Lakeport >> Umpqua Bank, in conjunction with Strong Financial Services of Lakeport, will hold their annual ‘Shred Fest’ on March 27. The purpose is to safely destroy documents that, if simply discarded, could aid in identity theft.
According to the Bureau of Justice Statistics (BJS), approximately 16.6 million people nationally had their identity stolen in 2012, with financial losses totaling over $24 billion. The most common way victims discovered that their identities had been stolen was through contact by their financial institution. Jennifer Taylor, manager of the Umpqua Bank in Lakeport, concurred.
“Most of the one’s we catch are from people who monitor the accounts,” she said. “We have a high-level fraud department that watches for known red-flags, like transactions from overseas. We’ve seen three or four identity thefts in a year’s time, and that’s just here. I’d highly recommend monitoring accounts weekly.”
The BJS advises that about 10 percent of identity theft victims encounter long-term issues, including problems that affect their personal and professional lives, and can cause severe emotional distress.
For the Shred Fest, Umpqua Bank and Strong Financial Service are bringing in InfoStor, a records management firm located in Santa Rosa, to provide shredding services.
According to Taylor, anyone who brings their documents to be destroyed at the Shred Fest has the option to either watch their paperwork be destroyed on site, or it can be deposited in a secure, locked container to be disposed of later at InfoStor’s facility.
“The company that does this, they bring a huge truck and shred everything with a crisscross shredder,” explained Cheri Cunningham, branch operations manager of Strong Financial Services. “It completely destroys everything, even cardboard boxes.”
Megan Carter, marketing director at Strong, offered these guidelines on what documents you should keep and for how long:
•Paycheck stubs, bank statements and credit card statements should be kept for at least one year
•Medical bills and expired insurance policies should be kept for at least three years
•Tax returns, cancelled checks and receipts, and tax deduction records should be kept for at least seven years
•CPA/audit reports, IRA contribution records, home improvement receipts, rental property records, trust documents, investments statements, retirement and pension records, medical records, vital records, and legal documents should be kept indefinitely.
•Insurance policies, loan documentation, car records, ATM and deposit slips, property records, improvement receipts, sales receipts, warranties and instructions, credit card receipts, and utility and other bills on an as-needed basis only
Carter also stipulated that these guidelines are just general purpose, and that if a person has any unusual or extenuating circumstances involved with their records, it is best to first speak with a certified accountant or attorney before destroying any paperwork.
A “clients-only’ shred session will be open at Umpqua on the 27th from 3 to 4 p.m., followed by public shredding from 4 to 6. A free seminar on identity theft will follow immediately after, from 6 to 7.
Among the speakers featured in the seminar are representatives of the United States Postal Service and the Lake County District Attorney’s office. Seating for the seminar is limited, so an RSVP is recommended by calling 262-3347. If you are unable to attend, Carter advises getting the right equipment to do it yourself.
“You’d want to go with a cross-cut shredder,” she said. “Don’t use a straight shredder. Crisscross will completely obliterate the paper.”
Taylor added if you accidentally destroy or lose some important paperwork, to contact the originating institution. Depending on policy or legal concerns, they may be able to send you new copies. Umpqua, she advised, maintains such records for a full seven years.
The Lakeport branch of Umpqua Bank is located at 805 11th St.
For furthter information on Shred Fest, contact Umpqua Bank at 262-3347 or Strong Financial Services at 262-1880.
Strong Financial Services is located at 1105 N. Main St. in Lakeport.
