We wanted to pass along information that we have recently learned regarding criminals trying to commit fraud using ATM skimmers. If you are not familiar with this type of fraud, it is accomplished by someone placing a slim card-reading device over the top of an actual card reader slot on an ATM. Every time someone tries to slide their card into it, it reads the information and stores it. Usually criminals will place these devices on an ATM in the evening and come back again by morning to remove it. They may leave it on for an entire weekend as well! Thus far, Coloramo has not experienced any problems with this happening to any of our ATM's, but local police say that it is becoming a trend on the Western Slope both at bank ATM's and occasionally on gas station pump card readers. The best advice we can give about avoiding such fraud is to try and stick to ATM's that you are familiar with, so that if anything is ever attached to the ATM, you would be more likely to notice the difference. Should you ever notice anything out of the ordinary on any of our ATM's please contact us immediately! And of course, if you ever believe that you are the victim of skimming fraud, please let us know so that we can investigate and make the proper corrections to your account. If you would like to read up more on ATM skimmers please click on the following links:
Our members have been receiving phone calls stating that their debit card has been frozen and that a certain phone number must be called to reactivate the account. When the number is called, they ask for your debit card number and PIN! Do not give out any information! We will never call and ask for your PIN. If it is a legitimate call from our fraud protection department, you will not be asked for your PIN. You will only be asked to confirm that you authorized certain transactions. If you have questions regarding this SCAM, please do not hesitate to give us a call.
Did you get charged with Coloramo’s $20 Inactivity Fee in March or September? We don’t want to charge you the fee. We just want you to use your account with us!
There are many ways to utilize your credit union. A member’s account is considered ‘active’ by making at least one deposit every six months, using your checking account, having certificates, IRA’s, loans, credit cards, Christmas Clubs, accounts for minors or by maintaining a balance of $250 or more. Cashing checks against your account will NOT keep the account active! The posting of dividends does NOT count as activity. Accounts subject to this fee are those with no member activity occurring during the last six months. Inactivity fees are charged each September and March.
Please understand that as a not-for-profit organization, we try to keep our costs low and this fee offsets the cost of printing and mailing statements to people who don’t use their accounts or just use their account to cash checks.
Because inactive accounts are also more susceptible to fraudulent activity, we try to keep the number of these accounts to a minimum. However, if you were charged and feel you got this fee in error, please contact a teller.
Imagine these scenarios:
You’re in the grocery store check-out line with a cart full of groceries. You swipe your debit card and it is declined.
You’re out of town at a gas station and you need to fill your tank. You go to pay with your debit card at the pump and it is declined.
You’re out of town and need some cash. You go to an ATM, use your card to take out $300. It is declined.
With our Overdraft Advance program, Coloramo can now allow members in good standing to overdraw their personal checking account up to $350. But, you need to Opt In for this service to take effect for your debit card purchases and ATM withdrawals. To opt in just click here to print a copy of the disclosure and application. Fill it out and then fax, mail, or drop off the application to us for processing. Or you may simply stop in to any of our branches and ask for an Opt In form.
This is a great service and gives you a $350 cushion when you need it the most. Instead of the embarrassment of having your card declined at the grocery store, gas pump or ATM, your debit card purchase or cash withdrawal will be approved. There is no cost to sign up and there will never be a charge if you don’t use the service. It’s just great to have the cushion if you ever need it. Read the details on Overdraft Advance and sign up today!
As part of our tradition, Coloramo is sponsoring FOUR college scholarships! One is the Coloramo FCU $1,000 scholarship awarded to one of our members. The applicant may be enrolled in any college or vocational school!