Dollars & Sense

Debit Card Fraud: Is Your Money at Risk?

2010-04-02T14:37:00

Debit card fraud occurs when a criminal gains access to your debit card number and, in some cases, PIN, to make unauthorized purchases and/or withdraw cash from your account. There are many different methods of obtaining your information, from unscrupulous employees to hackers gaining access to your data from a retailer's unsecure computer.

When your debit card is used fraudulently, the money is missing from your account instantly. Payments you've scheduled or checks you've mailed may bounce; you may not be able to afford necessities, and it can take awhile for the fraud to be cleared up and the money restored to your account.

How to Detect Debit Card Fraud
Fortunately, it doesn't take any special skills to detect debit card fraud. The easiest way to spot problems early is to sign up for online banking, if you haven't already. Check your balance and recent transactions daily. The sooner you detect fraud, the easier it will be to limit its impact on your finances and your life. If you see unfamiliar transactions, call the bank right away. If it's after hours, call the number on the back of your debit card. If you're the forgetful type, start hanging on to the receipts from your debit card transactions so you can compare these against your online transactions.
At the very least, you should review your monthly bank statement as soon as you receive it, and check your account balance whenever you visit an ATM or bank teller. However, it can take much longer to detect fraud using these methods.

9 Easy Ways to Protect Yourself
While you may not have any control over hackers and other thieves, there are many things you can control that will help you avoid becoming a victim.
• Get banking alerts. In addition to checking your balance and recent transactions online daily, you can sign up for banking alerts. Your bank will then contact you by email or text message when certain activity occurs on your account, such as a deposit or when your balance falls below a set amount. Sign up for alerts in the online banking portal.
• Go paperless. Signing up for paperless bank statements will eliminate the possibility of having bank account information stolen from your mailbox. Shredding existing bank statements and debit card receipts using a diamond-cut shredder when you're done with them will greatly reduce the possibility of having bank account information stolen from your trash.
• Don't make purchases with your debit card pin. Use your debit card in signature-based transactions only, because it offers greater protection against fraud. The money for your purchase will still be withdrawn from your account right away, but you won't expose yourself to PIN theft.
• Stick to bank ATMs. They tend to have better security (video cameras) than ATMs at convenience stores, restaurants and other places.
• Destroy old debit cards. Some shredders will take care of this for you.
• Don't keep all your money in one place. If your checking account is compromised, you want to be able to access cash from another source to pay for necessities and meet your financial obligations.
• Beware of phishing scams. When checking your email or doing business online, make sure you know who you're interacting with.
• Protect your computer. Use firewall, anti-virus and anti-spyware software on your computer, and keep it updated regularly.
• Use a secured network. Don't do financial transactions online, when using your computer in a public place and/or over an unsecured network.

What to Do If It Happens to You
If you learn that your debit card information has been compromised, contact your bank immediately to limit the damage the thief can do, and limit your financial responsibility for the fraud. Make contact immediately by phone. If its after hours, call the toll-free number printed on the back of your card.
If you will have trouble making any of your monthly payments because of the fraud, contact those creditors, explain the situation and ask if they can do anything for you. This step is extremely important, as failure to do so implies your unwillingness to pay them. However, if they know about your hardship, they may be willing to work with you to reschedule payments.

Conclusion
Anything you can do to make a thief's work more difficult, whether it's staying on top of your balance, spreading your cash out across multiple accounts or making purchases with credit cards instead of debit, will help safeguard your checking account and decrease your chances of becoming a victim of debit card fraud.

This blog was based on an article published on:

by Amy Fontinelle
Monday, March 29, 2010

A Gift May Get 'Em In The Door, But What Keeps 'Em Here?

2009-11-04T13:05:00

At National Bank Of Kansas City, we often thank customers for opening checking accounts with us by giving them a gift. This practice is not unusual in the banking world.

While many banks may offer gifts to get the customer in the door, it is my opinion that none of them keep customers satisfied after account opening like we do. In fact, I bet if you ask many other banks, they will tell you customers open an account for the gift and then close it several months later. We, on the other hand, turn our customers into customers for life.

How do we do this? It's really quite simple. We believe in a high-touch relationship with our customers. We know them by name and we know about their life events. We routinely call customers just to "check in" and see if they are happy with their account or have any questions. We help them activiate their debit card or walk them through paying bills online. In addition, we are continually checking to make sure the accounts a customer has open are truly the right accounts for them.

Because of this philosophy, our customers stay with us. Even more importantly, our customers refer their friends and family to us...that's a true compliment.

Let's not forget the good stuff....right now we're thanking new consumer checking account customers by giving them a $50 Best Buy gift card. Who couldn't use that so close to the holidays. See you in a branch soon!

Is The Person At Your Door A U.S. Census Worker Or A Con Artist?

2009-11-04T12:49:00

Lately there have been reports of people posing as U.S. Census workers going door-to-door in an effort to gain personal financial information. To protect yourself, know that:

If a U.S. Census worker knocks on your door, he/she will have a badge, a handheld device, a Census Bureau canvas bag and a confidentiality notice. Ask to see identification and a badge before answering any questions. However, you should never invite anyone you don't know into your home.
Census workers are currently only knocking on doors to verify address information. Do not give your Social Security number, credit card or banking information to anyone, even if they claim they need it for the U.S. Census. While the Census Bureau might ask for basic financial information, such as a salary range, it will not ask for Social Security, bank account or credit card numbers. Census Bureau employees will also never ask for donations.
Eventually, Census workers may contact you by telephone, mail or in person at home. However, they will not contact you by e-mail, so be on the look out for e-mail scams impersonating the Census. Never click on a link or open any attachments in an e-mail that are supposedly from the U.S. Census Bureau.

Source: www.bbb.org

NBKC’s Mortgage Division Garners Top LendingTree Award

2009-09-04T13:51:00

NBKC's mortgage division was recently given the top LendingTree award for the most closed purchase loans (using the long form) over a 12 month period.

The mortgage division is routinely at the top of LendingTree's montly list for most closed purchase and refi loans. As a national bank, National Bank Of Kansas City can fund VA, FHA and conventional loans in all 50 states. In fact, within our group of loan officers, we have specific people that specialize in refinance, conventional loans, VA, and FHA. NBKC is an Equal Housing Lender.

To learn more about our loan products, or apply online, visit our mortgage division website.

NBKC Is Now On Facebook & Twitter

2009-09-01T08:24:00

We may not know what we are doing, but we've decided to join the ranks of the millions using social networks to connect with friends and family members.

Just as you may use social networking sites, we are using Twitter and Facebook to stay connected with customers (who we consider friends and family). We plan on communicating news about products, promotions, and events.

In addition, we hope to further our customer service by giving our customers and "fans" a way to interact with us on a daily basis.

I know banking news isn't quite as exciting as a Twit from say Ashton Kutcher or even the President, but we hope our customers will enjoy the tidbits we set

Look for us on twitter -- @NBKC and become a fan of NBKC on Facebook as well. Twitter conversations will be monitored by Christa Spencer, Senior Vice President of Marketing & Communications.

Please note: No account information will ever be shared on Twitter. In addition, to protect yourself, never provide account information in an unsecured environment.

Skimming ATM Card Numbers On The Rise

2009-08-13T13:56:00

Recently, two suspects have been pictured placing skimming devices on ATMs in St. Louis, Osage Beach, and the Kansas City area. These devices capture card information that can be used by thieves to empty bank accounts.

A skimmer is placed over the original card reader. If you are observant, the skimmer can be detected. If an ATM rejects your card or requires you to swipe again, a skimmer may be hindering the original reader. Skimmers are not bolted on. If you are suspicious, pull on the card reader. If it dislodges, report it to law enforcement and the financial institution.

Remember, any card reader can be suspect. They've also been used on gas pumps. In addition, wait staff at restaurants & bars have been known to skim your card.

What's really behind that tempting CD rate? Maybe you should ask.

2009-08-13T13:55:00

The following was originally posted by the FDIC on June 19, 2009. The FDIC has received inquiries and complaints about certain companies advertising above-market interest rates for FDIC-insured Certificates of Deposit (CDs). Some of these ads display the FDIC logo or state "FDIC Insured." Many of these companies are not FDIC-insured banks. Rather, they are insurance or financial service companies that sell non-insured financial products. The small print in the ads may state that the company is not an FDIC-insured financial institution. The advertised CDs generally offer above-market interest rates for only a short term, require a minimum amount, and insist that the customer visit a company office. The advertisement's goal is to attract consumers for the company's non-deposit products or services. If a customer asks to purchase the advertised CD, the company will direct the customer to a computer terminal in the company’s office to purchase a CD from an FDIC-insured financial institution that accepts Internet deposits. The CD will be offered at a rate lower than advertised. The company typically writes a separate check to the financial institution for the difference between the bank’s rate and the advertised rate for the term of the CD. Both checks are mailed to the bank, and the bank then issues the CD for the increased amount, but at the bank’s lower interest rate. Things to consider:

Consumers should carefully consider whether non-insured products are appropriate for their personal financial situation.
Consumers should understand the terms of any CD they purchase.
Consumers can research deposit interest rates at Web sites.
Consumers can verify whether identified financial institutions are FDIC-insured.
Consumers can find information about FDIC deposit insurance coverage.

Visit FDIC for information on additional FDIC Consumer Alerts. National Bank Of Kansas City link to is an FDIC insured bank.

Acaiberry Debit Card Disputes

2009-05-19T14:21:00

Have you heard of the new dietary supplement being extensively marketed? Well, if you haven’t, it comes in the form of ACAI, Bestacaioffer, Superacai, Acaiberry, etc.

Several of our customers have contacted us in reference to disputing charges from Acaiberry.

Customer are unaware that along with the free sample they receive, they are also being sent a one month supply. A customer MUST cancel the product PRIOR TO THE SECOND CHARGE if they do not want to keep the product.

If consumers do not “return” the product in a timely fashion, they are defaulted to their financial commitment.

It’s a little tricky, and most consumers are not reading all the fine print. Before using your debit card to order products online or via the telephone, be sure to read all of the fine print.

Health Savings Accounts – Is It For You?

2008-09-17T14:53:00

Health Savings Accounts - or HSA - is the new buzz word around insurance companies and businesses looking for a lower-cost health plan option. What are these accounts and can everyone open one?

An HSA is a tax-exempt account established to help pay medical expenses in conjunction with a high-deductible health care plan (HDHP).

An HSA can help you save for future health and retirement needs. Although an HSA is primarily used to pay health care expenses on a tax-preferred basis, it can also be used to accumulate retirement savings - also on a tax-preferred basis. Much like an individual retirement account, unused deposits roll over each year and grow tax-preferred through investment earnings.

To better understand the ins-and-outs of HSAs, read our FAQs.

To open an HSA and make tax-fee contributions, you:
• Must have a high-deductible health insurance plan
• Cannot be covered by another non high-deductible health plan
• Cannot be enrolled in Medicare
• May not be claimed as a dependent on another person's tax return

Want to open an HSA? National Bank Of Kansas City has a high-interest paying, multi-level tiered account with many free services. To find out more, visit our HSA account page.

If A Disaster Strikes, Are You Prepared?

2008-09-03T11:03:00

You never know when Mother Nature will strike in the form of a tornado, hurricane, or flood. And, let's not forget the damage a fire can do to a home. If one of these disasters hit, it pays to be prepared with an Emergency Financial Kit. Similar in concept to a First Aid Kit, an Emergency Financial Kit contains all your vital financial information. This Kit should be kept in a place that will withstand a fire or any strike from Mother Nature. The safest place is a Safe Deposit Box. Located at your bank, the safe deposit vault is fire proof and can withstand hurricane or tornado-force winds.

National Bank Of Kansas City offers safe deposit boxes at five of its six locations. Boxes come in a variety of sizes and fee discounts are available for those with a Silver checking account or for those that allow the bank to automatically withdrawal from their account the annual fee.

Ready to prepare your Financial Emergency Kit? Be sure to include the items listed below.

• Certificates of deposit, stock certificates and IRAs
• Web addresses of financial websites you use, along with usernames and passwords
• Copies of driver's license, social security card, and birth certificate
• Copies of the front and back of your insurance card
• Name and phone number of your insurance agent(s)
• Insurance policies
• Passport
• Extra pad of checks
• Copies of the front and back of all credit cards
• Retirement and pension papers
• Marriage certificate, citizenship papers, divorce or separation papers, real estate deeds
• Living wills and/or advance directives
• Video inventory of household goods
• Contact information for utility companies
• Extra set of house and car keys

Consider Laddering CD Investments For Higher Yields

2008-08-22T12:06:00

Laddering your Certificate of Deposits is a great way to get high yields. And, because your CDs are continually maturing, you have more access to your funds. In fact, it could possibly be the best option for a savings portfolio that delivers both interest income and frequent access to cash. When you ladder your CDs, you are spreading the investment throughout many terms. This process can also help weather rate volatility.

How do you ladder CDs? I would suggest starting at www.bankrate.com. They have a laddering tool that takes you through several questions, starting with the total amount you want to invest in CDs. The process makes you consider the shortest amount of time you will wait for a CD to mature as well as the longest amount of time. Then, with the click of your mouse, Bankrate provides a conservative ladder recommendation and a moderate ladder recommendation. The recommendations show the terms you should consider.

Once you've decided on the terms for your laddered portfolio, contact the nearest National Bank Of Kansas City branch and we'll be happy to open the accounts for you. Or, you can open your CD online. Our website is open 24/7.

Confused about the state of the financial industy?

2008-07-25T15:05:00

Confused about the state of the financial industry? If you listen to all the media reports, it's easy to see why you would be. Just last week every major newspaper and television station was reporting on the trouble facing IndyMac Bank in Pasadena, Calif. Pictures showed depositors lined down the block ready to close accounts. But, in the wake of these reports, there were also a few stories about FDIC insurance and why bank customers should not be worried about their deposits.

If you have any questions regarding your National Bank Of Kansas City accounts, or FDIC insurance, rest assured we will always answer your questions. Also, it's important to note that in the past 75 years, not a single customer has lost a penny of insured money at any FDIC-insured institution. Quite simply, if your deposits are insured, your money is fully protected.

Want to know more? Read ‘Deposit Insurance Myths Debunked' or use the FDIC's handy Electronic Deposit Insurance Estimator.

Using Your Debit Card At The Pump Just Got Complicated

2008-06-17T14:50:00

Have you recently swiped your debit card at the pump and then were confused when you looked at your transaction history online? Or, were you frustrated when the pump stopped distributing gas when you hit $75? In today's blog, we'll help unravel the mysteries of swiping your debit card at the pump.

In some instances, gas stations will "validate" or preauthorize your debit card for $1, or possibly even $5. In these instances, there is no dollar limit on how much gas you pump. If you log on to online banking after you fill up, you will see only the $1 or $5 charge. It may take up to five days for the full transaction price to be debited to your account. At that time, the $1 or $5 preauthorization charge will no longer apply. Tricky, I know. The safest best is to record the full amount of the transaction at the time you fill up your car.

In addition, some stations set a max charge amount on debit cards. Currently many stations have the max charge set to $75. If it takes $100 worth of gas to fill up your car and you are using your debit card, it will take two transactions. You'll be able to put in $75 worth of gas in your first transaction. Swipe the card again and you can fill up the rest of the tank.

Remember that these "limits" are set at the merchant level not at the bank and the dollar amount can vary from merchant to merchant.

Do You Know Who Your Beneficiaries Are?

2008-05-01T10:43:00

If something should happen to you, do you know where your money will go? As time passes, it is not uncommon for people to forget to periodically check the beneficiaries on investments and particularly Individual Retirement Accounts.

When looking at bank accounts or IRAs, it is very important to have a Payable On Death (POD) on an account. The POD trumps any other legal document because a bank always follows the account titling.

Gone Smishing?

2008-04-28T15:13:00

Have you heard about the latest trick online scammers are using to try and trick people into providing personal information? It's called smishing. Funny name, right? It means sending text messages, or mobile spam, to a cell phone. The message might ask the recipient to register for an online dating service and then try and submit a "worm" into the mobile device. The worm is a virus that corrupts the network, or even worse, is mobile spyware.

Other text messages may tell the recipient they will be charged for a service unless they go to a specific website and cancel the service. Once on the website, the user is asked for personal account or credit card information. Lesson of the day: If you receive a text message from someone you don't know, delete it. Never respond or provide any personal information. In addition, never provide account or credit card information on a website after being promoted to do so from a text message or an email.

What We Do With The Money

2008-04-26T17:25:00

I think it is a common misconception that a bank has millions of dollars sitting in its vault. Truth is, when a customer opens an account and makes a deposit, the majority of the money leaves the bank almost immediately.

Where does the money go? Well, it doesn't disappear into thin air. Banks use deposits to fund loan commitments...both commercial and consumer. In addition, banks send money to the Federal Reserve on a daily basis for safe keeping. Think of the Federal Reserve as a bank's bank. Lastly, it isn't uncommon for a bank to invest deposits.

It Used To Be a Toaster, Now I Can Get an iPod!

2008-03-06T12:28:00

Why would a bank give an iPod or another great gift just so you’d open a checking account with them? The short answer – because your deposit account, along with hundreds or thousands of others, is the lifeblood of a bank.

When banks were more local (and there wasn’t a bank on every corner), depositors did not have a choice – they banked with the only bank that was close. Because there wasn’t much competition, banks did not have to offer attractive interest rates, free checks, iPods…or $40 gas cards (which is what we’re currently offering). This is good news for you, the consumer. Your checking account is important to your bank!

Next week, I’ll discuss what banks do with these deposits.