It seems like credit card fraud is everywhere these days. The good news is that there are some simple things you can do to make you less vulnerable. Here are a few tips on how to avoid becoming the victim of credit card fraud:
Periodically review your credit reports. There are three main credit bureaus. Order your credit report from each of them at least once a year. Request copies of your credit report from TransUnion, Experian and Equifax. You can also obtain a free copy of your credit report.
The Fed requires that financial institutions hold a certain amount of capital in reserve at the end of every day, determined as a percentage of the total loans the bank or credit union has made. This reserve requirement prevents banks and credit unions from lending out every single dollar and not having enough cash on hand to start the next day.
At the end of every day, some financial institutions don’t have enough in reserve to meet the requirement, while others have much more than they need. To solve this problem, those with more than enough money in reserve will lend their extra Federal Reserve funds overnight to those that need it. The fed funds rate is the interest rate the banks and credit unions charge each other for this type of loan.
Benefits & Perks
For those constrained by the school calendar or strict work schedules, the peak travel months of June through August may be the only realistic window to vacation at popular destinations like Europe, Disney World, or Hawaii. For those with a little more flexibility in their availability to travel, however, avoiding these months can mean a world of difference in the quality of experiences and the overall value of vacation time.