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Beware of Counterfeit Check Scam
The District of Columbia Department of Insurance, Securities and Banking (DISB) is warning District consumers to be on the alert for counterfeit check scams.
The scam involves counterfeit checks that are printed with the names and addresses of legitimate financial institutions and actual account numbers and routing numbers. The catch, however, is the check won’t be honored by the financial institution listed on the check. If you were to deposit the counterfeit check into your bank account and wire all or part of those funds to another person’s account, you would be responsible for the check – even if you didn’t know it was fake.
Examples of counterfeit check scams are:
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Contest winnings scam that require you to wire funds to an account as payment of the taxes and fees on your winnings;
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Overpayment scam on products you advertise for sale on websites such as EBay. The purchaser sends you a counterfeit check in an amount higher than the actual sale price and asks you to wire them back the difference; or
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Scams by companies that pay you to work from home and overpay you with a counterfeit check asking you to wire them back the difference.
To avoid being a victim of a counterfeit check scam, DISB advises consumers to first contact the bank to verify the check and available funds. Consumers can contact the bank by calling the customer service number or visiting the bank in person.
If you receive a counterfeit check or believe you have been a victim of a financial scam or have questions, please contact the Enforcement and Consumer Protection Division of the District of Columbia Department of Insurance, Securities and Banking at 202-727-8000 or
disb.dc.gov
.
Latino Economic Development Center receives $300,000 from Wells Fargo to Support Diverse Small Businesses
Latino Economic Development Center, one of 14 organizations nationwide to receive funds as part of Wells Fargo's Diverse Community Capital program
Latino Economic Development Center (LEDC) announced today it is receiving a $300,000 grant from Wells Fargo as part of the
Wells Fargo Works for Small Business®: Diverse Community Capital (DCC) program
. LEDC will use the grant to help partially fund compensation for loan officers and loan administrators and improve marketing strategies and products to attract African American small business owners in DC and Baltimore.
LEDC is a Community Development Financial Institution (CDFI) that drives the economic and social advancement of low- to moderate-income Latinos and other underserved communities in the greater DC and Baltimore metropolitan areas by equipping them with the skills and tools to achieve financial independence and become leaders in their communities. Based in Washington, DC; LEDC will leverage DCC funding to deepen their presence in the District and Baltimore City markets, providing access to capital for small businesses owners along with their intensive business coaching and training services.
During round 3 of the DCC program, Wells Fargo is providing more than $8 million to help LEDC and 13 other CDFIs who support diverse-owned small businesses. Wells Fargo will distribute $75 million over three years to CDFIs during the three-year Diverse Community Capital program. So far, the program has distributed more than $46.5 million to 44 CDFIs like LEDC. CDFIs can visit
www.wellsfargo.com/cdfi
to learn more about the program's guidelines and application process.
Upcoming Small Business Workshops
DRCA’s Housing Bloom Workshop
Date
: Thursday, June 22, 2017
Time
: 6:00 pm – 8:00 pm
Location
: DCRA – 1100 4th Street SW, 2nd Floor (Room E-200), Washington, D.C. 20024
To Register
:
https://dcbiz.ecenterdirect.com/events/43928
Grant Writing Workshop
Date
: Tuesday, June 27, 2017
Time
: 10:00 am – 12:00 pm
Location
: DCRA – 1100 4th Street SW, 4th Floor (Room E-4302), Washington, D.C. 20024
To Register
:
https://dcbiz.ecenterdirect.com/events/44086
Wacif's Small Business Capital Forum
Navigating the Online and Alternative Lending Marketplace
The online lending marketplace is ever-changing and difficult to navigate. Loan terms and conditions are not necessarily transparent. Yet, online and alternative loans are a life line for some business owners.
Do you have questions about online and alternative lending – what it is and how it works? Do you understand the difference between short-term and long-term financing products? Do you know how such loans may affect your cash flow?
Join Wacif and Capital One for a unique forum on small business financing where they'll discuss the capital challenges and solutions facing today's entrepreneurs in the world of online and alternative lending.
When
: Tuesday, June 20, 8am-11:30am
Where
: Impact Hub DC - 419 7th Street NW, Ste. 300, Washington, DC 20004
Cost
: FREE
Register Today
Featured Speakers:
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John Arensmeyer, Founder & CEO, Small Business Majority
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Joyce Klein, Director, FIELD at the Aspen Institute
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Harold Pettigrew, Executive Director, Wacif
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Lauren Stebbins,Vice President, Small Business Initiatives, Opportunity Finance Network (OFN)
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Chet Bennett, Founder & Owner, C. Alan Salons
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Ian Lawrence, Director of Lending, Wacif
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Nancy Stark, Senior Manager Community Development Banking, Capital One
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Oswaldo Acosta, Director of Small Business Programs, LEDC
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David Newville, Director of Government Affairs, CFED
Hurricane Preparation:
Plan Ahead to MakeRecovering from Storm Damage Easier
Hurricane season is here and runs through November. The District Department of Insurance, Securities and Banking (DISB) encourages residents and small businesses to plan ahead in case of a storm. Here are some tips to help protect you, your family or small business in case a storm hits.
Create a Home Inventory
To make the claims process easier, complete a home inventory of your belongings. Include identifying information about your possessions (brand name, price, date of purchase, model, serial number and receipts) and take photos. The National Association of Insurance Commissioners has a free smartphone app that can help you easily create a database of the records. The app is available for iPhone and Android. A simple-to-use printable home inventory checklist also is available.
The more detail you include, the easier it will be for your insurer to evaluate your loss. When making your list, make sure to open drawers and closets, and don't forget to document what's in your basement, garage and storage buildings. If you don't have time to create a full list of the items in your home, consider videotaping and/or taking photographs in every room.
Once you’ve created your inventory, store it in a secure, water-proof location and/or keep it on your app, if you have one.
Collect and Review Your Insurance Information
Store copies of your insurance policies with your home inventory. Make sure to have a copy of your policy declarations page listing all of your coverages, as well as your insurance cards. It is a good idea to store this information, and your home inventory, in a waterproof, fireproof box or safe. Review these documents periodically and update as circumstances dictate. There are three important coverages often overlooked when disaster strikes. These are “Additional Living Expense” also called “Loss of Use”, "Ordinance of Law” also called “Law and Order Upgrades” and “Extended Replacement Cost”. These coverages make policies better suited to the special needs for rebuilding after a disaster. If you evacuate your home, don't forget to take this information with you.
NOTE: Flood damage is not covered by a standard homeowners or renter’s insurance policy. Flood insurance, provided by the National Flood Insurance Program (NFIP), is available through most insurers, and residents should evaluate their flood insurance risk. More information is available at www.floodsmart.gov/or by calling (888) 379-9531.
Prepare for the Worst
There are steps you can take to help mitigate some of the damage caused by a hurricane or tropical storm. Clear your yard of debris that could become projectiles in high winds and trim dead or overhanging branches from trees surrounding your home. It’s also a good time to make a quick review of your home to make sure the roof sheathing is properly secured, that end gables are securely fastened to the roof, and that doors and garage doors are latched properly.
For personal safety, identify the nearest storm shelter and have an evacuation plan for your family. Also, make sure you have hurricane survival supplies including: bottled water, a first aid kit, flashlights, a battery-operated radio, at least three days of non-perishable food items, blankets, clothing, prescription drugs, eyeglasses, personal hygiene supplies and enough cash for at least three days.
If you are forced to evacuate your home, turn off all utilities and disconnect appliances to reduce the chance of additional damage and electrical shock when utilities are restored.
For more information about how to prepare your family and home for the threat of tropical storms or hurricanes, visit the American Red Cross’ website or download its Hurricane Safety Checklist.
What to Do If Damage Occurs to Your Home:
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Call your insurance company or agent with your policy number and other relevant information as soon as possible.
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Take photographs or video of the damage.
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Make any repairs necessary to prevent further damage to your property (i.e., cover broken windows, leaking roofs and damaged walls). Do not have permanent repairs made until your insurance company has inspected the property and you have reached an agreement on the cost of repairs.
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Save all receipts, including those from the temporary repairs covered by your insurance policy.
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If your home is damaged to the extent that you cannot live there, ask your insurance company if you have coverage for additional living expenses incurred while repairs are being made. Save all receipts to document these costs.
Protect Yourself from Home Repair Fraud
Home repair fraud increases following a major storm. Protect your investment by getting more than one bid from contractors and requesting at least three references. Ask for proof of necessary licenses, building permits, insurance and bonding. Record the contractor’s license plate number and driver's license number, and then check for any complaints with the Better Business Bureau. Finally, be wary of contractors who demand up-front payment for repairs. If the contractor needs money to buy supplies, go with the contractor and pay the supplier directly.
More Information
If the first offer made by the insurance company does not meet your expectations, be prepared to negotiate. If there is a disagreement about the claim, ask the company for the specific language in the policy in question and determine why you and the company interpret your policy differently. If you believe you are being treated unfairly, contact DISB, the District of Columbia’s insurance department, at (202) 727-8000 or on its website at
disb.dc.gov
.
Disaster Planning for Small Businesses
DISB also encourages small business owners to review and update their business insurance needs and policies to make sure the business has adequate insurance coverage. Here is a checklist of small business insurance considerations for disaster planning.
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We're taking this weekend off, but we'll return the following Saturday to conclude our concert series with Batida Diferente, a Brazillian Jazz group.
