Banking class can save Airmen from becoming fraud victims Published Feb. 9, 2007 By Janet Taylor-Birkey 27th Fighter Wing Public Affairs CANNON AIR FORCE BASE, NM -- The old joke goes, "I can't be out of money: I still have checks," and was obviously spoken by someone who does not manage their bank account very well. Fortunately, Airmen can get help with this important task "This [checking account management class] isn't the most exciting class," said Linda Sapp, Family Readiness Technician with Cannon's Airman and Family Readiness Center, "but if you take the time, it can save you a lot of grief." Financial readiness means mission readiness, and it is difficult to focus on a job when the mind is consumed with financial distress. To minimize that distress, Mrs. Sapp said that Airmen need to keep a register of transactions, even if they don't use checks and rely exclusively on a debit or checking card. She said far too many people believe they don't need a check register because they go online to find their bank balance or simply call the bank. "How many of you think the bank never makes a mistake?" she asked the class. When counseling Airmen about their finances, Mrs. Sapp said it appears many believe their purchase transactions will be denied if there is not enough money to cover them, but that is not always the case. Banks often cover the charge, but also charge the customer large overdraft protection fees. While overdraft protection may seem like a security net, it is not a way to increase financial security. These overdraft fees can add hundreds of dollars to purchases for relatively minor items. In fact, 46 percent of all overdraft fees are due to ATM and point-of sale debit transactions, according to the Center for Responsible Lending. Mrs. Sapp offers these tips to help keep bank accounts in good shape: -- When making a transaction, it needs to be noted in a register. -- Don't use initials (BX, AAFES, etc.) when writing checks because someone could change the wording on your check. -- Superscript numerals in the numeric amount box, so that a small amount does not look like hundreds of dollars. -- Draw a line after the written amount on a check so no one can add anything to the amount. -- Set a floor for your bank account: an amount your account will not go beneath. -- Use actual figures in account register: do not round up or down. If figures are rounded they will never balance. You work 160 hours a month," said Mrs. Sapp. "Take a few minutes to make sure your money is working for you. That is the way to financial security." Airmen who need help balancing their bank accounts can call the Airman and Family Readiness Center at 784-4228.