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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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Winter 2006/2007 – Special Edition: Be Prepared, Be Informed, Be in Charge
A Final Exam: Test Your Money Management IQ
- If you've been happy with your bank, there's no reason to compare its products with those of competitors because bank products, rates and fees are pretty much the same everywhere. True or False?
- When exercising your right under federal law to obtain a free copy of your credit report each year from each of the three nationwide credit bureaus, you can spread out your three requests throughout the year (to get periodic updates on what is being reported about you) instead of ordering the reports at the same time. True or False?
- If you deposit a check from a stranger, you should wait about two or three days before spending that money or handing over anything of value. That's enough time for the bank to discover if the check is fraudulent. True or False?
- It is possible for you to have more than $100,000 on deposit at one FDIC-insured bank and still be fully insured. True or False?
- A death in the family can reduce the FDIC insurance coverage of bank accounts for which the deceased was a co-owner. True or False?
- To dispute a charge on your credit card bill, a phone call to your creditor is sufficient under the federal Fair Credit Billing Act. You don't need to write a letter to your card company to protect your consumer rights against an error.
True or False?
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