EquiShare Credit Union has recently updated it's Funds Availability Policy.  Please click on the reference to review the new policy.  If you have any questions please feel free to contact us at help@equishare.org or at 316-263-6171.

Notice of Changes in Temporary NCUA Insurance Coverage for Transaction Accounts

In accordance with the Dodd-Frank Wall Street Reform and Consumer Protection Act, through December 31, 2012, all funds in “noninterest-bearing transaction accounts” are insured in full by the National Credit Union Administration. This unlimited coverage is in addition to, and separate from, the coverage of at least $250,000 available to members under the NCUA’s general share insurance rules.

The term “noninterest-bearing transaction account” includes a traditional share draft account (or demand deposit account) on which the insured credit union pays no dividend. It does not include any transaction account that may earn dividends, such as a negotiable order of withdrawal (“NOW”) account, money-market account, or Interest on Lawyers Trust Account (“IOLTA”), even if share drafts may be drawn on the account. The temporary full insurance coverage of “noninterest-bearing transaction accounts” expires on December 31, 2012. After December 31, 2012, funds in noninterest bearing transaction accounts will be insured under the NCUA’s general share insurance rules, subject to the Standard Maximum Share Insurance Amount of $250,000.

EquiShare Credit Union is pleased to announce the new iPhone App for AutoSmart.  Now when you are out shopping for a vehicle you can have all the information at your finger tips.  You can also get a preapproval from EquiShare for that new vehicle before getting into the dealership.

Click on AutoSmart on our home page for more information.

Newsletter/Website News Idea:  September 2010

Fake Checks and How to Avoid Becoming a Victim

With the Internet, the world has opened up to us in many ways.  We don’t have to settle for local purchase prices on the things we want; we can purchase these online.  We can look for jobs in other cities; visit with family and friends online, the list goes on and on.  Unfortunately, the world has opened up for criminals as well.  Criminals who use the Internet prey on the unsuspecting and trusting, or those who are desperate or just curious.  One of the avenues these criminals have chosen is to scam with fake checks.  The general scenario is that a check is written for too much money and the victim agrees to send the overpayment back to the person or company who gave them the check.  Eventually the check is returned as counterfeit and the victim is out the funds that s/he sent to the maker of the check.  Here are some of the scenarios that we should all watch for:

                Foreign Business Offer                                    Scheming Suitor

                Rental Scheme                                                  Over Payment Offer

                Work at Home Offer                                        Sweepstakes or Lottery Scheme

Unfortunately, EquiShare members have already fallen victim to more than one of these schemes, which means that we can all be vulnerable to them.  Basically, it comes down to the old adage: “If it sounds too good to be true, it usually is.”  However, simple as this may sound, it is prudent advice. 

When the scam happens, embarrassment may prevent the victim from reporting this type of crime, but it is a crime and the criminals use the victim’s good name and reputation to pull it off.  When a member deposits a check to his/her account, s/he is responsible for that check.  If it is returned unpaid for any reason, s/he is responsible for the repayment of that check which may cause a financial burden that may be difficult to repay.  Another rule of thumb is, if the check is from an unknown source-don’t cash it, report it to the authorities (Call 316-660-9700 and ask for the Consumer Fraud Division in Wichita).  If a check comes in the mail from a foreign lottery or sweepstakes (or even a local one that you didn’t enter) then it is not real, it is a scam.

These checks look very real and a person can’t tell that it is fake or counterfeit until it is returned to the financial institution where it was deposited.  The best way to determine if it may be a scam is to ask the following questions:  Did I enter this sweepstakes/lottery?  Do I know the person or company that this check has come from?  Does this offer sound too good to be true?  Why would anyone pay more than the advertised price? 

To find out more information on counterfeit check scams and other scams, visit the tutorial at www.FakeChecks.org to protect yourself, family and friends.  As another old adage says, forewarned is forearmed.

EquiShare Credit Union teams with these dealers using the CUDL Program:

CUDL DEALER LIST

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