Protect your money

Dennis Gosnell, Assignment Editor

With current economic conditions in the United States, learning to bank properly becomes essential to surviving in the free market.  Rose State recently held a workshop called “e-Banking 101.”  Javon Johnson, member service officer for Tinker Federal Credit Union presented ways in which to bank safely, securely and smartly.

“Money management can be fun and easy.” – Javon Johnson

Workshop to bank responsibly

The workshop helped to explain some of the basic functions used in banking, and what advantages and disadvantages there are in bank provided services.

“In maintaining a bank account, it is important to realize that banking is the responsibility of the individual and the bank,” said Johnson.  From May 2009 to May 2010 the rise in Bankruptcy was up 24% from the previous year, because of this financial education becomes ever more important to the future of citizens of the U.S.

Credit card fraud was another major issue discussed, because it is important to know when, where, and how you or your loved ones is spending money.  People don’t want others stealing their cards and going on a spending spree taking everything they have.

According to the U.S. Secret Service, in 2008 at least $1 billion in funds were accredited to debit fraud nationwide.  Of the $1 billion, 80% was in some way due to card skimming.

Card skimming involves thieves using electronic means to copy and save debit or credit card data so that they can use it to steal personal funds later on.  As a consumer at a restaurant, pay close attention to how long your card is away, and who handles the card.  Restaurants have had a high rate of these kinds of crimes.  This is due to new technologies and smart phones that enable thieves a faster and easier way to copy personal credit card information.

Watch out for credit card fraud

It becomes doubly important to know what is being done with your card when it leaves its owners hands.  Johnson advised that individuals check their balances and spending daily online (if this option is available) to make sure that there have been no fraudulent charges put to personal bank accounts.

Christmas credit card safety tips

As many students, faculty, and staff may know Christmas is right around the corner.  The U.S. Secret Service has this tip for shoppers, “This time of year, counterfeiters prey on both cashiers distracted by long lines, and consumers juggling purchases and shopping lists. Shoppers should always visually inspect their currency before walking away from store registers or bank tellers.”

Banking has its brighter spots.  Newer, faster ways to transfer money, make payments to businesses, and check account balances or purchases allows individuals to quickly and accurately maintain their bank accounts.  Direct deposit also gives people a fast and hands free means of depositing money into their accounts without having to visit their bank.

“Every right implies a responsibility; every opportunity, an obligation, every possession, a duty.” – John D. Rockefeller

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