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FDIC Consumer News
Important Update: FDIC Insurance Coverage Increased in Late 2008
In the fall of 2008, Congress temporarily increased the basic FDIC insurance coverage limit from $100,000 to $250,000 through December 31, 2009. In addition, the FDIC simplified the rules for the calculation of deposit insurance coverage for revocable trust deposits, including an expanded definition of the "eligible beneficiaries" for additional insurance coverage. As a result, certain previously published information related to FDIC insurance may not reflect the current insurance coverage. For more information, go to www.fdic.gov/deposit/deposits/index.html or call toll-free 1-877-ASK-FDIC (1-877-275-3342) Monday through Friday, 8:00 a.m. to 8:00 p.m., Eastern Time. For the hearing-impaired, the number is 1-800-925-4618.
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Summer 2008
Reminder: Beware of Mortgage Rescue Frauds
Thieves posing as lenders or housing counselors continue to offer to "help" people at risk of losing their homes to foreclosure. Beware of anyone who charges a large upfront fee and "guarantees" (falsely) to save your home from foreclosure. Instead, seek help from a reputable housing counselor certified by the U.S. Department of Housing and Urban Development (HUD). Find one by contacting the nonprofit Homeowner's HOPE Hotline (1-888-995-4673 or www.995hope.org) or get a referral directly from HUD (1-800-569-4287 or www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm).
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