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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
Beware of Bogus Debt Elimination Scams
If an Internet site or other advertisement offers to sell you a document you can use to "legally" eliminate an outstanding credit card balance or other debt, don't believe it.
U.S. government and banking industry reports indicate a variety of schemes on the Internet and elsewhere promoting programs that, for a significant fee (sometimes thousands of dollars), fraudulently claim to enable borrowers to stop payments on a debt simply by giving the lender a specially-prepared document. Many of these offers also cite false claims about the Federal Reserve System, U.S. currency or other federal or state government programs as the legal justification for their debt elimination program.
The bottom line: These documents are bogus and a waste of money. If you come across this scam on the Internet or elsewhere, consider reporting the details to the FBI by calling the regional office listed in your phone book or contacting the Internet Crime Complaint Center at www.ifccfbi.gov.
If you want more information about legitimate ways to get out of debt safely and avoid debt-related scams, see "Weathering a Financial Storm" in the Winter 2001/2002 issue of FDIC Consumer News, online at www.fdic.gov/consumers/consumer/news/cnwin0102/cvrstry.html.
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