Money Myths
Have you ever received an email from a wealthy foreign official who needs your help to transfer his funds to the United States? If so, hopefully you recognized this ruse as what has become known as the “Nigerian Scam.”
First circulated in 2000, the Nigerian Scam even instigated a secondary scam to snare victims again. This follow-up scam claims that the Federal Bureau of Investigation is offering ATM cards to help victims recover money from the original scam. This too, of course, is false.
Sadly, there are many scams and confidence schemes to separate unsuspecting people from their money. Here are a few more money myths that can cost you:
“People under the age of 18 cannot be held accountable for credit card debt.” While it is true that people younger than 18 cannot sign a legally binding contract, a minor can be issued a credit card – with parental authorization or an adult’s co-signature.
“A check written in red ink takes longer for the bank to process.” If you need a few extra days for a check to clear, don’t rely on this misinformation. The color of ink makes no difference.
“It’s safer to not sign the back of your credit card.” Some people believe that leaving the signature spot blank will protect them from identity theft. In actuality, this may make it easier for thieves, who then, only have to sign the card themselves – in their own handwriting.
If you have questions about a contract, be sure to seek reliable advice from a professional before signing. And if you aren’t sure if an offer is legitimate, remember that if it sounds too good to be true, it probably isn’t.
