5 Ways to Keep Your Money Safe This Summer

Summer is upon us and this means more trips, more adventures, and more fun! And we don’t want anything to spoil that, right? The last thing we need is worrying about our bank account or dealing with the stress of fraudulent activity. Here are 5 ways to keep your money safe and be proactive so that you can be stress-free while enjoying your summer escape.

 

How many times have you had to fight the car rental company or hotel because they overcharged you? If this has happened to you, you know it is not a fun process in getting your money

Using a credit card to book your hotel and car reservations is the best way to protect your money. When you put your card on file for a reservation, the merchant will most likely hold additional funds on your card. This is in the event you trash the hotel room or ding a rental car or anything that might force them to charge you more. In a way, this serves as insurance for the merchants. If you use your debit card, the hold will be placed on the funds in your checking account, which could prevent you from paying your bills or taking cash out. The hold sometimes can take up to 1 week to be removed, which can cause some serious inconveniences for you. Let’s not forget that you may even have to consider the possibility of a dispute and having to wait for a refund!

 Putting a credit card on file is more practical seeing as it won’t interrupts your cash flow. Even if there is a disputed amount in your credit card, you won’t have to worry about it affecting access to your everyday funds.

 

Gas stations are one of the easiest places for fraudsters to install a skimming device (a device used to steal your card information). It has become an easy target for fraudsters because each pump is isolated and no one is there to watch for suspicious activity. Once this device is installed, all of your card information is captured and they are able to duplicate your card for fraudulent use. There’s no telling which gas pump has been tampered, so

take a few extra minutes to actually go inside and pay with your card or just carry cash for gas at all time (and save some money per gallon while paying with cash while you’re at it).

Have you seen one of those ads on your Facebook page, asking you to try a sample of this amazing cream that will change your life? The one that asked you to put in your card information and all you need to pay is small shipping

fee? This has been one of the biggest scams that I have seen recently. Avoid signing up and providing your card information to these non-reputable companies. When you put in your card information, you are inadvertently signing up for a monthly subscription and allowing them access to future debits from your account. You might be inclined to go to your bank and file a dispute, but these are the hardest disputes to win because there might have been a teeny tiny fine print that you agreed to, and that is all they need to take your money. And good luck trying to get a hold of someone on their customer service line. So to protect yourself and keep your money safe, the rule of thumb is do not provide your card to an unfamiliar company.

Don’t forget to notify your bank before your travel or make large purchases (i.e plane tickets, shopping, trips and etc). With the ever increasing data breaches and debit/credit card fraud, most banks have taken great precautions in detecting and blocking any unusual or suspicious activities. Avoid any hiccups on your trip by being proactive. You don’t want to have your card declined when you need it most!

When you notify your bank, they can also keep an eye out on your account in the event there are transactions being made in your hometown. Helpful Hint: Save your bank

Helpful Hint: Save your bank’s customer service number on your phone in the event you lose your card and need to cancel it right away.

If you are on the go this summer, be sure to sign up for text message/ email alerts from your bank. While checking your account on a daily basis is recommended, you might be traveling to a place that doesn’t have an internet

connection or you just may not have the time to log into your app every day. Customizing your alerts will enable you to be notified anytime a transaction is out of your norm.