First Community Bank of Bedford County is participating in the FDIC’s Transaction Account Guarantee Program. Under that program, through December 31, 2009, all noninterest-bearing transaction accounts are fully guaranteed by the FDIC for the entire amount in the account. Coverage under the Transaction Account Guarantee Program is in addition to and separate from the coverage available under the FDIC’s general deposit insurance rules.
Customer Alerts
CELL PHONE SCAM -- 3/24/2010
There have been several reports in our area of bank customers receiving recorded messages on their cell phones advising there is a problem with their bank debit card and all activity with the card has been suspended. They are then directed to make an entry on their cell phone to speak to someone for help. At that point, the customer is asked to provide their social security number and address. PLEASE DO NOT PROVIDE ANY INFORMATION. HANG UP AND IGNORE THE CALL. Your bank will never contact you in this manner to discuss any of your banking services. This is a scam!!!!
SERVICE UPDATE -- 3/24/2010
Many of you may have noticed a change in your account activity within the past few days with ATM and debit card (POS) usage. First Community Bank, in preparation for the upcoming changes in regulations regarding POS activity, and in an effort to provide the most current technology available to our customers, implemented 'real-time' posting of ATM and POS activity on March 18, 2010. This means that purchases, charges, and or cash withdrawals will show in your available account balance shortly after the transaction , along with deposits or transfer made online or at the bank. You can deposit your pay check at the bank, go to the grocery store to make a purchase with your debit card, and know that deposit will be available fo authorization approval. While this new technology doesn't affect the actual balance in your account, it has created confusion regardiing the entries.
Purchases made at merchant locations are subject to the policies of those merchants and their card processors for posting and hold activity. Some merchants (particularly gas and hotel providers) may place a hold or authorization for more than the actual purchase. These holds may be short-term and reversed immediatley upon completion of the transaction; at which time a reversal (or credit) for the hold amount will be issued and a charge (debit) for the actual purchase entered; or they may maintain the original authorization for a period of time with no regard for the disruption it may have on your card usage. On occasion, the charge to your account may be the net of the two transactions.
Examples-- for the approval for the purchase of gas, one merchant will initiate an authorization of $120 when the card is swiped at the pump. When the sale is completed the difference between the original $120 authorization and the true purchase is then reversed. The customer will see a debit for $120 and a corresponding credit ($120 authorization debit - $82.50 corresponding credit - actual purchase $37.50). Another gas merchant may simply preauthorize a $1.00 debit to begin the card process and then reverse that $1.00 charge and complete the transaction with the cost of the completed sale.
We apologize for the confusion these entries have created. While we cannot change the processing policy of the merchants you frequent, we pledge to answer your questions and help you in any way possible to eliminate the confusion. Please feel free to contact any staff member at First Community Bank anytime you have a question.
