Shelby County Trustee

Shelby Co. offices including the Trustee's Office will be closed on Monday, 9/2, in honor of Labor Day. We will close today at 4:30 pm and reopen Tuesday, 9/3, at 8 am. Please feel free to utilize our website, www.shelbycountytrustee.com, for information or to make payments, or go to Payit901.com or call the office at 901-222-0200 and hit # to make a debit/credit card payment. Have a great and safe weekend!

This month's Wallet Warning is about Predatory Lending. Read all about it in the The Commercial Appeal at https://www.commercialappeal.com/story/opinion/contributors/2024/08/14/wallet-warnings-be-cautious-about-seeking-to-borrow-a-short-term-loan/74768720007/

Predatory lending often leaves consumers with headaches and more debt than they can repay

Just because it’s easy to get a payday loan doesn’t make a payday loan a good idea. If you are young or have no access to other types of credit, you are an ideal target for a payday lender.

Regina Morrison Newman Guest Columnist

As summer draws to a close, many people find themselves short of cash to handle all the back-to-school expenses.

Predatory lenders are aware of this and ramp up their direct appeals via mail, and advertising.

While not technically an illegal scam, predatory lenders certainly prey on the most vulnerable in our community by leaving them in a worse financial position than they were in previously.

How many of you have received an email or a piece of actual mail via U.S. Postal Service (USPS) offering you quite a bit of money really fast? As always, the devil is in the details.

Many people don’t qualify for the large sums offered, nor do they qualify for enough to actually get them out of their current financial shortfall. Because people are desperate, they take the amount that is offered and do what they can with it. Ultimately, the borrower is worse off than they were before because they can’t afford the bills they had, and they can’t pay off the new debt. All they can do is pay the fees when they are due and roll the loan over.

Here's an example of a too-good-to-be-true offer
The cost of these “loans” are astronomical. A typical short-term loan from a predatory lender comes with costs in the hundreds of percent because of the fees they charge.

The “interest rate” is only a small portion of what you are agreeing to pay. If you don’t pay back the principal on a $400 short-term loan for four months, you have already paid back more than you borrowed in fees. Plus, you still owe the original $400.

One example of a bad idea that appears good is Empower. They are running TV ads offering instant money in amounts from $10 to $300 with no late fees and no interest, and all while you are standing in the line at the grocery store. Sounds too good to be true, right? That’s because it is.

Empower is not a bank, which means they do not offer the financial protections that banks do. In reading the fine print, most people do not qualify for the maximum amount. The average cash advance amount is $145. If you want the money instantly, it is going to cost you an undisclosed fee. In order to borrow from Empower, you must be a member at a fee of $8 per month.

Make sure you can repay your loan
Just because it’s easy to get a payday loan doesn’t make a payday loan a good idea. If you are young or have no access to other types of credit, you are an ideal target for a payday lender. Less-than-scrupulous lenders promote the fact that you don’t need a credit check or any paperwork to get a loan. However, that ease can come at a high cost. Before you pursue a payday loan, spend some time shopping around for other options especially if you have an account with a credit union. Many credit unions offer small dollar loans for less cost.

Be sure you can repay the loan within the original timeframe. With such high interest rates and fees, many people find themselves stuck in an endless debt cycle. You pay and pay the minimum which is only the fees/interest owed. You wind up never paying down the principal amount you borrowed. In addition, payday loans can ruin your credit if you find yourself unable to pay back what you owe. They will report non-payment in a heartbeat.

If you want help working your way to a more stable financial reality, reach out to the Greater Memphis Financial Empowerment Center (GMFEC). The GMFEC offers free, one-on-one financial counseling to all residents of Shelby County. It is a government service sponsored by the Trustee’s Office – confidential and free. It has helped over 1800 clients pay off over $4.8 million of non-mortgage debt, and save over $500,000, in the last five years. Call (901) 390-4200 to schedule an appointment. Visit www.gmfec.org for more information.

Consumer good news: $10 million settlement for deceptive ads
NRRM, LLC, which does business as CarShield, along with American Auto Shield, LLC (AAS), the administrator of its vehicle service contracts (VSCs), will pay $10 million to settle Federal Trade Commission charges that its advertisements and telemarketing for VSC are deceptive and misleading, and that many purchasers found that many repairs were not “covered,” despite making payments of up to $120 per month.

The FTC also alleges CarShield’s celebrity and consumer endorsers made false statements in its ads.

The stipulated order settling the Commission’s complaint also bars CarShield and AAS from making deceptive and misleading statements in the future and requires them to ensure their endorsers’ testimonials are truthful, accurate, and not deceptive.

Our goal with Wallet Warnings remains the same – to help you safeguard your money. If you have any questions or need any additional information about anything discussed here, please call (901) 222-0206. We are happy to help you avoid scams, fraud, and predatory lenders. You work hard for your money, and we want to make sure scammers don’t get it.

Predatory lending often leaves consumers with headaches and more debt than they can repay Wallet Warnings is a series of columns on consumer protection: Just because it’s easy to get a payday loan doesn’t make a payday loan a good idea.

Join Trustee Regina Newman for this month’s Wallet Warning: Predatory Lending. Tomorrow 8/20, on WLOK Radio with Chip Washington at 10 am and on WDIA Radio with Bev Johnson at 12:15 pm. Don’t miss them!

Careers for your young adults!

Are you 18-22 years old and out of work and school? Join our eight week Career Experience Program. Don’t miss the chance to gain valuable work experience, enhance your resume, and attend career training. This is a partnership between The Collective Blueprint and Memphis Youth Services Career Experience. Application link in bio.

2024 SENIOR SERVICES BOOKLETS ARE IN THE MAIL TO 107,000 SENIORS' HOUSEHOLDS! If you don't get one in the next couple of weeks, please contact our office at 901-222-02022 or email us at [email protected] to have us send you one. We will also have extras if you want them for your church, groups, meetings, etc. Local government and some non-profit services for seniors are listed with contact information. We hope it is helpful! https://www.shelbycountytrustee.com/DocumentCenter/View/1460/Senior-Services-Booklet-2024

The 2024 County property tax brochure is online at https://www.shelbycountytrustee.com/DocumentCenter/View/1458/Tax-Brochure-for-2024

Thanks to Sandeep Pednekar for the spotlight on the Trustee’s Office.
https://youtu.be/7PmXifC-_sY?si=aRevZ_yDeXY5CaqI

Regina Morrison Newman, The work, The work beyond official work and it's impact on the community This is a great learning experience for elected officials. How can one go beyond one's own task as an elected official and make a positive impact on the comm...

Shelby County property tax season is underway! No tax rate increase and you can see your bill on our website (www.shelbycountytrustee.com ). Mailed bills will reach you soon!

2024 County Property Tax Season is Here Program updates!   Online Payment WEBSITE ABOUT US INFORMATION PAYMENTS SENIORS July 24, 2024 Shelby County Property Tax Season is Here Last night, the 2024 property tax bills for Shelby County becam

If you missed this month's Wallet Warning this morning at 11 am on WLOK Radio (https://www.wlok.com/ ), tune in tomorrow on WDIA ( https://mywdia.iheart.com/ ) with Trustee Newman and Bev Johnson to learn about cryptocurrency scams.

Congratulations to Lynora Hayes as the HOT award winner for May - a true Hero Of the Trustee's office.

In the absence of her supervisor, Lynora stepped up and took it upon herself to get the necessary paperwork completed for 1,441 Tax Relief parcels so citizens could have their tax relief applied. Lynora also worked on getting waivers submitted for Bartlett tax relief applicants so they could meet the State deadline. She also took the lead in getting Tax Freeze work lists for the newest members of the team. She just wouldn't let the work sit undone until her supervisor returned. Instead, she really took a leadership role to make sure the Tax Relief Team stayed on track.

Lynora, YOU ARE HOT!!

News! Greater Memphis Financial Empowerment Center. www.gmfec.org

Join Live at 9 tomorrow on WREG News Channel 3, for Trustee Newman's monthly Wallet Warning with Kontji Anthony!

We wish you a happy and safe and free July 4th holiday! Shelby County government including the Trustee's office will be closed on Thursday, July 4th. We will reopen on Friday morning at 8 am. In the meantime, feel free to utilize our website to do business. www.shelbycountytrustee.com

Check out this month’s Wallet Warning in the Commercial Appeal: https://www.commercialappeal.com/story/opinion/contributors/2024/06/19/wallet-warnings-dont-let-short-term-rental-scams-ruin-your-summer/74126157007/

Renting Airbnb or VRBO? Don't let short-term rental scams ruin your summer vacation plans

Scammers saying they are legitimate short-term rental operators are using scams, fake listings and hijacked ads to defraud consumers.

Regina Newman, Guest Columnist

Summer travel season is here, and scammers are out in full force to steal our joy (and our money) through a variety of scams claiming to be related to VRBO (Vacation Rental Book Online) and Airbnb.

Our partners at the local Better Business Bureau had eight calls and two Scamtracker reports just from people that came into our town during May's festivities that fell for some of these.

The ones they fell for the most were the off-site payment requests and fake listings. Certainly not the type of impression we want to give tourists about Memphis, and we want to make sure none of you fall for these as you travel outside of Memphis this summer and beyond.

Let’s take a look at the most common scams, red flags to alert you, and how to avoid being caught by them.

Off-Site Payment Requests

Red flag: “Landlord” requests you make payment outside the official platform, such as through wire transfers, PayPal, $cashapp, Venmo or other methods.

Why it’s a scam:: Payments outside the official platforms lack protection and are difficult to recover.

What to do: Always use the platform’s payment methods to ensure access to payment protection.

Fake Listings

Red flag: Listings that are too good to be true or seem suspiciously cheap.

Why it’s a scam: These properties either don’t exist or are unavailable. You might pay and then arrive to find there’s no booking and your money is gone.

What to Do: Verify listings by checking multiple reviews and looking for inconsistencies in descriptions and photos.

Phishing Scams

Red flag: Emails or messages that appear to be from VRBO or Airbnb asking for personal information or directing you to click a link.

Why it’s a scam: Clicking links can lead to stolen passwords or worse, identity theft, malware, ransomware, etc.

What to do: Always log in directly to the platform on the official website to check messages and never click on suspicious links.

Hijacked Ads

Red flag: Legitimate-looking ads with altered contact information.

Why it’s a scam: You might end up on a fake site, paying for a rental that doesn’t exist, and giving away your credit card information.

What to do: Verify the property through official platform communications and never trust off-platform links.

Phishing

Emails and text messages appear to be from a legitimate source. However, they are often scams requesting sensitive personal information, such as asking for Social Security numbers or banking information.

Hijacked Emails

Red flag: Unusual emails from legitimate property owners urging quick bookings, often with a sense of urgency.

Why it’s a scam: Scammers may have gained control of legitimate accounts and then direct payments to themselves.

What to do: Avoid high-pressure tactics and verify directly through the platform.

How to avoid online booking scams

Do business with reputable websites. Legitimate websites like VRBO and Airbnb have certain policies to protect renters and rental owners. If there’s a problem with your rental, you can open a case, and you may get your money back. If a seller asks you directly to book outside a website, think twice.

Research the rental property. Do an online search for the owner's name and/or the property’s address. Look for complaints online, watching for any reports of scams or dishonest behavior.

Pay with a credit card. Whenever possible, use your credit card to make online purchases. It is easier to dispute fraudulent charges, and you have a better chance of getting your money back if something goes wrong.

Save any documents related to your booking. Save copies of your receipt and all correspondence with the owner of the property or the rental company.

The consumer good news

The Consumer Financial Protection Bureau (CFPB) recently issued an interpretive rule that confirms that Buy Now, Pay Later lenders are “credit card providers.” Accordingly, Buy Now, Pay Later lenders must provide consumers some key legal protections and rights that apply to conventional credit cards. These include a right to dispute charges and demand a refund from the lender after returning a product purchased with a Buy Now, Pay Later loan. The CFPB launched its inquiry into the rapidly expanding Buy Now, Pay Later market more than two years ago and continues to see consumer complaints related to refunds and disputed transactions. This action will help bring consistency to this market.

“When consumers check out and choose Buy Now, Pay Later, they don’t know if they will get a refund if they return their product or whether the lender will help them if they didn’t get what was promised,” said CFPB Director Rohit Chopra. “Regardless of whether a shopper swipes a credit card or uses Buy Now, Pay Later, they are entitled to important consumer protections under longstanding laws and regulations already on the books.”

Our goal with Wallet Warnings remains the same - to help you safeguard your money. If you have any questions or need any additional information about anything discussed here, please call (901) 222-0206. We are happy to help you avoid scams, fraud, and predatory lenders. You work hard for your money, and we want to make sure scammers don’t get it.

Renting Airbnb or VRBO? Don't let short-term rental scams ruin your summer vacation plans Opinion: Scammers saying they are legitimate short-term rental operators are using scams, fake listings and hijacked ads to defraud consumers.

Shelby County offices, including ours, will be closed tomorrow for the Juneteenth Freedom Holiday. We will reopen on Thursday, 6/20/2024, at 8 am. Please have a wonderful safe holiday. Feel free to utilize our website should you need us: www.shelbycountytrustee.com

Catch Trustee Newman on WDIA Radio today at 12:30 with Bev Johnson for this month’s Wallet Warning, Vacation Rental Scams!

Catch Trustee Newman on Live at 9 this morning on WREG TV 5 for this month’s Wallet Warning, Vacation Rental Scams! With Kontji Anthony!

More good information!

How to Get a Real Estate License in Tennessee | KapRE.com Find out how to get a real estate license in Tennessee. Visit Kaplan Real Estate Education for step-by-step instructions and helpful resources.

County offices including the Trustee's Office will be closed on Monday, May 27th, in honor of Memorial Day and all who have served and do serve. We will reopen on Tuesday at 8 AM. Please feel free to utilize our website at www.shelbycountytrustee.com until then. Have a safe and happy holiday.

In case you missed this month's Wallet Warning on WREG News Channel 3 Live at 9 with Kontji Anthony, here it is: https://wreg.com/on-air/live-at-9/dont-get-taken-for-a-ride-what-you-need-to-know-about-a-new-auto-warranty-scam/

Don’t get taken for a ride. What you need to know about a new auto warranty scam! Shelby County Trustee Regina Morrison Newman warns Live at 9 viewers of a new auto warranty scam targeting locals. Protect yourself and your wallet with these essential tips.

Sad news for our Trustee family. Debra Tate, one of our helpful staff members in senior services, passed unexpectedly last Friday. Our love and prayers to her husband, daughters and family members. We will miss her.

SPECIAL WALLET WARNING! The Shelby County Sheriff's Office and the US Marshall’s Office want you to know: Scammers are now calling Shelby County residents pretending to be from General Sessions Court, State or Federal Courts saying the resident has been selected for jury duty. The scammers then begin to ask for personal and financial information from residents. Know that jury summons come via USPS, not phone. The Shelby County Jury Commission WILL NEVER ask for this type of information from potential jurors. Hang up the phone. Do not give them any information. Notify law enforcement and our partners at the Better Business Bureau if you receive such a call.

This month's Trustee Wallet Warning in the The Commercial Appeal:

How to stop scammers from coming after your verification codes to get into your accounts
Think of your account password and the verification code as working together, similar to a doorknob lock and a deadbolt.
Regina Newman
Guest Columnist

April is Financial Literacy month. This Wallet Warnings column is about a trend we are seeing in our county- scammers seeking your verification codes.

So far in 2024, our partners at the Better Business Bureau (BBB) have received 215 scam reports on this issue from Shelby County for a loss of $ 309,465!

A growing number of these reports mention a scammer gaining or trying to gain access to a verification code in some way.

There has been an uptick in calls from concerned consumers to the BBB inquiry line about this tactic.

What is a verification code, and why would someone ask me for it?
When you log into your bank, credit card, or other online account (Amazon, your health insurance website, etc.), you might receive a text message or email containing a verification code.

You’re instructed to enter this code at the login screen to confirm your identity. This process, known as “two-factor authentication," adds an extra layer of security to your account and helps prevent scammers and hackers from gaining unauthorized access. Because it’s a quick and simple way to add protection to confidential data, the codes are now being used by many financial institutions and other organizations to protect your accounts.

Think of your account password and the verification code as working together, similar to a doorknob lock and a deadbolt. If you unlock the doorknob but not the deadbolt, you can't get inside. Similarly, if you have the account password but not the verification code, you can't access your account.

Scammers also need both "keys" to break into your account. To achieve this, they may try to deceive you into sharing your verification code. They might pose as someone you trust, claim to have detected an issue with one of your accounts, or suggest that your identity is being used by someone else. These scammers may possess some of your personal information and can be very convincing. They might even offer to assist you in resolving the supposed problem and then ask for your verification code.

If you give anyone your verification code, they can log in and transfer all the money out of your accounts.

Tips for how to stop the scammers

Never, ever give your verification code to someone else. It’s only for you to log into your account. Anyone who asks you for your account verification code is a scammer! The risk to your money and identity is tremendous. Keep the code private, use it to log in, then delete it.

If you’re worried there's a problem with your account, reach out directly to the entity that houses your account (bank, credit union, retailer, etc.). Use a number you trust, like the one on your statement or in your app. Never use the number the caller gave you; it’ll take you to the scammer.

Never access your online accounts on a public Wi-Fi network.

If someone asks you for your verification code, don’t engage. Hang up or stop texting them. Block their number. Then report it to BBB’s Scam Tracker to warn others.

On the consumer good news side:
The Consumer Financial Protection Bureau (CFPB) finalized a rule in March of this year to cut excessive credit card late fees which were happening due to a loophole in the law. The rule will curb fees that cost American families more than $14 billion a year.

The CFPB estimates that American families will save more than $10 billion in late fees annually once the final rule goes into effect by reducing the typical fee from $32 to $8. This will be an average savings of $220 per year for the more than 45 million people who are charged late fees.

“For over a decade, credit card giants have been exploiting a loophole to harvest billions of dollars in junk fees from American consumers,” said CFPB Director Rohit Chopra. “Today's rule ends the era of big credit card companies hiding behind the excuse of inflation when they hike fees on borrowers and boost their own bottom lines.

Our goal with Wallet Warnings remains the same - to help you safeguard your money. If you have any questions or need any additional information about anything discussed here, please call (901) 222-0206. We are happy to help you avoid scams, fraud and predatory lenders. You work hard for your money, and we want to make sure scammers don’t get it.

Regina Morrison Newman is the Shelby County Trustee. She writes the Wallet Warnings regular feature.
https://www.commercialappeal.com/story/opinion/contributors/2024/04/11/online-privacy-security-verification-code-wallet-warnings/73262335007/

How to stop scammers from coming after your verification codes to get into your accounts Opinion: Think of your account password and the verification code as working together, similar to a doorknob lock and a deadbolt.

Great meeting with Co. Comm. Charlie Caswell and the folks in Raleigh at The Stakeholders’ Meeting!

County phone system is back up! Thanks for your patience!

Tuesday, April 23rd: The County phone system is temporarily down. Apologies for the inconvenience and hopefully they will be back up soon. In the meantime, please feel free to email us at [email protected].

In case you missed it! Trustee Newman and Bev Johnson on WDIA with this month’s Wallet Warning!

APRIL WALLET WARNING FROM THE SHELBY COUNTY TRUSTEE IS VERIFICATION CODES | 1070 WDIA | Bev Johnson The April Wallet Warning from the Shelby County Trustee's office is "Verification Codes" says Trustee Regina Morrison Newman.