Why Monthly Statements Matter

Oct 30, 2015

Credit and debit cards can be extremely convenient for consumers, making purchases at grocery stores, restaurants and even on the Internet easier than ever.  As cardholders continue to swipe away, it’s important to be aware of the reality that data breaches and fraudulent charges can occur. Although anyone is susceptible, there is no reason to worry. You can protect yourself from data breaches by learning how to identify and report fraudulent activity on your monthly statement. Any losses from a data breach should be easily recovered.

Why your monthly statement matters:

Your monthly statements contain valuable information about your data. Credit union members can protect themselves by proactively monitoring account activity to ensure that all transactions are legitimate. While it might sound like a huge pain, monitoring your monthly statements is essential in protecting yourself against fraud and is a lot simpler than it sounds. A few things to keep in mind:

  1. Know where to look on your monthly statements. PFCU Members receive free monthly statements by mail. Keep an eye out for these every month and read them as soon as possible. Monthly statements provide detailed information on recent transactional history. You will see a list of transactions, each including the date and amount charged for each payment.  When checking your statement, watch out for strange activity including unfamiliar or out-of-state purchases that you don’t remember authorizing. Electronic Statements are also available through Teller Net, our online banking system that allows access to virtually all of your account information 24 hours a day, free of charge.

  2. See something out of place? Don’t panic. Fraudulent activity happens sometimes, and protections have been set in place to guard you and your money. With PFCU, all Visa consumer credit and debit cards are protected with *Visa’s Zero Liability policy in the event fraud does occur. Keep in mind that you will need to notify promptly of any unauthorized use.

  3. Report suspicious activity immediately. While it’s nothing to panic about, take action as soon as possible. Call a PFCU Member Services Representative at 215-934-3500 and report that you see suspicious activity on your account. A representative will work with you to resolve any fraudulent purchases.

The idea of someone accessing your account might seem scary, but it is an unfortunate reality in today’s data-driven world. Your best bet is to closely monitor your account activity and know who to call in the rare event that something does happen. At PFCU, we look out for our community. For tools and resources to help keep your money and identity safe, please visit our Security Resource Center at PFCU.com.

*Covers U.S.-issued cards only. Visa Zero Liability policy does not apply to ATM transactions or PIN transactions not processed by Visa and certain commercial card transactions. Cardholder must notify issuer promptly of any unauthorized use.
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Please note that the amount of money contained in your investment accounts are considered non-deposit products and therefore, are not NCUA insured, not credit union guaranteed, may lose value, are not guaranteed by any government agency. Securities, Financial Planning and Insurance products are offered through LPL Financial, and its affiliates, Member FINRA, SIPC. LPL Financial and Philadelphia Federal Credit Union are independent entities.