In response to today’s economic uncertainty, learn how to make banking work for you. For questions about your banking needs, just ask Alex, our expert banker. To protect your financial interests, learn more about counterfeit bills and what to do when you receive one. Explore what it means to place a stop placement. Understand how shared branching works and why it might be important to you.
Question: I received a counterfeit bill. What should I do? Shared by: Danny from Thousand Oaks, California.
Answer: Counterfeit bills are unlawfully created by criminals in the attempt to imitate a country’s legitimate currency and deceive the public. The penalty for counterfeiting U.S. currency is up to 20 years in prison and a fine of up to $250,000. According to the United States Department of Treasury, one in ten thousand bills that are in circulation are counterfeit and an estimated $70 to $200 million are in circulation. If you receive a counterfeit bill, don’t pass it off. Instead, contact either the local police department or closest U.S. Secret Service field office. They will help you file a report and give you instructions on how to handle and surrender the counterfeit note. Be aware that any financial institution who receives a counterfeit bill is required to confiscate the note and send it to the Secret Service
Question: When should I place a stop payment? Shared by: Olivia from Hudson New Hampshire.
Answer: A stop payment is a request made by a customer to their financial institution to not pay an item, usually a check or recurring ACH. It can only be executed if the item has yet to be processed by the financial institution. There is usually a fee to place a stop payment and it is typically between $30 and $35. Stop payments can be placed at a branch, over the phone or through online banking. All verbal requests must be followed up with a written request within 14 days. Make sure to provide details of the item including check number, amount, payee and date.
Question: How does shared branching work? Shared by: Vanessa from Denton, Texas.
Answer: Several credit unions are part of a shared branching network called Co-op Solutions. This national network allows credit union members to use the branches of other credit unions inside the network to perform simple transactions. There are over 5,600 Co-op Solutions shared branches located in all 50 states. Transactions that a member can do at a shared branch include viewing account balances, withdrawing funds, transferring money between accounts, making loan payments, purchasing cashier’s checks, and printing statements. Shared branching is good for members who like to travel or are moving away from their credit union and don’t want to switch financial institutions.
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Written by: Alex Sanchez, Branch Manager
Important: For your specific questions about banking, contact your banking expert, Alex, at: firstname.lastname@example.org
Alex is starting his 18th 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.