protecting your self against high fees, scams and outright fraud
DESCRIPTION
Protecting your self against high fees, scams and outright fraud. Presented by The Coalition for Debtor Education Chris Muy. Your money can DRAIN away fast. or it could “leak” away…. Stop the major drains first. Avoiding Scams and Money Traps. Rent-a Centers Pay Day Loans - PowerPoint PPT PresentationTRANSCRIPT
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Protecting your self Protecting your self against high fees, scams against high fees, scams
and outright fraudand outright fraudPresented by
The Coalition for Debtor EducationChris Muy
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Your money can DRAIN away fast
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or it could “leak” away….
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Stop the major drains Stop the major drains firstfirst
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The Coalition for Debtor Educationwww.debtoreducation.org
• Rent-a Centers
• Pay Day Loans
• Rapid Refunds
• Debt Consolidators
Avoiding Scams and Money TrapsAvoiding Scams and Money Traps
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Rent to Own
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Payday LoansPayday Loans
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Payday LendingPayday Lending
Short term loans made between paydays:1. Provide copy of pay stub to the lender2. Write a check dated after your next payday3. Give your bank account number for direct charge to your account4. Lender cashes check or debits your account
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Payday LendingPayday Lending
Example:Today, you write a check dated two weeks ahead
for $256You get $ 200
Interest and charges …………$56 = $28 per week or 14% per WEEK Interest on an annual basis: 728%!
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Payday LendingPayday Lending
Not enough money in account
to cover bills
Renew Loan for additional
fee and interest
NEXT PAYDAY
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Refund Anticipation Loans
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Rapid RefundsRapid Refunds
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Rapid RefundsRapid Refunds
The NEED to READ Fees Check Fee Account Processing Fee Finance Fee Technology Fee Refund Estimate Fee Tax prep Fee E-file Fee Bank Documents Fee Transmission Fee Service Bureau FeePLUS finance charge on the loan
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Your alternative!Your alternative!
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The Coalition for Debtor Educationwww.debtoreducation.org
VITAVITAVolunteer Income Tax Assistance)Volunteer Income Tax Assistance)
You may be able to get your taxes prepared for free
From January until April 15, there’s a free tax preparation service for eligible residents.
To find nearest VITA site: Call 311, or Go to NYC.gov/tax prep, or Call 1-800-TAX-1040
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BE CAREFUL
Two words about foreclosure Two words about foreclosure scams and debt consolidators scams and debt consolidators
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Check CashersCheck Cashers
Check cashers can charge almost 2% of each check you cash.
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Are you throwing away a week’s Are you throwing away a week’s pay every year?pay every year?
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Check Cashers Check Cashers Max. charge in NY = 1.95%Do the math:
$100 = $ 1.95$1000 = $ 19.50$2000 = $ 39.00
If your monthly check is $2,000:$39.00 x 12 = $468.00 per year – almost equal to a week’s pay!
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Avoiding SCAMS!
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Stop the leaks
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The NEED to READ!!!(again!)
• Read your bank statement every month
• Open all your mail
• Read your credit card agreement – and any additional inserts they send you
• Pay attention to the privacy statements you get in the mail
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Protect your identity from Protect your identity from thieves:Don’t carry your Social thieves:Don’t carry your Social Security or Medicare card with youSecurity or Medicare card with you
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Don’t reveal your Social Security Don’t reveal your Social Security or Bank Account numbersor Bank Account numbers
“Phishing”
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DO NOT CALL Registry
888-382-1222 or go to: donotcall.gov
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Safeguard your personal Safeguard your personal informationinformation
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SCHRED!!!SCHRED!!!
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TMI!!!TMI!!!
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ATM feesATM fees
Add up!Add up!
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Minimum BalanceMinimum BalanceMinimum BalanceMinimum BalanceMinimum Balance
READ your bank statement every month
ASK what you have to do to get FREE Checking
ASK if there is a minimum balance required for a free account
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The Coalition for Debtor Educationwww.debtoreducation.org
OverdraftsOverdrafts
It’s your choice!
Bank cannot charge you for Bank cannot charge you for overdraft on a debit card unless overdraft on a debit card unless you you OPT-INOPT-IN
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