FDIC Credit Topics FAQ
FDIC –Frequently Asked Questions regarding:
A brief word from Manhattan Bank—The following information was prepared by the FDIC for the benefit of anyone seeking guidance relating to some specific topics pertaining to consumer credit and banking in general. If you have questions relating to your Manhattan Bank accounts or services provided by the bank, please contact your local branch by phone or email and a representative of the bank will gladly assist you. If you have any question regarding another account that you may have with another institution, we encourage you to contact that institution directly.
Q. I am no longer working due to COVID-19 and don't have the income to live on and meet my payments. If I miss some loan payments, how will this affect my credit? Will I be charged late fees?
A. The FDIC is encouraging banks to be understanding during this time and work with customers seriously affected by COVID-19 related developments, including temporary business closures, slowdowns, or sickness. In certain situations, the FDIC is encouraging banks to allow customers to skip loan payments with no adverse consequences for the borrower, extend loan terms, and restructure loans. However, before skipping payments or otherwise operating in a manner that differs from the terms of a loan, contact your bank to determine its flexibility during this time.
- Immediately contact your creditors if you do not think you can pay your bills or make credit card or loan payments on time. Paying your debts late or not at all can result in penalties, interest charges, and damage to your credit score. Your creditors should be able to work with you on a solution, but it is important to contact them as soon as possible and explain your situation.
- If you have additional concerns or a complaint with a business such as a financial institution or an insurance company, be proactive. First, contact the firm directly. If that does not produce the desired results, you may contact the appropriate federal or state regulatory agency for help or guidance.
Q. I am using my credit card to fund unexpected living expenses. What if I go over my credit limit?
A. The FDIC has encouraged banks to consider increasing credit card limits for creditworthy borrowers. The FDIC is also encouraging banks to consider waiving late payment fees on credit cards and other loans. Contact your bank to see whether and how they can help you meet your financial needs.
Identity Theft / Verification
Q. What steps can I take to prevent identity theft and what can I do if someone steals my identity?
A. If you feel ID theft is a concern, or have reason to believe you may be a victim of ID theft, you may place a "fraud alert" on your credit file, by contacting the fraud department at one of the three major credit bureaus for which contact information appears below:
- Equifax: 1-800-525-6285; www.equifax.com/; P.O. Box 740241, Atlanta, GA 30374- 0241
- Experian: 1-888-EXPERIAN or 1-888-397-3742; www.experian.com/; P.O. Box 9554, Allen, TX 75013
- TransUnion: 1-888-909-8872; www.transunion.com/; Fraud Victim Assistance Department, P.O. Box 2000, Chester, PA 19016
You only need to notify one credit bureau. The one that processes your fraud alert will notify the other two. Those two then must place fraud alerts in your file.
Placing a “fraud alert” on your credit file can help prevent a thief from opening new accounts or making changes to your existing accounts. Be aware, however, that placing an alert on your credit file also may prevent you from opening an account unless the bank can contact you and positively confirm your identity and that you are applying for credit.
In addition, people who think their personal information has been misused should contact the local police. They also can contact and file a complaint with the Federal Trade Commission by phone at 877-IDTHEFT or 1-877-438-4338 or TDD 1-866-653-4261 or on the Internet at www.identitytheft.gov/.
As always, protect your Social Security number, bank account and credit card numbers, and other personal information, especially in response to unsolicited requests from strangers. Fraudsters may try to trick you into divulging personal information, or they may steal sensitive mail or documents from homes and offices.
Q. I do not have access to my personal IDs or financial records due to an unexpected quarantine caused by COVID-19. How do I rebuild my financial records?
A. These tips will help you begin to re-establish your financial records. You should call the bank office first if you are trying to conduct business in person to make sure they have not temporarily closed or restricted lobby access due to COVID-19.
- Replace your driver’s license or state identification (ID) card.
A driver’s license and a state ID card for non-drivers are the most commonly used IDs for proof of identity. These documents should be replaced as soon as possible. Contact the Department of Motor Vehicles in the appropriate state.
- Replace your Social Security card.
The Social Security Administration’s (SSA) card replacement process requires another form of identification, such as a driver’s license. For more information, call 1-800-772- 1213 (TTY 1-800-325-0778) or go to www.SSA.gov and click on “Get Or Replace A Social Security Card.” The website also provides information about Social Security benefit payments at www.socialsecurity.gov/emergency.
• Consider replacing other documents that may serve as proof of identity, such as:
• Passport • Employer ID card • School ID card • Military ID card • Marriage or divorce record • Adoption record • Health insurance card (not a Medicare card) • Life insurance policy
• Replace your credit cards, debit cards, and checks and inquire about your safe deposit box.
Contact your financial institution. You can call the FDIC’s toll-free number 1-877-ASK- FDIC (1-877-275-3342) for bank contact information. Once connected, your financial institution should explain the process for replacing your cards, checks, and financial records. If you kept documents in your bank’s safe deposit box, you may want to inquire to the institution about how you can access your box.
For credit cards, if you are unsure of which financial institution issued your card, contact information for the four major credit card companies appears below:
- American Express – 1-800-528-4800 or TDD 1-800-221-9950 www.americanexpress.com
- Capital One—1-877-383-4802 www.capitalone.com/support-center/contact-us
- Discover – 1-800-DISCOVER (1-800-347-2683) or TDD 1-800-347-7449 www.discover.com/credit-cards/help-center/faqs/fraud.html
- MasterCard – 1-800-627-8372 www.mastercard.us/en-us/consumers/get-support.html
- Visa – 1-800-VISA-911 (1-800-847-2911) usa.visa.com/support.html/
If you do not remember the credit cards you have, you can obtain your credit report from one of the three major credit bureaus (Equifax at 1-800-525-6285, Experian at 1-888-397-3742, or TransUnion at 1-800-680-7289). Your credit report should list all credit cards in your name and a copy of this information may be provided to you at no cost under a new federal law. For details, contact a central service set up by the credit bureaus at 1-877-322-8228 or go to www.annualcreditreport.com/index.action.
Q. There are unauthorized charges on my credit card. What should I do?
A. You should contact the bank at the address your credit card specifies (or through an alternative mechanism provided by the bank) and provide information regarding the disputed transactions no later than 60 days after the bank sent the first statement containing the disputed charges. The bank has 90 days to investigate and resolve the dispute. For more information about credit card dispute resolution procedures, see: www.fdic.gov/consumers/assistance/protection/errorresolution.html.