Be Careful!

Here is a story that reminds all of us how important it is to be vigilant with our credit union accounts and our personal finances in general. Fraud, deception, and dishonesty is on the rise. In order to protect your savings and credit score, it is important to exercise caution in all you do. Your credit union will help you to the degree that they can, but you also have to help yourself.

PHOENIX - A member of Desert Schools Federal Credit Union was horrified when she realized she deposited $5,800 into the wrong account because she incorrectly typed one digit of her online account number when making the transfer - she typed a six instead of an eight.

The miscue - every online banking user's worst fear - sent the funds to another credit union member who quickly went out and spent the money - on bills, clothes and a new tattoo.

After the credit union realized the mistake it contacted the erroneous recipient to ask him to return the funds. "We called the member three different times to ask him to return the money and he refused," said Jason Meyers, chief spokesman for the $3-billing credit union.

They contacted the police, who charged the member with felony theft, inducing him to repay the erroneously obtained funds. Even though the young member spent the money, his parents have apparently agreed to make it up, according to Meyers.