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Fraud Protection Best Practices: When to use a Credit Card vs. a Debit Card

Key Fraud-Related Differences Between Credit Cards and Debit Cards A credit card allows you to borrow money from a lender up to a set limit, with the expectation of paying it back later, often with interest if not paid in full. A debit card, on the other hand, directly withdraws funds from your bank account when you make a purchase, limiting spending to the amount in your account. Balancing credit and debit card use can enhance both security and financial stability. If someone steals your credit card information, they are effectively stealing the credit card issuer’s money, not directly accessing your bank account. This separation provides a crucial security buffer, giving you time to dispute charges without risking essential funds like rent or grocery money. In contrast, debit card fraud affects your checking account immediately, which can cause financial disruptions until the issue is resolved. First Bank Cardholders: Did you know that First Bank credit and debit cards offer Mastercard’s zero-liability protection? Whether you are using your First Bank credit or debit card, you’ll only pay for purchases that you have authorized on your Mastercard® card. Unauthorized purchases are not your responsibility. Instances Where a Credit Card can Offer Increased Fraud Protection Online Purchases Credit cards are generally safer for online transactions. They offer robust fraud protection, and most credit card companies monitor for suspicious activity, often reimbursing fraudulent charges quickly. Travel and International Transactions When traveling, especially abroad, use a credit card. Credit cards typically offer better fraud monitoring and reduced liability if your card information is compromised. Big-Ticket Purchases Use a credit card for expensive items like electronics or home appliances. Many credit cards come with purchase protection, extended warranties, and easier dispute resolution if something goes wrong. Recurring Payments or Subscriptions Credit cards provide better protection if you need to dispute unauthorized subscription charges, helping avoid interruptions to your service while the issue is resolved. Best Practices for Card Security Monitor Transactions: Regularly check both credit and debit accounts for unauthorized activity. Use Secure Websites: Look for “https://” in website URLs when shopping online. Enable Alerts: Sign up for transaction alerts for immediate fraud detection. Report Issues Promptly: The sooner you report suspicious activity, the better your chances of minimizing loss. Responsible Credit Card Use To maximize fraud protection while maintaining financial health, use credit cards responsibly by: Paying the Balance in Full: Avoid interest charges by clearing the balance each month. Staying Within Limits: Use only a portion of your credit limit to maintain a healthy credit score. Making Timely Payments: Pay on time to avoid late fees and credit score damage.

3 min read

Hurricane Helene Recovery: Financial Assistance Options

1. U.S. Small Business Administration (SBA) Disaster Loans The SBA offers a range of disaster loans to individuals, businesses, and nonprofit organizations to cover losses not covered by insurance or FEMA. These loans help cover both personal and business expenses that could have been met had the disaster not occurred. October 15, 2024 Update: The SBA announced that it has exhausted funds for its disaster loan program. Until Congress appropriates additional funds, the SBA is pausing new loan offers. The SBA is encouraging individuals and small businesses to continue to apply for loans given assurances from congressional leaders that additional funding will be provided upon Congress’s return in November. Click here to read the press release. Home Disaster Loans: Available to homeowners and renters to repair or replace damaged real estate and personal property, including vehicles. Business Physical Disaster Loans: These loans are designed for businesses of all sizes to repair or replace damaged property owned by the business, such as real estate, machinery, equipment, and supplies. Private non-profit organizations like charities and churches are also eligible. Economic Injury Disaster Loans (EIDL): These are working capital loans designed to help small businesses, agricultural cooperatives, aquaculture businesses, and private nonprofits meet financial obligations they can’t cover due to the disaster. These loans are meant to support recovery during the disaster recovery period. For more information, visit the SBA Disaster Assistance website or contact them directly. 2. FEMA Disaster Assistance FEMA offers a wide range of financial assistance programs for those impacted by natural disasters. If you have insurance, file a claim immediately, as FEMA cannot cover losses that are already insured. FEMA provides grants for: Temporary housing Home repairs Other disaster-related expenses not covered by insurance You can apply for FEMA assistance online or by calling 800-621-3362. 3. Disaster Unemployment Assistance (DUA) Individuals who have lost their jobs or had their employment interrupted due to Hurricane Helene may be eligible for Disaster Unemployment Assistance (DUA). This program extends unemployment benefits to those who may not be eligible for state unemployment, such as the self-employed or small business owners. To qualify, you must: Live, work, or were scheduled to work in a federally declared disaster area. Have lost employment or had employment interrupted due to the disaster. Have exhausted regular state unemployment benefits. Eligibility is determined weekly, so you must continue to be out of work as a direct result of the disaster to maintain benefits. Visit the Disaster Unemployment Assistance page of the NC Department of Commerce website for more information about this program. 4. Freddie Mac, HUD, and FHA Mortgage Assistance If your home has been affected by Hurricane Helene and you are struggling to make mortgage payments, Freddie Mac, HUD, and the FHA offer mortgage relief options. These include: Forbearance plans to temporarily suspend or reduce your mortgage payments. Loan modifications to make your mortgage more affordable over the long term. Mortgage assistance programs designed specifically for disaster recovery. Contact your mortgage provider to inquire about disaster relief programs available through these organizations. 5. NC Bankers Association Disaster Relief The NC Bankers Association provides resources and guidance for individuals and businesses impacted by disasters. Through their network, they can help you access financial institutions offering relief, including special loan programs and deferral options for existing debts. It’s worth reaching out to your local bank or lender to inquire about specific programs that may be available to you. Visit the Hurricane Helene page of the NC Bankers Association website for a comprehensive list of resources. 6. WNC Strong: Helene Business Recovery Fund – Mountain BizWorks In response to Hurricane Helene, the WNC Strong: Helene Business Recovery Fund, led by Mountain BizWorks, is providing financial relief for businesses across Western North Carolina. This fund is designed to support local businesses that were impacted by the hurricane, offering critical recovery resources, including: Low-interest loans to help businesses rebuild. Emergency financial support to address urgent needs like working capital, repairs, and more. Mountain BizWorks is a community-focused lender that helps small businesses in the region thrive, even in the face of disaster. They are committed to supporting business owners through the recovery process with accessible financing options. Visit their website for more details on how to apply. 7. SBA Microlenders for Business Recovery The SBA also partners with microlenders across the country to provide small loans, typically up to $50,000, to businesses in need of capital. These loans can help cover immediate business needs such as payroll, inventory, and repairs. In the wake of Hurricane Helene, these microlenders are valuable resources for small businesses that may not qualify for traditional financing options. To find an SBA microlender in your area, visit the SBA Microlender List. 8. Western North Carolina Small Business Initiative Appalachian Community Capital has partnered with Community Development Financial Institutions (CDFIs) to provide relief grants to small businesses harmed by Hurricane Helene. The grant program is called the Western North Carolina Small Business Initiative. Small businesses can apply for grants up to $25,000 to cover expenses related to recovery and reopening including repair and replacement of physical damage, environmental cleanup, payment of business-related rents or mortgages, employee retention and hiring, and more. The application window for this grant is from October 30 through November 27, 2024. For more information and to apply, visit their website here. First Bank is Here to Help If you have any questions about these resources, our bankers are more than happy to help you navigate the questions you may have. Recovering from Hurricane Helene is a challenging process, but these resources are designed to provide financial relief when it’s needed most. If you’ve been affected, be proactive in exploring the options available to you, from disaster loans to mortgage forbearance. While the road to recovery may be long, these programs can ease some of the financial burdens and help you rebuild your life or business.

5 min read

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What is Financial Abuse?

Key Aspects of Financial Abuse Financial abuse is a hidden but devastating form of control that often leaves victims economically trapped and vulnerable. It can happen in any type of relationship, whether it’s between partners, family members, or caregivers and their dependents. By understanding the tactics used by abusers and the steps to regain financial independence, victims and their supporters can take meaningful action to break free and rebuild their lives. Control and Restriction One of the primary tactics of financial abuse is restricting the victim’s access to financial resources. The abuser may withhold money or enforce a strict allowance, limiting the victim’s ability to spend freely. They might restrict access to bank accounts, credit cards, or cash, ensuring complete financial dependency. In many cases, victims are required to justify every expense, creating a climate of fear and uncertainty around financial decisions. Additionally, abusers may steal or control their victim’s identification documents like their driver’s license and social security card as well as important papers like marriage and divorce documents, birth certificates, and mortgage or property documents—with the goal of opening accounts in the victims name without their knowledge. By controlling their victim’s financial access and identification, the abuser reinforces their dominance, making it increasingly difficult for the victim to assert independence. This lack of financial freedom can leave victims feeling trapped, with few options to break free from the abuse. Exploitation of Resources Financial abuse often involves the direct exploitation of their victim’s financial resources for the abuser’s personal gain. This can include unauthorized use of the victim’s credit cards or assets, leading to mounting debt in their name. Some abusers force their partners to cover all household expenses while contributing little or nothing themselves. In more severe cases, victims may be coerced into accumulating debt under their own name, leaving them financially burdened long after the relationship ends. These tactics create significant financial hardship, making it even more difficult for victims to escape the abusive situation. Sabotage of Economic Independence Many abusers deliberately work to prevent their victims from achieving financial independence. They may prohibit them from working or pursuing educational opportunities, limiting career advancement and personal growth. Even when victims manage to secure employment, abusers often sabotage their job performance by causing disruptions, harassing them at work, or withholding essential resources such as transportation or childcare. In some cases, abusers also hide or misrepresent joint assets, ensuring that their victims remain unaware of their true financial standing. By keeping their victim economically dependent, the abuser strengthens their control, reducing the victim’s ability to leave the relationship and start anew. Financial Secrecy and Isolation Secrecy and economic isolation are also common tactics in financial abuse. Abusers may conceal important financial information, such as income, debts, or household expenses, leaving the victim completely in the dark about their financial situation. In addition to withholding financial knowledge, abusers often restrict interactions with family and friends who could provide financial assistance or guidance. This isolation ensures that the victim has no financial safety net, making it even harder to seek help or escape the abusive situation. Post-Separation Abuse In relationships, financial abuse does not always end when the relationship does. Many abusers continue using financial tactics to exert control over their victims even after separation. They may prolong divorce proceedings to increase legal costs and drain the victim’s resources. Refusing to pay child support or alimony is another way abusers cause financial distress, making it difficult for survivors to maintain stability. Some even manipulate shared assets or debts to create ongoing financial hardship. These post-separation struggles can make it incredibly challenging for survivors to rebuild their lives. Recognizing and Addressing Financial Abuse Financial abuse is often an invisible form of control that can have long-term effects on a victim’s financial stability and emotional well-being. Recognizing the signs and taking action is essential. Here are some steps that can help: Educate yourself and others: Awareness is the first step toward addressing financial abuse. Learning about its signs can help victims recognize when they are being manipulated. Reach out for support: Support networks, including friends, family, and domestic violence organizations, can offer critical assistance in navigating financial abuse. The National Domestic Violence Hotline is a free, confidential and 24/7 resource that offers tools and support to help survivors of domestic violence. Seek professional advice: Financial counselors, domestic violence advocates, and legal professionals can provide guidance on regaining financial control. Open a separate bank account: If possible, setting up an independent bank account can help create a financial escape plan. Document financial abuse: Keeping records of financial transactions, unauthorized debts, and hidden assets can be valuable in legal proceedings. Breaking the Cycle of Financial Abuse By understanding its various forms, recognizing its signs, and taking proactive steps, survivors of financial abuse can regain financial independence and break free from abusive relationships. It is essential to continue raising awareness and advocating for stronger protections against financial abuse to support those affected and prevent further harm.

5 min read

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