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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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Spring 2005 - A Special Guide for Young Adults
The Right Way to Right A Wrong
How to fix a problem with a financial institution
Got a question or a complaint involving a financial institution but you're not sure about the best or quickest ways to resolve the matter? Here's a good game plan.
- Contact the institution directly. Experience has shown that's the quickest way to resolve most problems. Also keep your cool. Be as professional as possible.
- Put your complaint in writing, even if you also call the institution. Some consumer protection laws require that written complaints be filed. Be sure to send your letter to the address that the institution recommends for complaints and keep a copy of all correspondence and supporting documents. With phone calls, get the name of the person you spoke to and keep good notes of your conversation, including the date.
- Act as soon as possible. Some laws require consumers to report a problem within a certain time period to be fully protected.
- If you can't fix a problem on your own you may contact the institution's government regulator for help or guidance. To find out who regulates a bank or other deposit-taking institution, you can write or call the FDIC (see For More Information). Find contact information and tips for solving problems with non-bank financial companies, such as insurance companies or brokerage firms, at
www.consumeraction.gov, which features the federal government's Consumer Action Handbook.
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