SCCU News
Sarasota Coastal Credit Union 2007 Annual Report
In continuing Sarasota Coastal Credit Union's efforts to "Go Green" and be more environmentally conscious, we have decided not to print copies of the 2007 Annual Report. This helps to save not only the environment by reducing the amount of paper used to print the Annual Report, but it also saves money in the process. You can view this document online by clicking on the link below.
Click here for the 2007 Annual Report
Keeping You and Your Money Secure
We take your online security seriously. Therefore, we have introduced a new security feature called Multi-Factor Authentication (MFA) on our Coastal PB online account access site. There is no cost associated with this new security system.
MFA is a new security feature that provides an extra layer of security that works 24/7 to protect your Coastal PB account, even when you are not banking online. MFA helps you guard against fraudulent online activities like Phishing scams (malicious requests for your personal information) and identity theft.
Once you enroll into MFA, the new security system recognizes your computer. If questionable logon attempts are detected, the system will require additional identity verification before allowing access to your Coastal PB account.
When you enroll in MFA, you will select an image and a phrase known only to you. Whenever you log on to your Coastal PB account, the system will display the image you selected so you can feel confident that you are accessing your legitimate Coastal PB site and not an impostor site. The system also checks the computer(s) that you are using to access your account. Typically you will access your account from one or two computers, such as your work and home machine. The system remembers your computer if it is registered when you set up the security system. If you log on from a different computer, the system will take additional steps to verify your identity, such as asking you to provide the answers to your own personalized security questions.
If the user name and password are stolen, the third party will still not be able to access your account because he/she is not at your registered computer. And since the computer is not registered, the system will prompt the security questions, to which only you know the answers.
Expect to be prompted at some point while banking online to enter additional information. This will include choosing your personal digital image and caption as well as several security questions to which only you know the answers. Once this occurs, you have added a layer of protection to your account!
The system only shows your secret image and phrase if you log on from your own computer, or after you have answered the security questions. So, it is not possible for an unauthorized person to get access to your image and phrase.
If you have any questions, please contact us at (941) 907-4000.
Click here for an informational brochure about Multifactor Authentication
Beware emails asking you to give out your account information...
"We suspect an unauthorized transaction on your account. To ensure that your account is not compromised, please click the link below and confirm your identity."
Have you received email with a similar message? It’s a scam called “phishing” — and it involves Internet fraudsters who send spam or pop-up messages to lure personal information (credit card numbers, bank account information, Social Security number, passwords, or other sensitive information) from unsuspecting victims.
According to the Federal Trade Commission (FTC), the nation’s consumer protection agency, phishers send an email or pop-up message that claims to be from a business or organization that you may deal with — for example, an Internet service provider (ISP), bank, online payment service, or even a government agency. The message may ask you to "update," "validate," or "confirm" your account information. Some phishing emails threaten a dire consequence if you don’t respond. The messages direct you to a website that looks just like a legitimate organization’s site. But it isn’t. It’s a bogus site whose sole purpose is to trick you into divulging your personal information so the operators can steal your identity and run up bills or commit crimes in your name.
Click here to read more about phishing and get some valuable tips so you don't fall victim to this scam. You can also click here to get a copy of an informational brochure about identity theft provided by the National Credit Union Association. Report a cyber-crime at the Internet Crime Complaint Center .
Did you know...?
Your Sarasota Coastal Credit Union Coastal Check Card (VISA Debit Card) can be used at all Publix ATM's to make withdrawals free of charge. Don't worry about those surcharges...Publix ATM (part of the Presto Networks) withdrawals using your Coastal Check Card are just like using your card at any SCCU branch ATM.
Call to Action
Credit unions are not-for-profit financial cooperatives. We exist to serve our members, not to make a profit. Unlike most other financial institutions, Sarasota Coastal Credit Union does not issue stock or pay dividends to outside stockholders. Instead, earnings are returned to our members in the form of lower loan rates, higher interest on deposits, and lower fees.
Credit unions do pay taxes, payroll taxes, sales taxes, and property taxes. Congress exempts credit unions from federal income taxes. The exemption was established in 1937, affirmed by statute in 1951, and re-affirmed in 1998 in H.R. 1151, the Credit Union Membership Access Act.
You, our members, pay taxes on the interest earned on your credit union deposits. To impose a federal income tax on credit unions is double taxation. If credit unions are taxed, you will be the one who’s going to pay the taxes.
The current Administration in Washington is on the record as supporting the tax exempt status of credit unions. Despite that support, the House Ways and Means Committee, under Chairman Thomas, is conducting hearings that include the credit union, and other not-for-profits, tax exempt status. While this Congress has fought for tax cuts to stimulate the economy, taxing credit unions flies in the face of this policy. The House Ways and Means Committee and Budget Committee members are out of step with Congress and don’t understand that a tax on credit unions is a tax on 87 million Americans that belong to a credit union.
If taxed, it could destroy Sarasota Coastal Credit Union. If we were to survive it would be at your expense. Loan rates will go up, savings rates will come down, and fees will increase dramatically. In other words, we’d look like a for-profit bank and you will no longer have any choices in the marketplace, or have credit unions to regulate loan rates.
Bank customers benefit by having credit unions in the marketplace. Studies show bank customers saved at least $4.3 billion annually on the loan and savings business they did with banks due to the effects of credit union competition.
For more information, go to www.cuna.org, and then click the Governmental Affairs and/or Consumer tabs.
Call, e-mail or fax Vern Buchanan (R) today and ask him to support the tax exempt status of your credit union. Explain to him that your not-for-profit, volunteer directed, member-owned credit union is vital to you and your family. Explain how your credit union has helped you with loans and lower fees…no annual fees on credit cards, free checking, free online access and bill payer, no surcharge ATM’s, home mortgages, etc. Tell him your credit union passes on the benefits of the tax exemption. That if taxed, your credit union will pass on the full affect to you!
Contact Vern Buchanan at http://buchanan.house.gov/
Washington DC
ph: (202) 225-5015
fax: (202) 226-0828
Sarasota District Office
ph: (941) 951-6643
fax: (941) 951-2972
Bradenton District Office
ph: (941) 747-9081
fax: (941) 748-1564
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