DIVIDENDS

DOY’s Rates Increase Again

Again due to strong financial performance this past quarter, DOY has again increased the dividends in all tiers. Second and third quarters’ loan demand remained sufficiently strong to not only maintain DOY’s high dividend rates but increase them as well. Also, there has been a slight increase in DOY’s short-term investments’ interest rates helping to increase the overall net income for the quarter. This has prompted the Board to again increase the dividends this time by 0.10% in every tier. In this low interest rate environment, it’s great news when any financial institution raises its rates. With these rates DOY’s upper tiers again outdistance nearly all local short-term CD rates (one year or less) and the uninsured money market funds held in major brokerage houses. Just remember, great participation provides great rates!!!

Note: Institution rates remain the same as last quarter.

Shr Amt Tier Total Div APY Div
$10-199.99 0.00% 0.00%
$200-999.99 0.45% 0.450%
$1000-4999.99 0.60% 0.600%
$5000-9999.99 0.70% 0.700%
$10,000-19,999.99 0.90% 0.903%
$20,000- and up 1.10% 1.105%
checking accts 0.60% 0.600%
institutional accts $10-499.99 0.00%
$500-4,999 0.010%
$5,000-10,000 0.020%
$10,000 & up 0.040%

Additional Dividend Articles


MEMBER SERVICES

Direct Deposit is Easy at DOY

DOY has the capability to receive money by direct deposit. Your direct deposit can be placed in any DOY account or split into different accounts (e.g., Christmas Club, Vacation Club, loan payments, kids accounts). Your Social Security checks, payroll checks, pension checks, investment checks, or even your income tax refunds, can easily be disbursed in any DOY account by direct deposit. Most institutions only require DOY's routing number (241-283-204) and your DOY account number. Be sure to include your suffix of either "00" for savings and "09" for checking (e.g. 123400 or 123409) If you have any question, or need more information, please call our office for further details.

Like Your Checking Acct – Keep It

Checking AccountIf you are happy with your current checking account because of auto bill pay or online banking, keep it; but you may want to have a second checking account with DOY. Why? Because you can earn money by just using DOY to pay those really big bills (property taxes, insurance, etc.). Why let someone else earn interest on YOUR money? Remember, no one cares about your money (unless they want it) except you! Let your money work for you and not someone else. Here’s how. Take all the excess money from your current checking account and/or savings account and place it in your DOY savings account. Why not start a payroll deduction or direct deposit into your DOY savings so that you can accumulate the money necessary to pay those big bills? Then, open a DOY checking account. There are no fees if you keep a low average balance of $200. To earn high 3rd tier dividends, (see first article) you must keep a $400 average balance. Since your first book of checks is free, your cost to open a DOY checking account is $0.00. When your big bills come due, your money is earning high interest in your savings account. Then call DOY or use DOY’s Audio Teller (24/7) to transfer the money to your checking. Even while the check is being processed, your money is still earning interest in your checking account until the check clears.

Another important aspect of DOY’s checking account is only checking account members can conduct cash transactions. Because our checking program is designed for responsible members who want to manage their money wisely, you must apply and be approved to participate in the program. Open your checking account today and start making YOUR money work for you.

Speaking of Your Money

Why not have a dinner on Uncle Sam? Why give the Federal Government any more in taxes than they deserve? Are you getting a big tax refund? If so, you are giving the government an interest free loan with YOUR money. Here is another money saving idea. Go to your payroll office and find out what the LEAST amount of money that can be withheld from your paycheck for your federal withholding. Compare this amount with the amount the is presently withheld. Then have the difference between this minimum amount and the amount presently withheld directly deposited into your DOY Savings Account. The same amount will continue to be withheld only some of it will be sent to your savings account to earn interest. When it is time to pay your taxes, your refund will be sitting in your account with interest instead of Uncle Sam’s big pocket. Also, instead of waiting for your refund check from Uncle Sam, your money will be available on the first of January. Even if you would owe some tax, the money is there to pay it. Use the interest from YOUR money to have dinner on good old Uncle Sam. Note: If you don’t trust yourself to keep from spending this money from your savings account, open a separate saving subaccount especially for your taxes. Ask DOY for details.

Mailout Withdrawals

For a nominal fee of $1.00, DOY will mail you a share withdrawal. However, there are a few simple rules to remember that will insure the privacy and safety of our mailout program:

  1. Withdrawals must be over $100
  2. Checks are only made out to the name on the account and only mailed to the address listed on the account.
  3. If a check is lost in the mail, a stop payment must be placed on the check at the member’s expense ($10).
  4. After the check is received, a voucher (receipt) must be signed and returned.

This is a very unique service DOY provides. Can you imagine calling a bank and asking them to send you a certified check for $100 from your savings account and have it mailed to your home? Before they hang up on you, tell them you are willing to pay a dollar for the service. Good luck!

Can't Make it in Time? Use the Night Box

Night DepositIf you have a need to make a deposit, loan payment, or drop off an application after DOY's regular business hours, use the secure night deposit box. The box is located to the right of the tower framed directly into the brick of the building. Be sure your item is in an envelope and your account is clearly placed on the check or the envelope. Please do not deposit any cash. The night deposit area and parking lot are brightly lit. All items deposited after DOY closes will be processed with the first transactions the next business day.

Increased Cybersecurity

Security LockIn preparation for future projects and improvements to DOY's member services that require internet access, DOY has greatly increased its cybersecurity. DOY has added to its network a premier bundle of protection including: managed firewalls, managed IDS/IPS, intrusion detection, web content filtering, anti-virus gateway protection, plus 24/7 monitoring. With these added protections, DOY members can feel confident that whenever services require internet access that their personal and DOY information will be aggressively protected. Completion of these upgrades will be completed by the end of November and will enable DOY to provide new products to improve member services.

Use DOY More and Earn More Rewards

DOY members who have used DOY for other services such as, club accounts, checking, mortgages, car loans, and/or upper tier savings accounts will continue to have their reward points doubled when applying for either a Big Borrower's Signature Loan or New/Used Auto Loan. Your savings could be huge if you are using DOY for your savings and borrowing needs. Auto loan interest rates with double points could be as low as 2.99% and signature loans as low as 3.50%. Call DOY today and see how much you can save with the DOUBLE REWARDS PROGRAM. Flyers explaining DOY's Rewards Program are available at DOY offices or call and have one mailed free of charge. Even previous auto and mortgage loans with DOY can earn you rewards points. For example:

**Previous paid off DOY auto loans within the last seven years of $10,000 or more are eligible for reward points.

**Previous paid off DOY mortgage loans within the last ten years are eligible for reward points.

NOTE: Mortgage and Auto Loans paid off early and not refinanced with DOY are not eligible for the rewards' program.

GO TO DOY'S WEBSITE (doyfcu.com) for full details of the Awards Program. Click on the the "Rewards."

Additional Member Services Articles



OTHER AVAILABLE LOANS

Reduce Credit Card Debt

Reduce Credit Card DebtDOY has a great signature loan at a fantastic rate of 6.99% designed to pay off credit cards. With the Credit Card Loan, you could either qualify for $3500 for 24 months or $5000 for 36 months. The best part of the program is you can continue to refinance this loan up to the maximum allowed until all your cards are reduced or paid off. As an additional incentive to payoff all your cards, the interest rate of 6.99% is guaranteed as long as you remain in the program. Besides DOY's other loan policies, an important stipulation of the Credit Card Loan Program is your credit card debt must be less each time you refinance the loan. If at anytime you refinance and your credit card balances are greater than what it was before receiving the previous loan. then you would not be granted the new loan. Start now to lower and possibly eliminate your high interest credit card debt. All DOY loan policies apply, but if you qualify, what a great way to finally get out of high interest debt.

Borrow Without Touching Your Savings

DOY’s Share Secured Loan allows you to borrow using your saving account as collateral. Currently the interest rate is only 3.35%. The duration of the loan depends on the amount borrowed. Most Share Secured Loans are financed for 24 months. The beauty of this loan is that you continue to earn high interest on your saving while borrowing at a ridiculously low rate. So keep your nest egg safe by earning high interest while borrowing for your immediate needs with low interest. Why not pay off some credit cards, buy that big screen TV, or take a well-earned family vacation? There is no application process other than coming in to sign the promissory note and pick up the money.

Repair Your Credit with DOY

To help members who have had credit problems, DOY has a signature loan program that waives many requirements that normally would cause the loan to be rejected. These loans are termed Waiver Loans. Loan limits start at $250 and can increase to a maximum of $1,250. Once your limit is determined, increments of $250 are granted after two conditions are met:

Repair Your Credit(1) you have made six payments on your loan without any delinquencies

(2) your credit check has either remained the same or has improved since the loan was granted.

Even members who have filed bankruptcy and have not caused a loss to DOY, can apply six months after the bankruptcy has been discharged. Other restrictions may apply but they are not as stringent as DOY's other loan policies. Once a member has gone through the program, they may then be eligible for other DOY loans. There are no fees or outrageous interest charges. To apply, pick up for an application at DOY or call to have one mailed at no cost

Signature Loan Rates Lowered

That's right, you read the headline correctly. Not only has DOY raised their dividends but also has lowered all the signature loan rates. All signature loan rates have been lowered by 50 basis points (0.50%). This is a special New Year promotion and may not last very long, especially since interest rates are rising due to the Federal Reserve increasing short term interest rates. So, if you used too much plastic money for the holidays or you need extra cash for the beginning of the new year, now is the time to obtain a DOY Signature Loan. Listed below are three types of signature loans that you can obtain to pay off all those Christmas bills.

Loan Rates Lowered
  1. If you have been a member of our 2015 Christmas Club, you can apply for the DOY Christmas Club Loan at a terrific rate of 5.99%. New members who just join the 2016 Christmas Club can also apply for this loan at a great rate of 6.49%. With the Club loan, the money is issued directly to you to use as needed. A Club Loan for $3,500 loan for 24 months has a low payment of only $155.
  2. DOY Credit Card Loan, you can obtain a rate of 6.49%; however, this money is only used to payoff your existing credit card debt. DOY pays off or reduces a credit card balance for the card you select. Then as you pay down the debt, you can continue to refinance with the Credit Card Loan to keep lowering your credit card debt. A major stipulation for this loan is you must have a lower total credit card debt balance each time you refinance with the Credit Card Loan. With this program eventually you will be free of credit card debt! A Credit Card Loan for $5,000, for 36 months has a payment of only $153.
  3. Big Borrower Loan, you can obtain a rate as low as 5.49% for 24 months and 4.49% for 12 months. For this loan you must have an existing secured loan with DOY that had an initial balance of $5,000 or more (e.g., mortgage loan, auto loan). Also, Big Borrowers could have their rate decreased to a rate as low as 3.50% using the DOY Reward's Program (see double reward article).

DOY has other signature loans and the rates for all these loans have been lowered. This includes tuition loans, regular signature loans, priority loans, extended signature loans and waiver loans.

Why pay those ridiculous 21% or 24% revolving credit card interest rates? All requirements as stipulated in the DOY's Loan Policy apply, but if you qualify, what an exceptional savings. Why wait, call DOY today and see what loan you qualify for and pay off those bills!

NOTIFICATIONS

Christmas Club Now Available

Christmas Gifts Purchased with Christmas Club SavingsAs last year, DOY has transferred all Christmas Club money to your savings account. This means your money is available for pickup or can be mailed starting on October 2, 2017. No checks will be printed in advance and checks will not be mailed out automatically. You must call DOY to have your check mailed to you. You can obtain your Club money by coming to DOY to withdraw the funds, have your check mailed at no charge (until October 31st), transfer the funds to your DOY checking account, or just leave it in your shares to withdraw later. This means Christmas Club money will continue to earn interest immediately after the transfer. Remember, if you want to have your Christmas money mailed to you without any mailout or withdrawals fees, you must request it before October 31st. As in past years, members must come into the DOY offices to receive their club gifts. These gifts will NOT be mailed nor will any checks be mailed for amounts below $100.

Lost Christmas Club Checks

DOY’s policy concerning mailed checks also applies to Christmas Club checks mailed to you. If you are mailed a check and it is not received because of reasons outside the fault of the DOY Staff (lost in the mail, misplaced by the member) then a stop payment must be placed on the check at the member’s expense before any money can be reissued. To stop the payment of a DOY cashier’s check, the cost is $10.00. The money is then redeposited in your account 24 hours after the stop payment was ordered and a new check can then be reissued.

Join the 2018 Christmas Club

Now is a great time to join the DOY 2018 Christmas Club. If you would like to have more money for next Christmas, the DOY Christmas Club is a great way to save. With payroll deduction or direct deposit, you can build your Christmas gift fund easily and painlessly with third tier interest. DOY’s Christmas Club interest rate is higher than any saving accounts or Club rates at other financial institutions. The deadline to join next year’s club is April 1, 2018. Already a club member? Why not increase your deduction and have an even merrier Christmas next year?

Nominations

If any member in interested in running for a position on the DOY Board of Directors, just submit your nomination in writing to our office by November 1, 2017, so we can place your name on the ballot. Elections will be held at the annual meeting on November 5th. The elections will be for two (2) three-year Board positions. Currently these Board positions are held by Jim Flickinger and Tom Voitus. Both Boars members have agreed to run for another term. If no nominations are submitted in writing by November 1st, nominations will be accepted from the floor of the annual meeting. However, your name will be placed in the ballot as a write-in candidate.

Annual Meeting Set Already

Annual MeetingThe annual meeting will be held Sunday, November 5, 2017. The details, and reservation forms will be in our next newsletter. Again, this year's meeting will be held at the Embassy, 5030 Youngstown-Poland Road, Ygst, OH. As always, the first 250 members who submit reservations will be treated to a free pasta and meatball dinner. After dinner, all members (whether or not you were at the dinner) are invited to business meeting and to participate in the election of board members. After the business meeting, DOY will conduct the famous gifts raffle to the members who attended the pasta dinner. While you are reading this article, all those wonderful gifts are being shipped to Youngstown. Exotic gifts from all over the globe (China, Taiwan, Mexico, Cambodia, Hong Kong) will be shipped to our private warehouse (Walmart).

Reminder: New Annual Meeting Policy

At its regular November 2016 meeting the DOY Board of Directors, passed a new policy for the 2017 DOY Annual Meeting. This new policy was adopted due to a large number of members not honoring their reservations for the 2016 meeting. This cost DOY a considerable amount of money and a lot of wasted food. Therefore, starting this year, DOY will place a ten dollar ($10) hold on each member's savings account when the reservation is made. If the member does not show up for the meeting, the ten dollars will be used to defray some of the costs for not honoring their reservation. Obviously, if the member attends, the hold will be released and the member will still receive a free pasta & meatball dinner. Also if the member calls DOY on or before the reservation deadline as stipulated in the third quarter newsletter and cancels their reservation, the hold will be released.

Dormant Account? Read This Now!

Ohio Law requires all financial institutions to monitor all dormant accounts. If an account has not had any transactions for five years, then the money must be sent to the State. Posting of dividends or interest is not considered a transaction, nor is a dormant fee considered a transaction. As of February 1, 2014, DOY instituted the following procedure to handle all dormant accounts.

Dormant Account*** After three years of no transactions, DOY will send a notice to the last known address informing the member of the dormant account. The notice will inform the member that their account is dormant and will be charged a dormant fee of three dollars per month. The fee will begin the following month after the notice. If these fees cause the account to drop below ten dollars, then the account will be closed.

*** If there is money in the account after five years of no transactions, the balance in the account will be sent to Ohio Department of Unclaimed Funds.

To avoid any fees or to prevent your money from going to the State, just conduct any transaction before three years of dormancy. Remember after any transaction, the clock will start ticking again for another three years. So by just making one transaction every three years, your account will not be classified as dormant. Here are a few suggestions of simple transactions you can perform to keep your account active.

  • Mail in a small deposit (no cash)
  • Make a small withdrawal
  • Transfer a small amount from your account to another member's account (e.g., a parent transfers $1.00 to a child's account or vice versa). Then both accounts would be considered active for another three years.
  • Call and have a small donation ($1.00 or more) debited from your account to the Jack Thomas Scholarship Fund. This scholarship fund was developed and is sponsored by DOY. If you are uncertain of how long your account has been dormant, call DOY to obtain the date of your last transaction.

Try DOY’s Audio Teller

(330) 744-3DOY (744-3369)
If you do not know your PIN number, call DOY.

Privacy Policy Now Posted at Website

DOY's Privacy Notice and Disclosure is now posted on DOY's informational website (www.doyfcu.com) Just go to the website and click on the red tab at the top of the home page titled "Privacy Policy." This outlines our policy concerning the handling of your personal information. In summary, DOY's policy is simply that we do not give out any information to outside parties unless they are contracted by DOY to perform other services on your behalf (e.g., statement printing, data processing services, check printing). To protect your privacy, we only work with companies that agree to maintain a strong confidentiality policy. We do not allow any company to sell our information nor do we issue any mailing lists to outside parties. If you have any questions regarding our privacy policy, please contact our office and ask to speak to the Privacy Compliance Officer (currently Michele Luca).

Send an Email to Morgan

Email Morgan

Members who have visited the DOY offices over the past two years have been greeted by Morgan. Morgan is a beautiful golden retriever who is the unofficial greeter of the DOY Federal Credit Union. Sort of like a Walmart Greeter only younger and cuter. Besides her own page on the DOY informational website (www.doyfcu.com), you can now email Morgan who recently received her own mailbox:

morgan@doyfcu.com

If you want to read more about Morgan, go to DOY's home page (www.doyfcu.com) and click on the red tab at the top of the page entitled "Morgan's Memos." Not only are there pictures of Morgan performing her duties at DOY, but she also writes about her insights on her activities at DOY. Then, if you want, you can comment on her memos, ask questions, or just say hello by sending her an email using the address, morgan@doyfcu.com. Morgan promises to answer your emails whenever possible.



MORTGAGE

DOY’s Second Mortgage Program

DOY's Second Mortgage ProgramDOY does not have home equity loans. Instead, we have fixed second mortgage loans. The home equity loan is a very deceptive loan if you do not understand how the loan is structured. Most home equity loans have variable interest rates and are amortized over ten years. Every time you advance yourself more money, the loan restructures for another ten-year term. This means you will pay doable interest on a portion of the principal since most equity loans are front loaded (most of interest is paid at the beginning of the loan term). If then at some future time you advance yourself money again, you would pay triple on part of the original principal. This is why these types of loans have such low teaser rates. The only way to beat the home equity loan is to borrow a fixed amount of money, never advance yourself any additional money, and pay off the loan as quickly as possible. This is why DOY only has fixed interest second mortgage loans for a fixed amount of money for a fixed amount of time. As with all of DOY loans, your interest for each payment is always calculated on your current unpaid balance. This means the more you apply towards the principal of the loan, the less interest you will pay. This is a great loan for home improvements or for any major purchase. Fees are low and the application is simple. For more information on DOY's Second Mortgage Program, just give us a call.

Don’t Just Compare Mortgage Rates

Most financial planners will tell you it is not worthwhile to refinance a mortgage unless you can drop your interest rate at least by a full 1.00%. This is because many financial institutions charge huge fees and points added to your loan. Refinance costs could cost you as much as $3000-$4000. This is money just thrown away and reduces the equity you have in your home. These costs are usually added to your loan principal which means you are not only paying thousands of dollars but also 15-20 years of interest on those costs. In general for every $1000 in costs, you can add approximately 0.15% to the interest rate you are quoted. For example, an interest rate of3.90% rate with $3000 in costs, would be comparable to the 4.35% with no costs. With the DOY's refinancing program, the costs are extremely low and there are NO points or broker fees. In most instances the total cost (this is everything) is $395. When refinancing your bank loan with DOY, not one penny of costs is added to your payoff balance. Call DOY for rates and details.

High Equity – Short Term Mortgage

DOY has a great short-term mortgage loan (seven years or less) at a very low rate. This is for members that have at least 40% equity in their homes. Members who have small mortgage loan balances or have their homes paid off can transfer their loan to DOY and borrow the additional money needed for major purchases. This loan would be great for doing major home fix-ups, landscaping, purchase new cars, college tuition, etc. Not only do you get cheap money in a low interest loan, but the interest is tax deductible. Here are the requirements to apply:

  1. loan duration cannot be more than seven years;
  2. equity in the property must be at least 40% after receiving the loan;
  3. DOY must be in the first mortgage position;
  4. total cost to process the loan is $250;
  5. no points or any other fees except as noted in #4;
  6. new mortgages only, existing DOY mortgages do not qualify for this promotional loan;
  7. the new loan must have a balance of $10,000 or more.

For more information call DOY and be sure you specify your interest in the High Equity-Short Term Mortgage Loan. Please have your account number available when you call.

Why Obtain a DOY First Mortgage?

Simple – Honest – No Surprises – No Prepayment Penalties – No Application Fee – No Points – No Hidden Costs – Always Talk to Real People – Loans Stay at DOY (loans not sold to other lenders) – Low Fixed Interest Rates – Very Low Refinance Fees ($395) – Very Low Closing Costs For New Home Purchase ($400 - $800)

Need we say more?
Equal Housing Lender

We do business in Accordance with the Federal Fair Housing Law

Did You Get Your Flyer?

A promotional flyer was sent to all out mortgage members (past and current). The flyer announced special auto loan rates just for those members. Not only do those rates apply to the members who have/had a mortgage with DOY, but any of their relatives who are eligible for membership. Mortgage loans are the backbone of DOY’s loan portfolio. The income generated from these loans has enabled DOY to provide high dividends to its savers and help fund the many services offered by DOY. As a means to reward these members (present and past), a special auto loan program was devised. Any purchase of a new or used car/truck that has mileage of under 15,000 miles is eligible. Refinances of current bank loans are eligible as long as the payoff value is equal or lower than the average retail value as listed in the most recent Automobile Red Book (15,000-mile stipulation also applies). Members who paid off their mortgage within the past ten years are eligible provided they did NOT pay their loan off early with more than 50% of their original loan balance remaining.

If you are a mortgage member (past or present) and did not receive this flyer, call the DOY office to have another one mailed. Don’t miss out on these unbelievable low rates!

Simple Calculation Saves Thousands

DOY's mortgage refinance program is so simple and honest that you can figure out the exact savings when switching your loan to DOY. All you need to know is your exact payoff amount of your existing loan and the exact number of payments you have left. Then call DOY with those two figures along with your current payment (principal & interest only). DOY will determine the DOY payment from this information and then compare it to see if there is a worthwhile savings. Since DOY only charges a flat $395 fee, the comparison to calculate your savings is easy.

For example a member calls and indicates his payoff balance is $103,200, and has 230 payments remaining on their loan with a principal and interest payment of $726. DOY then calculates the payment for the same exact amount using the same number of remaining payments and tells you the DOY payment would be $659.00. Now the math is elementary as illustrated below.

Calculations Save ThousandsCalculationsTotal payback for existing loan = $726 X 230
= $166,980

Total payback for DOY Loan = $659 X 230
= $151,570

Savings = $166,980 - $151,570
= $15,410

Total Savings = $15,410 - $395 fee
= $15,015

DOY's loan rates are fixed, there are no prepayment penalties, no closing costs, no points, no PMI insurance or any other hidden costs. Just an honest program that keeps all its loans in Youngstown. Ever since DOY started its mortgage program in 1991, it has never sold a loan in the secondary market. Shouldn’t you call today? What do you have to lose, except thousands of $$$$$$$.

Note: This comparison only applies to loans transferring from other financial institutions.

You Won't Believe These Auto Rates

Mortgage loans are the backbone of DOY's loan portfolio. The income generated from these loans has enabled DOY to provide high dividends to its savers and help fund the many services offered by DOY. As a means to reward these members a special promotion began in January. A special mailing will be sent out to all the mortgage loan members to offer them and their family members (who are eligible for membership) with very low auto loan rates. If you have or had a mortgage loan with DOY, you or any of your family members that are in the market for a new or used car (only certain years & models), should check with DOY first. The promotional rates began on January 1, 2016. This promotion also applies to any member who had a paid off mortgage loan within the past ten years (stipulation: the mortgage loan must have been held by DOY long enough to have at least 60% of the original principal paid off).



NEED TO KNOW

Equifax Mess

As you probably have heard, Equifax had a major data breach. An estimated 143 American consumers may have been affected. Equifax is one of the nation’s three major credit reporting agencies. DOY reports its data to both TransUnion and Equifax. We have been notified by Equifax that they have found no evidence of unauthorized activity on any of DOY’s credit reporting databases, including ACRO (the database into which we incorporate the data we furnish to Equifax). The assurance was given as of September 15, 2017. Equifax has established a dedicated website: www.EquifaxSecurity2017.com

This website contains information about the cybersecurity incident, information to help consumers determine if they have been potentially impacted, information to enroll in the complimentary credit file monitoring, and information on identity theft protection. Also, more information concerning this breach can be found on the Federal Trade Commission Consumer Information site: www.consumer.ftc.gov (use the site search: Equifax data breach)

Equifax Data Breach: What To Do

Identity Theft Protection After Equifax Data BreachThere are steps to take to help protect your information from being misused if breached.

  • First, visit Equifax’s website listed above.
  • Click on the “Potential Impact” tab and enter your last name and last six digits of your Social Security number. Your Social Security is sensitive information, so make sure you’re on a secure computer and an encrypted network connection any time you enter it. The site will tell you if you’ve been affected by this breach.
  • Whether or not your information was exposed, U.S. consumers can get a year of free credit monitoring and other services. The site will give you a date when you can come back to enroll. Write down the date and come back to the site and click “Enroll” on that date. You have until November 21, 2017 to enroll.
  • You also can access frequently asked questions at the site.
  • Check your credit reports from Equifax, Esperian, and TransUnion (free) by visiting the website: www.annualcreditreport.com. Accounts or activity that you do not recognize could indicate identity theft. To find out what to do, visit the website: www.IdentityTheft.gov.

Are You Ready For Gotcha

Starting this past September, Same Day ACH debits began. What does this mean? It means your payments by the ACH (Automatic Clearing House) method will now be settled on the same day it is received. Before September 15, 2017, most ACH payments were settled on the next business day. Now, your payments will be processed on the same day. Same Day ACH payments enable businesses, banks, credit card companies, etc., to receive their money sooner. A variety of transactions such as an urgent bill payment, faster payments for Internet and point-of-sale purchase, and invoice payments to clear faster will clear on the same day it is processed. Do not pay any bills without having the money in the account that is being debited, otherwise, GOTCHA (nsf fees, late payment fees, etc.). More information about Same Day ACH will be in future newsletters.

Sound Conservative Approach

With all the news in the media concerning the financial markets, it is great to know that DOY's policies and management has never put members' money at risk. All of our members' money is invested in either sound member loans or in short term (one year or less) federally insured investments. DOY has NEVER invested in any funds with Fannie Mae or Freddie Mac. DOY has NEVER sold any of its loans to the secondary market nor have we bought or borrowed from any mortgage stock funds or derivatives. DOY has NEVER issued or bought any subprime mortgage loans. DOY has NEVER processed any commercial loans. This means DOY is very well insulated from any potential crisis that might occur in the financial markets. Because DOY's loan under- writing policies are very conservative and loans are only given to worthy members, DOY has very few loan delinquencies or charge offs. In particular, DOY's Mortgage Loan Portfolio is extremely strong. Our mortgage loans make up the vast majority of our loan portfolio and have a loan total of over $19 million. Since 1991, when DOY started its mortgage program, the total loss from this portion of the loan portfolio was not even a half of a percentage point. In fact the exact figure is 0.138%!! Even in a possible economic downturn, DOY's mortgage portfolio is strong enough to weather and crisis. And DOY maintains a well-capitalized fund in case there are any major loan losses. What does all of this mean? Simply, your savings are totally safe and are federally insured up to $250,000.

IRS Phone Scams

The IRS is currently warning consumers about a scam that has hit taxpayers, including recent immigrants, in nearly every state in the country. Victims are told they owe money to the IRS and it must be paid promptly though a pre-loaded debit card, credit card, or direct deposit out of your savings or checking accounts. If the victim refuses to cooperate, they are then threatened with arrest, deportation, or suspension of a business or driver's license. Typically, the caller becomes hostile and insulting.

Phone ScamThe IRS DOES NOT and WILL NOT ask for credit card numbers, account numbers, or for prepaid debits cards or wire transfers over the phone. If the IRS wants to contact you about a tax issue, you will probably receive your first notice through the mail.

You should also know that scammers use fake names and generally use common names and surnames to identify themselves. Scammers could possibly recite the last four digits of your SSN and may spoof the IRS toll-free number on your caller ID to make it appear that it’s really the IRS calling. You may even hear background noise to mimic a call center. After threatening you with jail time or driver's license revocation, scammers may hang up, but then other scammers may soon call back pretending to be from the local police or DMV and your caller ID may support this claim.

Scammers sometimes send bogus IRS emails to support their bogus calls. The IRS encourages you to be vigilant against phone and email scams. The IRS doses not initiate contact with taxpayers by email to request personal or financial information. This includes any type of electronic communication, such as text messages and social media channels. If you receive an email, you should not open any attachments or click on any links contained in the message. Instead, forward the email to phishing@jrs.gov. For more information on how to report phishing scams involving the IRS, go to the genuine IRS website, IRS.gov.

Watch Out for Skimming

Credit and debit card skimming is when potential thieves steal or "skim" you card information. They use it to create an illegal copy of your card (called "cloning") or to charge items to your card over the phone or internet. It can also be done to sell your information to others. Thieves use skimming devices that are small, easily portable, and hard to detect. Certain types are illegally installed on ATM machines and sales terminals such as those on gas pumps.

Card Skimmers: These devices fit over original card readers. As you insert your card, the account information stored on the card is "skimmed" by the device. If you suspect a card reader is fitted with a skimmer, jiggle it. If it moves or seems loose, don't insert your card.

Keypad Overlays: These overlays are placed directly on top of factory-installed keypads. The circuitry inside the overlay stores your keystrokes, such as those you make when you enter your PIN. If a keypad looks thick, seems raised, or is loose when wiggled, it could be a keypad overlay. Don't use it!

Hidden Cameras: With cameras being so small and record from many different angles, thieves may install hidden cameras to record you entering your PIN. Always cover the hand entering your PIN.

Remember: If anything looks suspicious, don't use the machine. It's better to be safe than sorry.

For Our New Members – What’s A DOY?

DOY is the acronym for Diocese Of Youngstown; however, we are not affiliated with the Diocese in any manner except to define our closed field of membership. DOY is a Federal Credit Union dictated by the rules and regulations of the National Credit Union Association (NCUA), an agency of the Federal Government. All of DOY's savings accounts are Federally insured up to $250,000. The Diocese of Youngstown does not have any input or control concerning the policies or operations of DOY. However, many agencies in the Diocese provide payroll deduction and/or direct deposit as a convenient way for our members to deposit money and/or make loan payments. In case you want to know the correct pronunciation of our name, just remember DOY rhymes with BOY.

Holiday Tips

Holiday ScammersCriminals and scammers use many different techniques to fool potential victims. Here are some useful tips you can use to avoid being a victim of a holiday scam.

Gift Card Scams

Gift cards purchased through online auctions sites are often fraudulent or stolen. The safest way to purchase gift cards is directly from the merchant or retail store. However, you have to be careful when purchasing gift cards at retail stores as well. Thieves can write down the code or use a device to scan the magnetic strip on the back of gift cards that are available on the racks. Every few days the thief will check the balance and redeem the card’s value online without the gift recipient’s knowledge. When buying a preloaded card, always have the cashier scan the card to verify that the full amount is available. Also, check to make sure that the packaging hasn’t been tampered or damaged.

Phishing and SmiShing Schemes

In phishing schemes, a fraudster poses as a legitimate entity and uses e-mail and scam websites to get a victim’s personal information, such as account numbers, user names, passwords, and other sensitive information. SmiShing is the act of sending fraudulent text messages to bait a victim into revealing personal information. Remember to be leery of e-mails or text messages that indicate a problem or questions about their financial accounts. In a scam like this, fraudsters ask their victims to follow a link or call a number to update their information or correct a problem with their account. The website or message the victim goes to will look legitimate, but it’s a trap. The site will allow the fraudster to steal and information the victim provides. A couple of the most common SmiShing schemes includes offers to lower interest rates on credit cards or involve fraudulent deliveries of packages.

Charity Scams

Before giving to a charity, you may want to look at two websites from the Federal Trade Commission on the warning signs of charity scams:

Finally, to avoid becoming a victim of cyber fraud, do not respond to unsolicited spam emails. Also, be cautious of emails claiming to contain pictures in attached files or any attached file since these files may contain viruses. Only open attachments from known senders. Scan the attachments for viruses if possible.

Tips if You Become a Victim

If you become a victim of identity theft, do the following:

  • File a police report. You should not only file a report, but also get a copy of the report in case you need proof of the crime later for credit card companies.
  • Contact the fraud departments of each of the three major credit bureaus to report the identity theft and request that the bureaus place a fraud alert status in your file.
    • Fraud Department Phone Numbers
    • Equifax (888) 766-0008
    • Experian (888) 397-3742
    • TransUnion (800) 680-7289
  • Visit the Federal Trade Commission’s website to report and recover from your identity theft at IdentityTheft.gov. This is an excellent site that will help you devise a recovery plan and to put your plan into action.
  • Contact all your creditors and inform them of your identity theft. Close all your accounts, change all account passwords, and obtain new credit, debit and ATM cards.

Graduates – Don’t Be Stupid!

Graduation CapDid you know that the Deferred Federal Student Loan Program converts your deferred interest charges to principal when the payments begin? That’s right, you pay double interest when this occurs. In other words, you pay interest on top of the interest you were charged while the student is in school. This could amount to a very large amount by the time the student graduates. Anyone who takes out one of these loans should make monthly interest payments throughout the life of the loan. This will insure that you will only be charged interest on the original principal amount borrowed when it is time to repay the loan.

True or False?

If you have no cash on hand and need to make a $1.50 purchase with your credit (or debit) card, it is perfectly acceptable.

TRUE. If you see one of those cash register signs that says "$5 or more for credit card charges,” that merchant is out of line. Both MasterCard and Visa have rules that require the merchants that accept their cards to process purchases in any amount, even tiny amounts. Wayward store owners can incur fines or possibly lose the right to process MasterCard or Visa purchases if the policy isn't changed.

Don’t be Fooled

There are many commercials claiming to monitor your credit bureau reports free of charge, but then you find out there is an annual fee or another gimmick. According to the law, you can get a free copy of your credit report every year from each of the three national credit reporting agencies; however, there is only one on-line source authorized to give you your report free: www.annualcreditreportcom.

Note: you may be offered additional products or services while on the authorized website, but you are not required to make any purchases. You can also call toll free at (877) 322-8228.

Since there are three reporting services and each must give you a free report once a year, that means you can monitor your credit year-round ordering a report from one of the three bureaus every four months.

Additional Need to Know Articles