William Penn Life, 2003 (38. évfolyam, 1-12. szám)
2003-08-01 / 8. szám
Bad Checks: Bad news for your record THAT’S A QUESTION YOU MAY not have asked yourself very often, if ever. But, it’s one you should ask yourself at least once a year. We can’t stress enough the importance of regularly checking the beneficiaries listed on your life insurance policies. It is the only way to ensure that the people you want to receive the benefits of your life insurance are the ones who will receive it. Think about the changes that have occurred in your life since you purchased your life insurance. Getting married, having children, losing a loved one, getting divorced, getting remarried-all these life changes affect your responsibilities. Do the beneficiaries currently listed on your life insurance policies reflect such changes? If you think you need to update the beneficiaries listed on your policies--either primary or secondary beneficiaries-contact your WPA representative. Or, call our Home Office toll-free at 1-800-848-7366. from the Federal Deposit Insurance Corporation While credit bureaus keep track of how you handle credit, there are other companies that monitor and report how you manage — or mismanage — your checking account. And, as some consumers have learned, even a single bounced check reported by one of these services may be enough to make it difficult for you to open a new transaction account or get a merchant to accept your check as payment. Check reporting protects financial institutions and merchants (such as retailers and grocery stores) from losses associated with bounced or fraudulent checks. Under the Fair Credit Reporting Act (FCRA), a bounced check or other wrongdoing reported to a check reporting service may stay on your record for as many as seven years. What should you do if a banking institution turns you away because of an unfavorable report about your banking account? First, ask the institution for the name, address and phone number of the company that furnished the report, so you can request a copy and look for incorrect or missing information. Under certain circumstances, such as if you're denied a new account at a financial institution, you are entitled to a free report. Otherwise, the most you can be charged under current rules is $9. If your financial institution was the source of an error in your check report, it is required by the FCRA to contact the check reporting service and have the record corrected. In addition, if you dispute the matter in writing and the check reporting company doesn't change the record to your satisfaction, you are entitled to add a written statement to your report. And, if you have a concern involving a banking institution or a check reporting service, you may contact the appropriate federal regulator, either a banking agency or, in the case of check reporting services, the Federal Trade Commission. Also be wary of services on the Internet or elsewhere that offer to help you find a bank or "fix" your check history. These services usually involve a fee, and some may make false or misleading representations. How can you avoid getting into this predicament? "Frequently balance and monitor your checking account to avoid bounced checks," says Bret Morgan, an examiner for the Federal Deposit Insurance Corporation. "Don't close one checking account before you have established another one. And before closing your account, make sure any outstanding checks have cleared and account fees have been paid." [jyjij~| Money Links For more information on how you can maintain a healthy checking account and favorable financial records, log onto the website of the Federal Deposit Insurance Corporation at: 0 www.fdic.gov/consumers 4 William Penn Life, August 2003
