Important Information

 Never Pay a Fee to Win a Lottery! 5 Tips to Avoid Lottery Scams

Older Americans are increasingly becoming popular targets for lottery and sweepstake scams. According to the U.S. Senate Special Committee on Aging, lottery scams rank second on the list of fraud offenses reported by older adults, claiming thousands of victims each year.
These scams, also known as the “advance fee scam,” involve fraudsters issuing counterfeit checks and fake award letters to consumers alleging that they have won a lottery or sweepstake raffle. The individual is instructed to pay taxes and fees upfront in order to claim their “winnings,” but after they send the money, they find out that they haven’t exactly won anything at all.
Before you participate in any lottery or sweepstake, LifeStore encourages you to keep these tips in mind:
1.       Don’t be fooled by the appearance of the check. Scam artists are using sophisticated technology to create counterfeit checks that mirror the appearance of legitimate checks. Some are counterfeit money orders, some are phony cashier’s checks and others look like they are from legitimate business accounts. The companies whose names appear may be real, but someone has dummied up the checks without their knowledge.
 
2.       Never “pay to play.” There is no legitimate reason for someone who is giving you money to ask you to wire money back or send you more than the exact amount —that’s a red flag that it’s a scam. If a stranger wants to pay you for something, insist on a cashier’s check for the exact amount, preferably from a local bank or one with a local branch.
 
3.       Verify the requestor before you wire or issue a check. It is important to know who you are sending money to before you send it. Just because someone contacted you doesn’t mean they are a trusted source.
 
4.       Ensure a check has “cleared” to be most safe. Under federal law, banks must make deposited funds available quickly, but just because you can withdraw the money doesn’t mean the check is good, even if it’s a cashier’s check or money order. Be sure to ask if the check has cleared, not merely if the funds are available before you decide to spend the money.
 
5.       Report any suspected fraud to your bank immediately. Bank staff are experts in spotting fraudulent checks. If you think someone is trying to pull a fake check scam, don’t deposit it—report it. Contact your local bank or the National Consumers League’s Fraud Center, fraud.org.
 
For more information about fake check scams and how you can avoid them, go to fakechecks.org

 

LifeStore Bank Deposit Terms & Conditions

To review our most recent terms and conditions for deposit accounts, click here.

Notice of Changes in Temporary FDIC Insurance Coverage for Transaction Accounts

All funds in a "noninterest-bearing transaction account" are insured in full by the Federal Deposit Insurance Corporation from December 31, 2010, through December 31, 2012. This temporary unlimited coverage is in addition to, and separate from, the coverage of at least $250,000 available to depositors under the FDIC's general deposit insurance rules.

The term "noninterest-bearing transaction account" includes a traditional checking account or demand deposit account on which the insured depository institution pays no interest. It also includes Interest on Lawyers Trust Accounts ("IOLTAs"). It does not include other accounts, such as traditional checking or demand deposit accounts that may earn interest, NOW accounts, and money-market deposit accounts.

For more information about temporary FDIC insurance coverage of transaction accounts, visit www.fdic.gov.

FDIC Insures Your Deposits Up To $250,000

The FDIC insurance coverage limit applies per depositor, per insured depository institution for each account ownership category. For additional information regarding FDIC's deposit insurance coverage use the FDIC's Electronic Deposit Insurance Estimator (EDIE) and deposit insurance publications located on the FDIC's website "Are My Deposits Insured?" In addition, you can call the FDIC at 877-ASK-FDIC (877-275-3342).

 

Identity Theft and Other Scams

Possible Scams with Wiring Money

What You Can Do to Stop Them!

ID Theft Victim

Check Card Alert
Click here for details



You are now leaving LifeStore Financial Group's website and will be redirected to another site. LifeStore Financial Group makes no endorsements or claims about the accuracy or content of the information contained in this site nor any products or services offered therein. The security and privacy policies on this site may be different than those of LifeStore Financial Group.

Continue