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Why it's more important than ever to protect your PIN
The amazing growth of direct payment and ATM use over the past 10 years has put debit cards in virtually everyone's wallet. Unfortunately their unprecedented popularity has also spawned a new breed of crime. Recent reports of 'skimming' in this region (the use of devices to capture the magnetic stripe and keypad information from debit card transactions) remind us how important it is to keep our eyes open.

At places such as gas stations, ATMs and restaurants, fraud artists can obtain information from your debit card by double-swiping it. They then acquire your PIN by watching or secretly video taping you or using a handheld device, the size of a deck of cards, to read and store the encrypted data. This data is used to create a counterfeit card in your name. Victims of skimming are often unaware of the crime for weeks because their actual card hasn't been lost or stolen. 

How can you protect yourself? Here are some tips from Lambton Financial and the Interac Association:

• When conducting transactions at an ATM or point-of-sale terminal, use your hand or body to shield your Personal Identification Number (PIN).

• Never let your debit card out of your sight when conducting a point-of-sale transaction. Only allow your card to be swiped once and always take your card and transaction record with you.

• Check your statements and balances regularly. Verify all transactions, and if there are discrepancies, contact your branch immediately.

• If your debit card is lost, stolen or retained by an ATM, notify us as soon as possible.

• Your debit card and PIN are the keys to your account. Do not disclose your PIN to anyone. Keep your card in a safe place and never lend it to anyone.

• Memorize your PIN. You are the only person who should know it. If you suspect someone else knows your PIN, change it immediately or contact us to cancel the card and obtain a new one.

• When choosing your PIN, do not use obvious information or you could be liable for losses. Obvious choices include your telephone number, date of birth, address, social insurance number…

• Only conduct transactions when you feel secure. If someone tries to distract you, complete what you are doing and retrieve your card. Be wary of those trying to help you, especially when an ATM "eats" your card. They may be trying to steal your card number and PIN. If you cannot retrieve your card, call your Credit Union immediately.

• Do not use an ATM or debit terminal if it looks suspicious. It could be a skimming device. Call us and report your concerns.

While Interac® shared services are among the most secure in the world, debit card fraud can occur. Rest assured, Lambton Financial reviews each case individually, and in proven cases of fraud, our members are protected from any financial loss. 

Identity Theft
 
Identity theft is a serious crime. It can cost you time and money, destroy your credit and ruin your good name.  Identity theft is the broad term used to describe the fraudulent method of stealing personal information (such as birthdates, names, credit card numbers and bank account information) in order to impersonate you and use your financial resources. One method of identity theft is called phishing - sending you a fake email or phoning to request confirmation of your banking or credit card information.

How to protect yourself:

- Never give out personal information on the phone, in an email or on unsecured Internet websites.
- Never click on links sent in unsolicited emails. ALWAYS use web addresses you know. Phishing emails look good and can be hard to spot.
- Use firewalls, anti-spyware and anti-virus software to protect your computer. Keep the software up to date.
- Don’t use an obvious password, e.g. your birthdate or your mother’s maiden name.

Lambton Financial will never request your personal information in an email or by telephone. We already have the information we require.  If you are the target or already a victim of identity theft, please call your branch, the credit bureaus;
Equifax – 1.877.323.2598; www.equifax.ca Trans Union – 1.800.663.9980; www.transunion.ca  and the police immediately.

Red Book Used Car Prices

The Credit Union subscribes to the Canadian Red Book on used car prices and makes this information available to all members.

Questions and Answers

How much should I Borrow?

The last thing we want is to burden you with a loan you can't easily handle. When you're thinking about taking out a loan, remember:
The total of all your loan payments should never be more than 40 per cent of your gross monthly income. If you've got an income of $2,500 a month, all your loan payments together (including the loan, credit card, mortgage, rent, etc.) should be no more than $1,000. Of course, this is only a general rule of thumb. Each situation is different. At Lambton Financial, we can help you make the right decisions.

What are my loan options?
Lambton Financial offers a variety of different loan products, tailored to meet your individual needs. Click here

What are the hidden costs of buying a house?
In addition to calculating mortgage payments, remember to budget for the following expenses:

• Legal fees
• Land transfer tax (nearly 1% of the purchase price!)
• Home inspection fee
• Property taxes
• Insurance
• Incidental expenses such as decorating and small repairs (especially during the first six months of ownership)

Can I get my Mortgage pre approved?
At Lambton Financial, we don't have a formal pre-approval process, but we're happy to sit down with you and work through these calculations. That way, you can go shopping with a firm idea of what you can afford. And we'll guarantee the quoted rate for up to 90 days.

What are my mortgage options?
Lambton Financial offers a variety of different loan products, tailored to meet your individual needs.  Click here

How can I pay off my mortgage faster?
There's a great sense of freedom that comes when you pay off your mortgage. You can get there sooner by using these tricks of the trade.

• Make a larger down payment by putting a portion of your Registered Retirement Savings Plan (RRSP) toward the purchase of your home. Ask our staff how.
• Consider paying your mortgage weekly or biweekly, rather than monthly. The extra payments will add up to big savings in the long run.
• Choose the shortest amortization period you can afford.
• If you have a closed mortgage, use your full pay down option every year and consider increasing your payments by the permitted 20% annually.

Yikes!.... where can I get some help with all this?
That's where the personal, friendly service of Lambton Financial Credit Union comes in. Now that you've worked your way through the guide, it's time to sit down with a representative at Lambton Financial. We know that buying a house can be an anxious time. Bring us your concerns and questions. We've been helping people buy homes for more than 50 years.

First use the chart on the left to calculate the anticipated mortgage payment.  Input the amount of mortgage required, divide by 1,000 and then multiply the factor listed beside the interest rate and under  the time period for repayment (maximum is 40 years). When that is completed fill in the calculator on the right to determine your mortgage affordability range.

If the monthly payments are too high, you might have to consider spending less on a new home or developing some strategies with a Lambton Financial advisor.

® Trade-Mark of Interac Inc.  Used under license.