Financial Considerations Before Traveling Abroad

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Financial Considerations Before Traveling Abroad
The number one most important step to take is to notify your bank of your intended travel plans. Not doing so may result in the freezing of your debit card. Our clients’ security is a number one priority for us at F&M Bank, so if we see someone using your account outside of your normal activities, we are going to take precautions to protect you against fraud.

Traveling abroad can be full of excitement and fun, but it takes a decent amount of preparation.  It is important to research hotel ratings, the best price in airfare, and tips for packing appropriate attire; but don’t forget to make sure you make financial preparations as well.


There are many financial considerations to take into account before embarking on your trip.  You will need to consider security, foreign transaction fees, and exchange rates- and you will want a financial plan in place before take-off.

The number one most important step to take is to notify your bank of your intended travel plans.  Not doing so may result in the freezing of your debit card.  Our clients’ security is a number one priority for us at F&M Bank, so if we see someone using your account outside of your normal activities, we are going to take precautions to protect you against fraud.  Simply call your bank branch and your Customer Service Representative will be glad to assist you by putting an alert of your travel plans on your account to avoid any complications.

At F&M Bank, we do not charge additional fees for using your debit card internationally.  However, you will likely be charged foreign transaction fees (usually ranging from 1% to 5%) and ATM fees by the vendor you are using to withdraw funds.  Additionally, many foreign ATMs only allow PIN transactions, so make sure you have your PIN number handy before traveling.  

Here are some other suggestions to keep in mind:  

•    Travel with at least two forms of payment.  If something goes wrong with one, you will want back up.
•    Take photocopies of all of your important documents including your passport, credit cards, debit cards, birth certificate and driver’s license and store them in a different location than the documents themselves.  This way, if something happens to the originals you will be able to prove your identity. 
•    Check your health insurance to make sure you will be covered while you are traveling.  If not, consider purchasing a rider. 
•    The most expensive place to purchase currency is in the airport at your destination.  Consider exchanging money through an international bank prior to departure.
 

If we can answer any questions to help you prepare for your next travel adventure, please contact us.  We are always here to help as Your Community Bank.  Bon voyage!

4 Simple Steps to Stop a Cyber Thief

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F&M Bank Raises Awareness for Data Privacy Day Jan. 28
Timberville, VA – In recognition of National Data Privacy Day on Jan. 28, F&M Bank is urging customers to take an active role in protecting their data. F&M Bank’s first priority is to protect our customers’ money and information,” said President and CEO Dean Withers. “We use a combination of safeguards to protect our customers’ information, and we encourage our customers to partner with us in that effort.”

PRESS RELEASE
FOR IMMEDIATE RELEASE

January 23, 2015

4 SIMPLE STEPS TO STOP A CYBER THIEF
F&M Bank Raises Awareness for Data Privacy Day Jan. 28

Timberville, VA – In recognition of National Data Privacy Day on Jan. 28, F&M Bank is urging customers to take an active role in protecting their data.

F&M Bank’s first priority is to protect our customers’ money and information,” said President and CEO Dean Withers. “We use a combination of safeguards to protect our customers’ information, and we encourage our customers to partner with us in that effort.”

To help ensure the safety of personal information, F&M Bank suggests following these four tips:

•    Create c0mplic@t3d passwords. Avoid birthdays, pet names and simple passwords like 12345. It is also important to change passwords at least three times a year. Because friendly theft – theft by someone the victim knows – is the most       common type of identity theft or fraud, don’t share your passwords with family members and be mindful of who has access to your personal information.

•    Keep tabs on your accounts. Check account activity and online statements often, instead of waiting for the monthly statement. You are the first line of defense because you know right away if a transaction is fraudulent. If you notice unusual or unauthorized activity, notify your bank right away. When a customer reports an unauthorized transaction in a timely manner, the bank will cover the loss and take measures to protect the account.

•    Stay alert online. Be sure computers and mobile devices are equipped with up-to-date anti-virus and malware protection. Never give out your personal financial information in response to an unsolicited email, no matter how official it may seem. Your bank will never contact you by email asking for your password, PIN, or account information. Only open links and attachments from trusted sources. When submitting financial information on a website, look for the padlock or key icon at the top or bottom of your browser, and make sure the Internet address begins with “https.” This signals that your information is secure during transmission.

•    Mobilize your defenses. Use the passcode lock on your smartphone and other devices. This will make it more difficult for thieves to access your information if your device is lost or stolen. Before you donate, sell or trade your mobile device, be sure to wipe it using specialized software or using the manufacturer’s recommended technique. Some software allows you to wipe your device remotely if it is lost or stolen. Use caution when downloading apps, as they may contain malware and avoid opening links and attachments – especially from senders you don’t know.

Tips for Victims:
If you are a victim of fraud and suspect your personal information has been compromised, you should take the following steps:

•    Call your bank and credit card issuers immediately so they can take necessary steps to protect your account.
•    File a police report and call the fraud unit of the three credit-reporting companies.
•    Consider placing a victim statement in your credit report and a fraud alert on your account.
•    Keep a log of all the contacts you make with authorities regarding the matter. Write down names, titles, and phone numbers in case you need to re-contact them or refer to them in future correspondence.
•    Contact the FTC’s ID Theft Consumer Response Center at 1-877-ID THEFT (1-877-438-4338) or www.ftc.gov/idtheft.

Data Privacy Day commemorates the 1981 signing of the first legally binding international treaty dealing with privacy and data protection. It is led by the National Cyber Security Alliance, a non-profit, public private partnership focused on cyber security education for all online citizens.

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>>Visit F&M Bank’s Identity Theft Protection Services page