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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 2003/2004
Fraudulent Ads Use Official Bank Logos
The FDIC has warned consumers about fraudulent newspaper advertisements featuring official bank logos in attempts to trick consumers into wiring advance payments for loans or providing personal information.
In the typical scheme, ads for mortgages, small business loans, debt consolidation offers and other loans are placed in small-market or community newspapers. Consumers who call a phone number in the ad are asked to provide application information, including a Social Security number, to a "third-party consultant" who later says the loan is "granted." A loan package then is faxed to the victim along with a request for bank account information and a faxed copy of a driver's license and Social Security card.
Victims of the scam also may be asked to make an advance payment or deposit by wire transfer outside the banking system (such as through Western Union), not to the legitimate bank supposedly making the loan. The FDIC has received reports that a number of unsuspecting consumers have applied for these fraudulent loans and wired payments.
If you believe you have been victim of this scam, contact your financial institution, the local police and the three major credit bureaus, as noted on "When Internet Scam Artists Go "Phishing," Don't Take the Bait."
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