FINANCIAL LITERACY FUNDS DELIVERED
TO LAGUARDIA COMMUITY COLLEGE

I am pleased to announce that I was able to obtain $250,000 in state funds to establish a financial literacy pilot program at LaGuardia Community College. This allocation is expected to be matched by the New York State Banking Department for a total of $500,000.

These funds will be used to create financial literacy classes and to explore steps needed to establish a certificate program in financial planning.

I have had the pleasure of working closely on the issue of financial literacy with LaGuardia’s President, Dr. Gail Mellow, as well as the Director of LaGuardia’s Small Business Development Center, Joyce Moy. We share the belief that gaining financial knowledge at any age is critical to building confidence and creating opportunities for success.

A community college, like Long Island City’s LaGuardia, has the ability to reach and educate a diverse range of community members. This program will empower community residents and give guidance to a growing number of entrepreneurs in our community.

I am thrilled to have been able to secure these funds for such an important program. I am excited for the pilot program’s potential in our community and confident in LaGuardia Community College’s ability to make it a success.

Frequently Asked Questions. . .

Neighborhood activists, community development administrators and elected officials came out to participate in the meeting I hosted at Goodwill Industries on enhancing financial services in our community. Many good ideas came together as a result of this gathering.

My bank statement showed a debit that I didn’t make – what can I do about it?

Call your bank immediately – report problems within 60 days of the date of the statement. Contact a customer service representative or a bank manager for assistance. They will take down the details of your complaint and initiate an investigation. The bank must let you know the outcome of the investigation.

What is the difference between a credit card and a debit card?

Making a purchase with a credit card is like taking out a loan that you must pay back later. You may charge up to the limit posed by the issuer and interest can be accrued. A debit card is an ATM card that allows you to make purchases. Debit cards look just like traditional ATM cards, but they are often confused with credit cards. Think of it as cash or immediate access to a checking account. The money is quickly deducted from your account. Debit cards do not carry the same consumer protection as credit cards. Federal law permits a maximum liability of $50 if the lost or stolen card is reported within two days of discovery. The liability increases to $500 after if reported within 60 days. After 60 days there is no limit on liability. Keep in mind that many banks do not allow you to stop payment on a debit card transaction.

The bank I went to would not cash my payroll check. Can they do that?

If you do not have an account at the bank, it has the right not to cash your check. However, your employer can make arrangements with the bank to cash payroll checks.

I enjoyed speaking with Carol Wilkins, President of the Ravenswood Residents’ Association and Dr. Simona Tait, Region 4, Department of Education about financial literacy programs.

How long is a personal check valid?

Six months. A bank is not obligated to honor the check after the validity date has expired.

What is the difference between overdraft protection and draft protection?

An overdraft occurs when the balance of your checking account is negative, resulting from writing a check or making a withdrawal for an amount totaling more than the amount in your account.

* Overdraft protection is an optional banking service. With overdraft protection, a line of credit or another account that you have at your bank is linked to your checking account so that, when an overdraft occurs, funds are automatically transferred to cover the negative balance.

* Bounce protection is a service that banks will sometimes automatically attach to your checking account. With bounce protection the bank covers overdrafts up to a certain limit and charges the account holder their standard insufficient funds fee for each overdraft. These overdrafts must be repaid or accounts brought to a positive balance within a set period of time, generally within 30 days. Some banks will charge a daily fee until there is a positive balance in the account. Some banks will include the bounce protection amount you have available when they give you your available balance.

I deposited a check but the bank has not credited my account. How long does it take for a check to clear?

Availability of funds generally depends on three things: where the check is drawn (a local or out-of-town institution), the amount of the deposit, and the issuer on the check. A check can take from one to five days for all of the funds that it represents to become available.