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Member Arrested After Spending Deposit Error

JACKSONVILLE, Fla.-A VyStar CU member and her roommate were arrested and charged with theft after they spent almost half the $66,258 the credit union mistakenly deposited in her checking account.

Monica Stegall, 24, told police she spent the $30,000 because she thought the funds were wired into her account by the Federal Emergency Management Administration, where she had applied for hurricane assistance.

But the VyStar Credit Union said the funds were erroneously transferred into her account and were never hers to spend.

Steagall and Dontrell Wright, 28, who lives with her, were charged with grand theft. The two have been released from jail while authorities decide whether to prosecute the case.

Final Forms Available To Establish New HSAs

ALEXANDRIA, Va.-At its board meeting last week, NCUA said that the final forms needed to establish and administer heath savings accounts (HSAs) for members are now available.

The forms, available at www.irs.gov, include IRS Form 5305-C-for use where the credit union fulfills the role of custodian; IRS Form 5305-B-for use where the credit union fulfills the role of trustee; IRS Form 1099-SA-for use to document rollovers or distributions from an HSA; and IRS Form 5498-SA-for use to document contributions to an HSA.

Anyone who has a qualifying high-deductible health plan is eligible to establish and maintain an HSA.

Johnson Wants To Expand Reg-Flex

SAN DIEGO-Authorities are hunting for an unarmed bandit who has hit as many as 11 area financial institutions since August, most recently Mission FCU in October and USA FCU earlier this month The serial robbery, dubbed 'the Bearded Bag Bandit,' because of his unshaven face and habit of using a cloth or canvas sack to carry off the loot, usually waits in a teller line, then passes the teller a demand note, according to the FBI The FBI is also tracking another serial robber believed to be responsible for as many as nine area heists. That thief is known as 'the Fed-Ex Bandit,' because of the type of envelope he uses to carry the cash.

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