Get amazing insights on how to maximize your banking needs. For pertinent questions about how to make banking work for you, just ask Alex, our expert banker. Discover how to deal with credit card fraud. Understand the importance of an Amortization Schedule and its use. Learn what it means to be a successor trustee.
Question: I noticed a fraudulent charge on my credit card. What should I do? – Pat from Dana Point, California.
Answer: Contact the credit card company immediately and report the fraudulent transaction. Most companies have zero fraud liability. That means you are only responsible for the purchases you made. Any unauthorized transactions will be fully refunded. Once notified, the credit card company will permanently close the compromised credit card. They will also issue a replacement card which will have a new sixteen-digit number and expiration date. If there are automatic payments set up with your credit card, contact the vendor to update the information. The time frame to dispute a credit card charge is 60 days from when the first credit card statement listing the fraudulent purchase is generated, but some credit card companies have extended the time limit.
Question: I just signed loan documents and they gave me an Amortization Schedule. What is it? – Cynthia from Little Rock, Arkansas.
Answer: An Amortization Schedule is a chart that list each payment for the life of a loan. It shows how much of the payment is applied towards the principal balance and interest. The amount of principal and interest paid differs by each month. During the beginning of the loan, the interest costs are at their highest. As time goes by, more and more of each payment goes towards the principal. When regular payments are being made, consumers can use an Amortization Schedule to see how much interest they are truly paying.
Question: My parents have a trust and it has me as the successor trustee. What does that mean? – Tammy from Asheville, North Carolina.
Answer: The person in charge of managing the trust’s affairs and distributing the assets is known as the trustee. If the trustee becomes incapacitated or dies the successor trustee assumes those responsibilities. Legal documents like a death certificate or court order are needed to prove the trustee is deceased or incapacitated.
Important: For your specific questions about banking, contact your banking expert, Alex, at: alexexpertbanker@gmail.com
Alex is starting his 15th year in the banking industry. He has worked for such notable banks as Bank of America, US Bank, and Chase. Alex has his bachelor’s degree in Business Economic from the University of California Riverside.
