1% Cash back on all Auto Loans

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International Scams Seek to Steal American Dollars

The global economy and the Internet are combining to bring residents of the world together in new ways. While that often leads to positive experiences, it also makes it more likely that Americans will encounter international con artists on the Internet or while traveling for business or pleasure.

Avoid Nigerian letters

Nigerian Letter scams are an example of how international scams target U.S. residents via messages delivered by e-mail, fax, or U.S. mail. Nigerian Letters claim that an authority figure in Nigeria or another African nation needs help transferring millions of dollars to U.S. accounts.
If the U.S. resident agrees to help, he or she is promised a percentage of those funds. But first, the resident must send an advance fee to cover transaction costs. Once the money is sent, the sender of the letter disappears.

Advance fee scams

Other scams that may involve fees or other payments sent in advance include:

Inheritance scams linked to a supposed legacy from a long-lost relative.
Dating scams that snare lovelorn Americans through online dating sites.
Employment scams that claim to offer work permits for highly-paid jobs abroad.
Lottery scams that claim the recipient won the lottery in a foreign country.
Online auction scams that ask sellers to immediately refund purchase price "overpayments" made with counterfeit international money orders.

Another form of fraud that often originates overseas is e-mail "phishing." These e-mail messages are designed to appear to be from your local credit union or another financial institution, but are actually sent by identity thieves who want to steal account numbers or Social Security numbers.

Common sense rules

If something sounds too good to be true, follow these common-sense guidelines:

Never send money to someone you don't know or for something that is supposed to be "free."
Never believe you can get something for nothing.
Never respond to an e-mail that asks you to share personal information.
Never expect to win the lottery if you did not buy a ticket.

To resist temptation, remind yourself and loved ones that international con artists deliberately craft appeals that seem believable.

Remember, if it sounds too good to be true, it's probably an attempt to commit fraud at your expense.

401(k) Rollovers at Retirement

As a soon-to-be retiree, you face a multitude of decisions about this new stage of your life. Where do you want to live? How will you use your time? What new interests will you pursue?

To that list of questions add one more: What will you do with your 401(k) money? You could leave the funds in your employer's 401(k) plan, or roll the funds over into an individual retirement account (IRA).

If the employer's 401(k) plan has all the options you like, such as a wide range of investment options, and you're satisfied with the fees and the services provided, you might choose to leave your money there.

You may prefer, however, to roll over your 401(k) to an IRA to get wider investment opportunities. Follow a few basic guidelines so that the rollover goes smoothly.

Have your employer send the funds directly to your IRA, through what's called a trustee-to-trustee transfer. This is a smarter option than having the employer send you the money, which you'd then put into an IRA. If your employer sends a check to you, that's considered a distribution. And the IRS (Internal Revenue Service) requires that 20% be withheld from distributions for taxes. With the trustee-to-trustee transfer, you'll make sure 100% of your 401(k) money goes into the IRA.

Set up the IRA account in advance so that you'll be able to give your employer an IRA account number for making the transfer. You might, for instance, choose to direct the funds to an IRA account BCS Community Credit Union. However, if we receive a check for your 401(k) funds from your employer, but you've not set up an IRA account, that money could be subject to immediate taxation--unless you act within 60 days to move the money into an IRA.

A traditional 401(k) should be rolled over into a traditional IRA. A Roth 401(k) should be rolled over into a Roth IRA. You can't roll over a traditional 401(k) into a Roth IRA unless you go through the intermediate step of rolling over to a traditional IRA first. That will change in 2008, however, when new rules allow direct rollovers from a traditional 401(k) to a Roth IRA. Remember, any conversion to a Roth IRA will incur taxes.

You've worked long and hard to build up your 401(k) funds. Contact a BCSCCU Member Services Representative to open your IRA account today!