer, the telemarketer often asks you right
away, Do you have a checking account If you say
yes, the telemarketer then goes on to explain the
offer. Often it sounds too good to pass up. credit pacific service union
Near the end of the sales pitch, the telemarketer may ask
you to get one of your checks and to read off all of the
numbers at the bottom. Some deceptive telemarketers may not
tell you why this information is needed. Other deceptive
telemarketers may tell you the account information will help
ensure that you qualify for the offer. And, in some cases, the
legitimate telemarketer will honestly explain that this
information will allow them to debit your checking account. credit first service union
Once a telemarketer has your checking account information,
it is put on a demand draft, which is processed
much like a check. The draft has your name, account number, and
states an amount. Unlike a check, however, the draft does not
require your signature. When your bank receives the draft, it
takes the amount on the draft from your checking account and
pays the telemarketers bank. You may not know that your
bank has paid the draft until you receive your bank
statement. card credit mobile service
What You Can Do To Protect Yourself It can be difficult to
detect an automatic debit scam before you suffer financial
losses. If you do not know who you are talking to, follow these
suggestions to help you avoid becoming a victim: Don t give
out your checking account number over the phone unless you know
the company and understand why the information is necessary. If
someone says they are taping your call, ask why. Don t be
afraid to ask questions. card credit discover service
Companies do not ask for your bank account information
unless you have expressly agreed to this payment method. ITS
THE LAW: Since December 31, 1995, a seller or telemarketer is
required by law to obtain your verifiable authorization to
obtain payment from your bank account. That means whoever takes
your bank account information over the phone must have your
express permission to debit your account, and must use one of
three ways to get it. The person must tell you that money will
be taken from your bank account. If you authorize payment of
money from your bank account, they must then get your written
authorization, tape record your authorization, or send you a
written confirmation before debiting your bank account. If they
tape record your authorization, they must disclose, and you
must receive, the following information: credit public service union
The date of the demand draft; The amount of the draft(s);
The payors (who will receive your money) name; The number
of draft payments (if more than one); A telephone number that
you can call during normal business hours; and The date that
you are giving your oral authorization. If a seller or
telemarketer uses written confirmation to verify your
authorization, they must give you all the information required
for a tape recorded authorization and tell you in the
confirmation notice the refund procedure you can use to dispute
the accuracy of the confirmation and receive a refund. card credit processing service
What To Do If You Are A Victim If telemarketers cause money
to be taken from your bank account without your knowledge or
authorization, they have violated the law. If you receive a
written confirmation notice that does not accurately represent
your understanding of the sale, follow the refund procedures
that should have been provided and request a refund of your
money. If you do not receive a refund, it s against the
law. If you believe you have been a victim of fraud, contact
your bank immediately. Tell the bank that you did not okay the
debit and that you want to prevent further debiting. You also
should contact your state Attorney General. Depending on the
timing and the circumstances, you may be able to get your money
back. center credit service union
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unsecured card. A secured credit card is much like a secured
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or a certificate of deposit as collateral for a line of credit.
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you are required to make a deposit into a savings account or
certificate of deposit as security. The average minimum deposit
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should depend on your income and the line of credit desired.
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If you ve ever applied for a job, charge account,
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arrested, or filed for bankruptcy. Recent amendments to the
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Under the new law, employers must now obtain an
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receive on a daily basis. Under the new law, consumers can
follow a simple procedure to opt out of inclusion
on future lists. You can call a toll-free number that each
credit bureau must establish, and have your name removed from
these lists for two years; if you request, you will be sent a
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