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Free in Google Play

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Magyar Bank
Free in the App Store

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Magyar Bank
Free in the App Store

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Spring Shred Days Are Back

Protect Your Identity and Safely Destroy Your Documents

Magyar Bank wants to help protect you from identity theft, so we are bringing our Shred truck to each branch this Spring. This is a FREE event, open to the entire community, so gather your documents, bring them to the shred day convenient for you and have them safely destroyed. In additions, Magyar Bank has partnered with 1450 WCTC for their May 24th live broadcast on their front lawn.  We're bringing the Shred Truck with us, and the entire community is invited to bring their personal documents to shred.  The truck will be available from 7:00am - 10:00am at the WCTC parking lot, 78 Veronica Avenue, Somerset, NJ.  Plus, WCTC is providing free breakfast.  Come by and meet Bert Baron, 1450 WCTC's morning talk show host, and your friends from Magyar Bank. Click here to go to the Community Calendar. Dates, Times and Locations are as follows:

  •  April 7th- South Brunswick, 10am-12pm
  • April 14th- New Brunswick, 10am-12pm
  • April 21- North Brunswick, 10am-12pm
  • May 12th- Bridgewater, 10am-12pm
  • May 19th- Branchburg, 10am-12pm
  • May 24th- WCTC Live on the Lawn, 7am-10am
  • June 2nd- Tano Mall, 10am-12pm
  • June 9th- Edison, 10am-12pm

What Documents Should You Shred?

Trying to figure out what documents you should shred can be confusing.  Here are a few recommendations for some of the more common financial documents many of us have.

Documents
Suggestion

Bank Records

Keep deposit and ATM receipts until you reconcile them with your monthly statements. File your monthly checking and savings account statements. After you do your taxes, file any statements needed to prove deductions with your tax records; the rest can be shredded.

Credit Card Bills

You don't need to keep them after you've checked and paid them, unless you need a bill to support a deduction you'll be taking on your taxes, such as for a charitable donation (in which case you'll need to file the bill with your current-year tax records).

Investment Statements

You can shred your monthly and quarterly statements from brokerage, 401(k), IRA, Keogh, and other investment accounts as new ones arrive. But hold on to annual statements until you sell the investments.

Tax Returns

Tax returns should kept for at least 7 years.  The IRS can randomly audit you up to three years after the date you filed the return, and you can be audited at any time if the IRS suspects you of fraud.

After seven years, you may want to keep just the tax returns if you'd like to track your income over the years. Keep tax records more than seven years old in your out-of-the-way file cabinet. Better yet, scan the returns into your computer and store them on a CD or external hard drive. 

   

 Check Your Credit Report For Free Annually

The Fair Credit Reporting Act (FCRA) requires each of the nationwide credit reporting companies — Equifax, Experian, and TransUnion — to provide you with a free copy of your credit report, at your request, once every 12 months. The FCRA promotes the accuracy and privacy of information in the files of the nation’s credit reporting companies. The Federal Trade Commission (FTC), the nation’s consumer protection agency, enforces the FCRA with respect to credit reporting companies.  To obtain your free report, visit annualcreditreport.com.  And for more information, visit the FTC's Web site