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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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Special 10th Anniversary Edition - Fall 2003
Extra Tip on... Credit Card Interest Charges
Many consumers think that with practically every credit card all their purchases are interest-free for at least 25 days regardless of the previous balance. However, with the typical card nowadays, if you carry over as little as a penny from the previous month's balance you can expect to be charge interest immediately on new purchases. And, if you have a card with no grace period, you always pay interest on new purchases from the day you make the purchase, even if you pay your bill in full. Excerpted from "Fewer Credit Cards Offer a 'Full' Grace Period," Summer 2000.
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