Download Protecting Yourself from E-mail Security, Banking Fees, and Identity Theft - Prof. Patrici and more Study notes Production and Operations Management in PDF only on Docsity! E-mail Security Look for a greeting- your name NOT “Dear PayPal user or Dear Member” Don’t share personal information via e-mail Don’t download attachments Report the e-mail through the company’s website o Type in URL- do not click on links in the e-mail Banking Issues Fees Increasing fees, you could avoid by using credit unions instead of large banking corporations o ATM (foreign transaction fees have increased overtimes, sometimes they can charge for using their own ATM) o Nonsufficient funds fee (NSF) $30 charge for something that costs them $10 or less o Overdraft protection o Bank of America Fees What are things BOA charges fees for? Truth in Savings Depository institutions must disclose o Annual percentage rate on interest-bearing accounts o any fees APY- annual percentage yield o Allows consumers to compare account options o must be disclosed and used in ads o based on a 365- day period APYE- annual percentage yield earned o must be shown on periodic statements Deregulation Reduces regulatory oversight: goal of it was to increase competition but over the last 10 or so years there has been a lot of problems due to the deregulation of government in the banking system (started late 1990s) Impacts of deregulation on consumers o Fewer "free" services o Consumers need to protect their privacy (they automatically share your info you have to do something to stop them) o Need to shop for best interest rates o Smaller banks being put out of business Other Banking Issues Many people in the U.S. lack basic banking accounts that we need for typical day to day activities (distrust of the banks to keep money safe, issue for immigrants that don't have correct ID, low income people may not have the minimum amount of money to keep account open) They use the Alternative Financial Sector(check into Cash, going to WalMart to cash checks, etc.) Card Blocking o Credit-Hold (when you use credit card at gas station so when you put the gas in, they check to be sure you have avaible funds, puts hold on account) o Debit-Hold America Saves Program encourages people to save more College Pilot Program o VT saves, K State saves, Utah State Saves Consumer Credit Credit cards, student loans, automobile loans, personal loans (ANYTHING BUT MORTGAGE) 4 out of 5 college students use credit cards The Poor pay more for financial services the poor use the alternative financial system, they are paying much more higher fees than wealthier people Check-cashing outlets (Wal Mart, or check into cash) o $2- $40 Payday lons interest rates as high as 470% (national average) Post-dated checks (think theyll have money in account by certain date but they don't )
