Financial Experiences, Identity Theft, Money Issues that Matter

Most of us have one of the following three cards for our finances or all three: bank debit cards, prepaid debit cards, and prepaid gift cards (also prepaid credit cards.) Each of these cards have a function that can be beneficial to you if you know how to use them correctly.

Bank Debit Cards

As we all know, easy to use, convenient, and you don't have to walk around with wads of cash in your pocket. However, if you don't keep track of your spending, you most likely will experience overdraft fees. You are also charged at ATMs if you use the card out of your banking network. So when would be a good time to use this card? When you are making small purchases that are easy to calculate in your head!

Prepaid Debit Cards

This card was created to solve quite a few problems such as, former bank customers who were being penalized for over-drafting their accounts one too many times and not having the means to pay. There is a prepaid debit card that will help customers with bad banking history. It helps its customers build their credit history if you borrow money through the company. It's called AccountNow. Customers like this card because it doesn't charge you any overdraft fees. A card user has a choice when using a prepaid debit card, be grateful for the embarrassment at the register or pay the $35 fee with your bank for over-drafting once again.

Prepaid Credit Cards/Gift Cards

These are great to use online and to give to your loved ones who you may not trust with your banking card. If you have been using your bank card online, please stop. A Bank of America manager at a branch located in Los Angeles stated, his customers often complained to him and his staff about Internet companies taking more money out of their checking accounts than they were authorized to. They also voiced concern about these same companies not canceling monthly fees for services they don't remember signing up for right away when they were asked.

When you rely on your bank checking account to pay more than one bill, you don't want companies going into your account helping themselves to your money or making foolish errors. When you are given a prepaid credit card or gift card, use it on the Internet.

Some prepaid gift cards are not accepted at various websites, because you can't register your name and address online before you use them, so the company you are doing business with has no way of verifying you are indeed the card holder. Try to get prepaid cards that allow you to register them online. Vanilla Visa and Netspend are two suggestions.

If you use these cards the way they were meant to be used, then you shouldn't have any problems in the future.

You may have seen the following identity theft companies advertised around the Internet. I decided to take a look at both.

The first you may already be familiar is Lifelock. This company helps you protect your identity from fraudlent activity. Some of their services include:

• Web searches for the illegal selling or trading of your personal information.
• Detect any new address information in address databases nationwide.
• Request Free Annual Credit Reports
• Provide notification whenever your personal information is being used to apply for many forms of credit or services.
• Provide anytime online access and direct 24/7 access to Member Service Representatives.
• $1 Million Total Service Guarantee

They have a WalletLock™ specialist that will help cancel and replace the lost contents of your wallet.

All for $10 a month

For additional alert services such as: Personal Breach Detection™ Services, Payday Loan Alerts and Reports, Sex Offender Registry, Public Records, Alias Records, and Court Records Alerts and Reports, Lifelock will protect you for $15 a month.

The second isn't as popular as Lifelock, but offers many of the same services as well as a couple of extras,Trusted ID. They provide their customers with the following:

• Search the black market Internet where identity thieves do the following: buy and sell Social Security numbers, credit card numbers, personal information, including names and addresses and buy and sell bank account numbers.
• Provide Lost Wallet Protection
• Offer you the option to place fraud alerts on your credit reports and offers a Fraud Alert Reminder service that is renewed with the credit bureaus every 90 days.
• Help you review your medical benefit statements for fraud.
• Remove your name from the most frequently used marketing databases. Stops pre-approved credit card offers - a frequent source of identity theft.
• Offer state-of-the-art anti-spyware software which you can install on up to three different computers. Our anti-spyware technology blocks and removes malicious programs that hackers use to track your passwords and compromise your online accounts.
• Give free annual credit reports from the three major credit bureaus - Equifax, Experian and TransUnion - and review your credit history for fraudulent activity.
• Provide a $1,000,000 service warranty to cover out-of-pocket costs associated with identity theft.

If you have questions or suspect someone is trying to steal your identity, they have On-Call Protection Specialists that will help you.

Trusted ID offers two plans to choose from a Family Plan and an Individual Plan.

The Family Plan

12 months

Billed in one installment of $189.99 or $15. 83 month (This is a special if you sign up for a longer term.)

1 month

Billed monthly at $19.99, 3-month minimum $19. 99 month

All family members living in the household are covered.

The Individual Plan

12 months Billed in one installment of $99 $8.25 month (This is a special if you sign up for a longer term.)

1 month Billed monthly at $10, 3-month minimum $10 month

Please be advised that no system is fool-proof. Credit monitoring services are good especially if you work in an environment where you are worried about your identity being compromised, have others using your credit cards or allowing them access to your personal information, frequently travel, and/or do business with others and over the Internet.