The Difference Between a Notary and Signature Guarantee

What Notaries Do

A notary public is a person who, by the authority vested by the state, determines that the person who signs a document in his/her presence is in fact who that person claims to be. When appearing before a notary, you bring proper identification and sign the documents in the presence of the notary public. The notary compares your appearance to the picture in your identification, verifies your signature matches and applies a seal to your document. The notary, in effect, acts as an impartial witness and implements requirements that deter fraud.

Signature Guarantees

A signature guarantee is a stamp placed on financial instruments by a financial institution, guaranteeing that the signature is valid. The most common use for a signature guarantee is to authenticate your right to sell or transfer securities. It protects the person who owns the stock or certificate and makes it more difficult for someone to forge a signature. To be able to affix the signature guarantee stamp or imprint, financial institutions join a signature guarantee program, the most widely used being the Medallion Signature Guarantee Programs. Like a notary service, a representative of a participating financial institution reviews your paperwork (including a statement showing the value of the securities), witnesses your signature and then, in applying the signature guarantee stamp, guarantees that your signature is genuine. The stamp uses a bar code, special ink and other security features to make it more difficult to copy or counterfeit.

IRS Phone Scam - Please Be Aware of this Dangerous Scam

The Lisbon Credit Union feels that it is important to keep our Membership aware of serious and potentially dangerous scams that are at large in today's society.

With the income tax filing deadline coming up, there is a new threat involving criminals posing as IRS agents. These scam artists are making weekly phone calls, victimizing thousands of Americans by demanding that payments be made to the IRS. These crooks are threatening that legal action will result in these calls being ignored.

If you receive a call from someone claiming to be the IRS and demanding payments as well as threatening you with legal action, please do not hesitate to hang up your phone.

For more informaiton on the matter, please follow this link:http://www.cbsnews.com/news/dangerous-irs-phone-scam-unfolding-on-your-phone/

Newsletter Activity: Guess Who Credit Union Staff Baby Photos!

Here are the answers to the credit union staff baby photos activity. Thank you for your submissions! the winner is Jeannine P.

Elder Financial Abuse

Elder financial abuse is the theft or embezzlement of money or any other property
from an elder. It can be as simple as taking money from a wallet and as complex
as manipulating a victim into turning over property to an abuser. This form of abuse
can be devastating because an elder victim’s life savings can disappear in the blink
of an eye, leaving them unable to provide for their needs and afraid of what an
uncertain tomorrow will bring.

It's sad, but estimates show that millions of seniors are victimized by financial abuse each year. The most frequent type of elder abuse is perpetrated by a family member who uses the resources of an elderly relative for their own benefit. Signs of elder financial abuse include unpaid bills, missing valuables, comments from the elderly person and isolation.

If you are or know a victim of elder financial abuse, you can call the Elder Abuse Hotline of the Maine Department of Health and Human Services Adult Protective Services Division at         1-800-624-8404.

Mobile Banking Q&A

Q - I got a new phone for Christmas and I can no longer access my accounts on mobile banking.

A- Most likely you have too many devices registered for mobile banking. For security purposes, we limit the total number of devices you can access via mobile banking to five devices (per membership account).

Look how quickly the number of devices can add up:

1.    Your old phone
2.    Your spouse’s phone
3.    A tablet
4.    Mobile web browser for you
5.    Mobile web browser for your spouse

That’s five. Add a new phone (or a new tablet) and you will encounter problems trying to access mobile banking. By limiting the number of devices that can access your accounts we are protecting you from unauthorized access by identity thieves. Simply call the Credit Union and a Member Service Representative can remove an older device so you can use the new one.

It’s also important to remember that every time you register a new device you will be asked to add a one-time PIN (sent via email) to your existing password. This also helps prevent unauthorized access to your accounts. You only have a limited amount of time to use this one-time PIN. If you forget to use it before it expires, you will need to call the Credit Union to have it reset.

Health Savings Accounts (HSAs): Is an HSA Right for You?

Health Savings Accounts (HSAs) are similar to personal savings accounts, but the money in them is used to pay for health care expenses. You own and control the money in your Health Savings Account.

To open an HSA, you must meet the following qualifications:

•    You must be under age 65 

•    You must carry a high-deductible health insurance plan; this high deductible health plan must be your only health insurance  - you can’t be covered by any other health insurance.

High-deductible plans don’t start paying until you’ve spent at least $1,250 (for an individual) and $2,500 (for a family) of your own money on health care expenses. While the deductible is high with this type of plan, the premium is typically lower for high-deductible plans than for traditional plans.

Some potential advantages of an HSA are:

•    You decide how much money to set aside for health care costs.

•    You control how your HSA money is spent.

•    Your employer may contribute to your HSA, but you own the account and the money is yours even if you change jobs.

•    Any unused money at the end of the year rolls over (stays in your account) to the next year

•    You don’t pay taxes on money going into your HSA

If you think a Health Savings Plan is right for you, please visit one of our Member Service Representatives who will assist you through the process.

Stay on Top of Your Account Activity

Are you suffering from security breach burnout in the wake of the recent hacker attacks at Shaw’s and Home Depot?  You may have even been one of the unfortunate ones to have had your card compromised at some point.

Unfortunately, once you have swiped your card at a store, you no longer have control over the safety of your card information. However, you can help prevent fraud by keeping the following in mind:\

1. Never share your PIN number with anyone.
2. Never write your PIN on your card.
3. Never keep your PIN with your card.
4. Monitor your accounts regularly for any unauthorized activity through our online home banking or mobile banking. This will allow you to verify that what is being debited from your account was actually authorized by you.
5. Keep track of ALL transactions. Use a checkbook register even if you do not use checks.
6. Contact the Credit Union immediately if you suspect unauthorized activity on your account. This will allow the Credit Union to immediately block your card and investigate the activity.
7. NEVER RESPOND to strange phone calls, text messages or emails asking for personal and/or card information. 

There is no way to prevent all fraud, but by following the above steps, you can be proactive and help us prevent fraud.