I received the notice in the mail from my bank that says due to the new federal laws they were discontinuing the rewards program associated with my debit card purposes. Further because of the new rules free checking maybe gone and additional fees charged to protect my account.
Online PR News – 27-July-2011 – – The new federal law has forced some banks into a practice that will begin charging consumers for fraud protection. Some banks have decided to eliminate certain services in order not to charge for fraud protection. USAA is keeping free checking and other services such as ATM fee reimbursement for customers but have eliminated the rewards program in order to keep the fraud protection free.
http://howsafeareyou.org founder Michael Roberts says "it isn't necessary to pay your bank for fraud protection. You can implement some very simple steps that will protect your identity and safeguard you from fraud. The latest post on our site "Help To Stop Identity Theft And Protect Privacy" provides detailed information that a consumer can use to protect their financial life.
Although there are a lot of companies that charge for credit monitoring and identity protection services Mr. Roberts believes that a consumer can monitor their finances without paying someone else to do it.
Said Mr. Roberts, "placing a fraud alert on your credit file and notifying your bank to hold any charges not made in your area (unless you're travelling) can help to stop thieves before they've had a chance to drain your accounts. You should also switch to cards that offer more built in security such as a paypal debit or credit card. With paypal, if you charges seem unusual a freeze will be placed on your account until you call and verify that it's really you using the card."
Howsafeareyou.org also provides an "identity and fraud protection kit" for visitors. This is offered as a free download and the information is practical and can be used right away to put safeguards on your financial life. Said Roberts " We are constantly monitoring the new and creative ways that thieves are using to steal your identity providing information as to how to prevent it from happening to you".
Mr. Roberts suggests that the first step is knowing exactly what's on your credit report and being aware of exactly what your balance is in the bank. Set up email monitoring for your accounts. That way every time you use your a card you will recieve an email confirming the transaction. This will help to stop unauthorized use early on.
To learn more about what you can do to protect yourself and avoid paying for fraud protection visit the following page on the site: http://howsafeareyou.org/banks-to-charge-more-for-fraud-protection/
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