A few weeks ago, I watched the protests around the Olympic torch  with quite a bit of interest. You see, I had already booked and paid for a family trip to Beijing to see the Olympics  this August!

This is something that we had planned on for some time, and we had saved up for this trip over the last couple of years. We even cut back on vacation plans in 2007 to make sure we had enough money set aside for the trip. Generally I am very careful with my money, but I knew that for a once-in-a-lifetime experience like this, I would find a way to make it work!

Before I leave for China, there is one important thing I will do: I will call my credit card issuer and let them know that I am traveling overseas. Credit card companies monitor cardholders' transactions for suspicious activity — this way, they can detect any fraudulent card usage quickly and protect their cardholders by shutting down their card. Transactions in a foreign country are sometimes a red flag for this monitoring, so I will let them know not to shut down my card due to purchases being made in China.

So, barring any unforeseen circumstances, my family and I will be cheering on Team USA  in person this August!

Anyone out there planning to join us?

Posted by David at 08:00 AM |  Contact David |  Permalink  |  Comments (0)
Found in Credit card fraud, Credit cards, Travel, Wells Fargo Bank

I have a shameful story to share. It's shameful because I pride myself on being financially responsible...and passing on tips of financial responsibility to you readers.

About a month ago, while standing at the Younkers  counter about to purchase some new dress shoes  (on clearance, of course), I noticed an important piece of plastic was missing from my wallet. My debit card was nowhere to be found! I sifted through all my "frequent patron" cards and each pocket, but the card wasn't there. So, I handed an alternate method of payment to the cashier (who was quite patient with me given the circumstances) and started to freak out a little.

I retraced my steps and realized the last time I'd used my debit card was to purchase petrol  and a car wash several days earlier.

The steps went like this: Grabbed the card, swiped it, and started pumping the gas. Car wash? Pressed yes. Hopped in the car and set my card on the passenger seat (first mistake). Drove to the car wash entry and entered my code. Looked at the card on the passenger seat and thought "I should put that away before I lose it." (Famous last words.) This is when my memory trail went cold. Did I follow through? I couldn't recall.

So the next day, after searching my car, house, and person up and down to no avail, I relented and called to cancel my card and request a new one.

Even though I'm full of shame, I still have three quick tips related to my situation (please don't take them with a grain of salt!):

• Keep a handy list of contact information for all your financial service providers

• Know how to protect yourself  if your card is lost or stolen

• Take precautions to avoid identity theft

Since I had performed such a thorough search for the lost card, I was sure I could've been susceptible to identity theft. I imagined my poor card lying in the middle of the road, just waiting to be snatched up.

Turns out I had no reason to worry: Just last week I found my old debit card in a pair of pants I rarely wear. Fantastic. My card really needed a stunt double!

Anyone out there have a shameful story of your own that turned out better or worse than mine?

Posted by Barbara at 12:30 PM |  Contact Barbara |  Permalink  |  Comments (0)
Found in Credit card fraud, Credit cards, Debit cards, Financial education, Fraud, Identity theft, Preparing, Wells Fargo Bank

In my first post, I mentioned the trials and tribulations my son has had to experience by not being a part of the "Wii"  crowd.

As the holidays approach, my son reminds me almost daily of how great it would be to get a Wii for Christmas. My husband and I decided that if we could find one, given that these tend to become almost like Where's Waldo  around the holidays, we would get it.

Yesterday, my husband called me to announce that he is the "best dad ever" since he found and purchased a Wii. Whew — checking that off the shopping list right now!

So we were surprised when Wells Fargo contacted us last night. Why were they calling? To ask if we had made a recent purchase using our Wells Fargo card, since it was a purchase we didn't normally make. Wow, that's looking out for us! We verified that the purchase was one we made and thanked the representative for checking in.

Although I know Wells Fargo has many services to protect my accounts, it's still reassuring to know that they're working hard to make sure my money is safe.

Posted by Karen at 11:00 AM |  Contact Karen |  Permalink  |  Comments (0)
Found in Credit card fraud, Credit cards, Fraud, Identity theft, Wells Fargo Bank

Recently I got a call from my credit card company asking me about some unusual charges. Since it was on a card that I have for emergencies and knew hadn't been used in quite some time, I knew that someone was committing fraud with my account.

I was infuriated. How could this happen? I checked my wallet right away and my card was still inside. The customer service rep on the other line explained that there are many ways that people find to commit fraud.

Fortunately, I was told I would not be responsible for any of the charges. My account was closed, and I was given a new account number and sent a new plastic card. I also had to fill out an affidavit stating for the record that none of the charges made were authorized by me. The affidavit had to be returned to my credit card company within a specified timeframe in order to keep the status of the charges as fraud.

Although I am hopeful my situation will be resolved quickly (and without impacting my credit history ), it still highlights the importance of being vigilant with your card to help avoid fraud. Here are a few "Credit Card Safety Tips" pulled from Hands on Banking®, Wells Fargo's free money management education program:

1. Keep your card in a safe place. Never leave your credit card lying around—particularly in communal living situations like dorms—and protect your credit card number as much as possible.
   
   
2. Don't let anyone else use your card. No matter how much you trust someone (including boy/girlfriends and roommates) you are ultimately responsible for any activity on your card. Avoid conflicts over misuse by never sharing your credit cards.
   
   
3. Report your lost or stolen card immediately. If you misplace your card or suspect that you have been the victim of theft, contact your credit card issuer right away. They may be able to freeze your account and begin the process of correcting any charges that may have occurred without your consent.
   
   
4. Save receipts and compare them with your statements. Be sure to monitor your account often to ensure that all activity on your card was actually authorized by you! Most issuers provide online access to your account, so sign up and make a habit of logging on frequently. If you notice any suspicious transactions, contact your card issuers immediately to begin the process of resolving the suspected fraud.

Finally, you might want to contact your credit card issuer to see what tools are available to help you combat fraud on your account. At Wells Fargo you can set up email alerts that will notify you of unusually high activity on your card—this simple "heads-up" could be a potential fraud-prevention tool!

Credit card fraud is a serious issue, but following a few proactive steps can help you avoid its damaging consequences. If you have any tips on how to avoid or recognize credit card fraud, or if credit card fraud has happened to you, share your thoughts.

Posted by Dinna at 11:38 AM |  Contact Dinna |  Permalink  |  Comments (2)
Found in Banking, Credit card fraud, Credit cards, Financial education, Online banking, Student loans, Wells Fargo Bank