Rio Grande Savings and Loan is committed to protecting your personal and confidential information which you have entrusted in our care. We take the trust you have placed in us very seriously and have created this Internet Banking Customer Awareness and Education Guide to inform you of important information to assist you in keeping your information safe.
Rio Grande Savings and Loan, under no circumstances through telephone, mail, email, or text message will contact a customer on an unsolicited basis and request the customer’s provision of electronic banking credentials. This includes request for your account number, social security number, personal identification number (PIN), debit card number, etc. Request for this information by anyone should be considered suspicious. Please contact us immediately at (719) 852-5933 if someone claiming to be from Rio Grande Savings and Loan requests personal information from you.
We will contact you on an unsolicited basis for the following reasons:
- Suspicious activity on your account
- Suspicious activity on your debit card
- Unclaimed property or a dormant account
- Past due loan payments or fees due
- To confirm changes on your account or contact information
Internet Banking Security
All information within our Internet Banking uses the Secure Socket Layer (SSL) protocol (secure pages usually begin with “https” in the site address and cause most browsers to show a locked icon) for transferring data. It creates a secure environment for the information being transferred between your computer and Rio Grande Savings and Loan Association. In addition to the security features setup by Rio Grande Savings, here are some tips to protect your information:
- Never share or give out your Access ID, User Name, Passwords, or Security Challenge Questions & Answers
- Do not use personal information as your Access ID, User Name & Password
- Create difficult passwords that include letters & numbers and upper & lowercase letters
- Change your password frequently
- Avoid using public computers to access your Internet Banking
- Do not provide any personal information to web sites that do not use encryption or other secure methods of protection
- Ensure that your computer is equipped with up to date anti-virus software protection
Commercial Banking Internet Security
The information provided regarding “Internet Banking Security” Commercial & Small Business account holders should institute additional measures in order to further protect their online banking for example:
- Perform your own annual internal risk assessment & evaluation on all online accounts
- Establish internal policies regarding employee internet usage
- Ensure all company computers are equipped with up to date anti-virus protection software
What is Identify Theft?
Identify theft occurs when someone uses your personal information such as your Social Security number, account number or credit number, without your permission, to commit fraud or other crimes. Protect yourself by:
- Reporting lost or stolen checks or debit or credit cards immediately
- NEVER give out any personal information
- Shred all documentation that contains confidential information (i.e. bank and credit card statements, bills and invoices that contain personal information, expired credit cards and pay-stubs).
- Check your credit report annually
Check Your Credit
Any consumer can request one free copy of his or her credit report per year. Reviewing your credit report can help you find out if someone has opened unauthorized financial accounts, or taken out unauthorized loans, in your name. Contact the three major credit bureaus - Equifax (1-800-685-1111), Experian (1-888-397-3742), or Trans Union (1-800-916-8800) - to request a copy.
How to Contact Us
The Internet Banking Department can be reached at our toll free number 1-877-905-6265 or directly by email at firstname.lastname@example.org . In addition do not hesitate to contact us immediately to report any of the following:
- General Internet Banking inquiries, Lost or stolen Access ID, User Name, Password reset, Receipt of suspicious or fraudulent mail, email or websites related to Rio Grande Savings and Loan Association.
The following is a listing of institutional contacts for customers’ discretionary use in the event they notice suspicious account activity or experience customer information security‐related events: Information Security Officer, Assistant Information Security Officer, or the Chief Executive Officer.
How does Regulation E apply to a consumer using internet banking and/or bill pay?
Regulation E is a consumer protection law for accounts established primarily for personal, family, or household purposes. Non-consumer accounts, such as Corporations, Partnerships, Trusts, etc. are excluded from coverage. Regulation E gives consumers a way to notify their financial institution that an EFT has been made on their account without their permission.
Is Your Account Protected?
Any fraudulent or unauthorized EFTs are protected. Here are some common EFT services:
- Direct Deposit
- Personal Computer Banking
- Debit Card Purchase or Payment Transactions
- Electronic Check Conversion
Exclusions from Protection
The term EFT does not include:
- Check Guarantee or Authorization
- Wire or other similar transfers
- Securities and Commodities Transfers
- Automatic transfers by account-holding institution– Any transfer of funds under an agreement between a consumer and a financial institution which provides that the institution will initiate individual transfers without a specific request from the consumer:
- Between a consumer’s accounts within the financial institution
- From a consumer’s account to an account of a member of the consumer’s family held in the same financial institution
- Between a consumer’s account and an account of the financial institution, except that these transfers remain subject to § 205.10(e) regarding compulsory use and sections 915 and 916 of the act regarding civil and criminal liability. (Refer to “Coverage in Detail” section below for a detail explanation of protections provided under Regulation E)
Telephone-initiated transfers - Any transfer of funds that:
- Is initiated by a telephone communication between a consumer and financial institution making the transfer; and
- Does not take place under a telephone bill-payment or other written plan in which periodic or recurring transfers are contemplated.
- Small institutions. Any preauthorized transfer to or from an account if the assets of the account-holding financial institution were $100 million or less on the preceding December 31. If assets of the account-holding institution subsequently exceed $100 million, the institution's exemption for preauthorized transfers terminates one year from the end of the calendar year in which the assets exceed $100 million. (Refer to “Coverage in Detail” section below for a detail explanation of protections provided under Regulation E)
Regulation E – Coverage in Detail
For a complete detail explanation of protections provided and not provided under Regulation E; please visit the following link as provided by the FDIC:
- FDIC – Electronic Funds Transfers (Regulation E) http://www.fdic.gov/regulations/laws/rules/6500-3100.html
How Regulation E applies to a non-consumer using internet banking and/or bill pay?
A non-consumer (business) customer using internet banking and/or bill pay is not protected under Regulation E. Because the non-consumer account is not protected by Regulation E special consideration should be made by the Business to ensure adequate internal security controls are in place that commensurate with the risk level that the customer is willing to accept.
Precautions a non-consumer should take because they are not protected by Regulation E
As a non-consumer customer you should perform a periodic assessment to evaluate the security and risk controls you have in place. The risk assessment should be used to determine the risk level associated with any internet activities the non-consumer customer performs and any controls in place to mitigate these risks.
What are the applicable protections provided to consumers under the Act for consumers who use internet banking and/or bill pay?
If you believe an unauthorized EFT has been made on your account, contact us immediately. If you notify us within two (2) business days after you learn of the unauthorized transaction, the most you can lose is $50. Failure to notify the bank within two (2) business days may result in additional losses.
No Liability Limit:
Unlimited loss to a consumer account can occur if:
- The periodic statement reflects an unauthorized transfer of money from your account, and you fail to report the unauthorized transfer to the bank within 60 days after we mailed your first statement in which the problem or error appeared