PERSONAL FINANCE MANAGEMENT

The Social Security Number Scam? – A Comparison Between “Social Gift” and “FTC Direct Transfer” Software

If you’re looking for a solid credit union, perhaps one with low fees, good rates and great benefits, look no further than the Starmill Credit Union. They’re located in El Cajon, California, just minutes from Los Angeles. It’s members include some of the nation’s most esteemed corporations including Xerox and United States Steel Corp. Their services and benefits are truly exceptional. But what’s so great about this credit union?

A stellar service? Yes, and here’s how they provide it: their website, which includes their online banking capabilities, is absolutely free. A member of the Starmill credit union can have access to his or her own personal banking website. Members can also access a plethora of online banking options through the internet.

How do you access this banking website? Simply enter the website’s main page into your web browser – like Mozilla Firefox or Internet Explorer. A “toolbar” appears on your computer screen, containing a series of icons. At the top of the toolbar is a “Tell Us” button, next to the words “online banking.”

Online banking is a service provided by members of the stark federal credit union. A member can make online deposits and transfers directly through the site. Or a member can sign up for a debit card and use that card to make deposits and transfers, available only to members. In fact, a member may use an electronic check instead of writing in any sort of personal or business day slips.

Let’s say that Bob attends college in stark federal credit union town. He decides to go out of town for the weekend. He wants to see his family, and his car is waiting for him at his parent’s house. But Bob must drive back home to family, where his parents will be without a car! Bob gets his parents car and heads home. He’s happy to see his family–but then he notices that his parents car has a flat tire!

Bob goes to the stark federal credit union website, clicks on “etherial services,” enters his home address and finds an option to “make a deposit,” which is supposed to be a withdrawal from his account. He knows that he can’t make a withdrawal because he is under the age of 18, and he doesn’t have a valid banking account, so his order is denied. The situation becomes more troublesome when his parents discover that Bob used his parents card to make a purchase online! Now Bob is stuck between a rock and a hard place: he needs to prove that his parents are innocent, or he needs to face steep fines and charges of unlawful internet gambling.

Because this case is so unique, the federal government is now requiring banks and credit unions to use a software program called “Social Gift” to tell us if someone we know has an illicit financial transaction going on. “Social Gift” tells us in black and white, whether or not the transaction is secure, and if it is, what kind of transaction it is. So if Bob had his parents credit card but used his grandparents’ address to make the purchase online, Bob would be able to tell us exactly what he did–and how he did it.

This software tells us that Bob made a “social gift” transaction, and that the transaction was a “virtual” debit. Bob had to use his parents social number to access the balance on his grandparents account. In other words, Bob had to use the number that didn’t match his own social number, to access his grandparents account. “Social Gift” tells us what kind of transaction Bob is doing, and how much he’s spending. And because “Social Gift” is available online 24 hours a day, it will give any prudent person peace of mind when it comes to their family’s finances.

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