|
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.
|
Special 10th Anniversary Edition - Fall 2003
You Can Pay Less in Bank Fees
You can't expect something for nothing. After all, banks are for-profit businesses, subject to taxes and the demands of stockholders. Still, there are things you can do to limit the fees you pay. Examples:
- Review your monthly mailings and see how much you're paying in fees. Ask your banker about ways to reduce or eliminate those charges.
- Compare your bank's costs to those of a few competitors every few years. You may find a great bargain elsewhere or discover a better deal at your current bank. When comparison-shopping, concentrate on the accounts and services you actually use. Don't be concerned about analyzing every product or fee you see listed.
- Look into special deals, such as for customers who have multiple accounts at the bank, maintain a certain balance, arrange for direct deposit, or do a lot of banking electronically.
- Limit or avoid "surcharges" (access fees) at the ATM by using your own bank's machines or those owned by institutions that don't charge fees to non-customers.
- If you're a good customer with a clean record, ask if your banker might be willing to refund a fee for a late payment, a bounced check or some similar offense. You also might be able to get a lower interest rate on a credit card or other loan.
Excerpted from "You Can't Expect Something for Nothing... But Often You Can Pay Less in Bank Fees," Summer 1998.
|
