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Consumer Alerts
Fraudulent E-mails in Circulation – September 13, 2012
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This message is to notify you of two fraudulent e-mails in circulation claiming to be from the FDIC. Please consider both to be fraudulent.
The first fraudulent email includes statements pertaining to the Bankruptcy Reform Act of 1978 and the Investor Protection Law under the Securities Act of 1933. The contact information claims to be fdic.gov@execs.com, and the area code of (646) is used is for the Washington Office. The FDIC does not have email addresses @execs.com and (202) is the area code for the Washington Office. A form, which is attached to the cover letter, purports to be an "FDIC Claimant Verification" form. It too is fraudulent.
The second fraudulent email claims to originate at support@fdic.gov and pertains to ACH transactions. The recipient is told that an ACH transaction has not been delivered; the recipient is requested to download the update via a link.
These e-mails are fraudulent and were not sent by the FDIC. Recipients should consider these e-mails as an attempt to steal money or obtain personal or confidential information from the recipient. Recipients should NOT, under any circumstances, send funds as requested or provide any personal financial information. Also, please do not click on the links provided in the fraudulent emails, as this may load malicious software onto end users' computers. As a reminder, the FDIC does not send unsolicited emails to consumers or business account holders. |
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Fraudulent E-mail Survey – April 27, 2012
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The Federal Deposit Insurance Corporation (FDIC) has received numerous reports of fraudulent e-mails that have the appearance of being sent from the FDIC.
The e-mail exhibits the "Subject" line: "SURVEY CODE: STJSPNUPUT". The "From" line may exhibit variations; however, the messages are similar.
The email states, "You have been chosen by the FDIC to take part in our quick and easy 5 questions survey. In return we will credit $100 to your account just for your time!" The recipient is then instructed to "Click here to Continue." Recipients should not click on the link provided.
This email and link are fraudulent. Recipients should consider the intent of the email as an attempt to collect personal or confidential information, or to load malicious software onto end users' computers. As a reminder, the FDIC does not send unsolicited emails to consumers or business account holders.
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E-mail Claiming to Be From the FDIC – April 10, 2012
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The Federal Deposit Insurance Corporation (FDIC) has received numerous reports of fraudulent e-mails that have the appearance of being sent from the Publishers Clearing House that make reference to the FDIC.
The e-mails inform the recipient that he or she is the winner of a large cash prize and instructs them to obtain a "Check Insurance Certificate from FDIC." The e-mails state the FDIC will be "requesting a fee of $1,000.00" to provide the "Check Insurance Certificate." The e-mails state that the recipient is to write to the FDIC via e-mail for instructions on how to send the requested fee. A fraudulent phone number and e-mail address are provided.
The FDIC does not issue anything called a "Check Insurance Certificates." These e-mails are fraudulent and were not sent by Publishers Clearing House or the FDIC. Recipients should consider the intent of these e-mails as an attempt to steal money or collect personal or confidential information from the recipient. Recipients should NOT, under any circumstances, send funds as requested or provide any personal financial information through this media.
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E-mail Claiming to Be From the FDIC - February 15, 2012
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The Federal Deposit Insurance Corporation (FDIC) has received numerous reports of fraudulent e-mails that have the appearance of being sent from the FDIC.
While the e-mails exhibit variations in the "From" and "Subject" lines, the messages are similar.
The fraudulent e-mails are meant to notify recipients that “Your ACH and Wire transaction abilities have been temporarily withhold for your security, because your security version expired.”
They then instruct recipients to “Please download and install the updated installations” by clicking on a hyper-link provided (Note: the Web site addresses (URL) vary widely).
Finally, most of the e-mails then state, “As soon as you have installed it, your account transactions will be completely reinstated.”
This e-mail and link are fraudulent. Recipients should consider the intent of this e-mail as an attempt to collect personal or confidential information, or to load malicious software onto end users' computers. Recipients should not click on the link provided.
The FDIC does not issue unsolicited e-mails to consumers or business account holders.
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E-mail Claiming to Be From the FDIC - February 8, 2012
The Federal Deposit Insurance Corporation (FDIC) has received numerous reports of fraudulent e-mails that have the appearance of being sent from the FDIC.
While the e-mails exhibit variations in the "From" and "Subject" lines, the messages are similar.
The fraudulent e-mails are said to notify recipients of "recent changes in the Federal Deposit Insurance Corporation insurance coverage." They state, "During the period from December 31, 2010 to December 31, 2012 all the money in a "noninterest-bearing transaction account" are fully insured by the Federal Deposit Insurance Corporation. Please note, that this is a temporary measure besides the Federal Deposit Insurance Corporation's general rules.
The term "noninterest-bearing transaction account" includes a usual checking account or demand deposit account on which no interest is paid by the insured depository institution."
A hyper link is provided (the Web addresses (URL) vary widely) to a Web site that supposedly provides "more details of this temporary FDIC coverage for transaction accounts."
This e-mail and link are fraudulent. Recipients should consider the intent of this e-mail as an attempt to collect personal or confidential information, or to load malicious software onto end users' computers. Recipients should not click on the link provided.
The FDIC does not issue unsolicited e-mails to consumers or business account holders.
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E-mail Claiming to Be From the FDIC - December 21, 2011
The Federal Deposit Insurance Corporation (FDIC) has received numerous reports of fraudulent e-mails that have the appearance of being sent from the FDIC.
While the e-mails exhibit variations in the "From" and "Subject" lines, the messages are similar.
The fraudulent e-mails are said to notify recipients of "recent changes in the Federal Deposit Insurance Corporation insurance coverage." They state, "During the period from December 31, 2010 to December 31, 2012 all the money in a "noninterest-bearing transaction account" are fully insured by the Federal Deposit Insurance Corporation. Please note, that this is a temporary measure besides the Federal Deposit Insurance Corporation's general rules.
The term "noninterest-bearing transaction account" includes a usual checking account or demand deposit account on which no interest is paid by the insured depository institution."
A hyper link is provided (the Web addresses (URL) vary widely) to a Web site that supposedly provides "more details of this temporary FDIC coverage for transaction accounts."
This e-mail and link are fraudulent. Recipients should consider the intent of this e-mail as an attempt to collect personal or confidential information, or to load malicious software onto end users' computers. Recipients should not click on the link provided.
The FDIC does not issue unsolicited e-mails to consumers or business account holders.
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E-mail Claiming to Be From the FDIC - December 9, 2011
The Federal Deposit Insurance Corporation (FDIC) has received numerous reports of a fraudulent e-mail that has the appearance of being sent from the FDIC.
The e-mails appear to be sent from "alexis.meyers@fdic.gov" and have subject line that reads: "Changes in FDIC security requirements."
The e-mails are addressed to "Dear Client," and state, "Your account ACH and Wire transactions have been temporarily suspended for your Security, due to the expiration of your security version. To download and install the newest Updates, follow this link security." A hyperlink is then provided. They conclude with, "As soon as it is set up, your transaction abilities will be fully restored. Best regards, Online security department, Federal Deposit Insurance Corporation"
The following address is provided at the bottom of the message:
"FDIC Public Information Center
3501 North Fairfax Drive, Room E-1002.Section 515. Arlington, VA 22226
Fax Number: (703) 562-2296 Email Address: publicinfo@fdic.gov"
This e-mail and link are fraudulent. Recipients should consider the intent of this e-mail as an attempt to collect personal or confidential information, or to load malicious software onto end users' computers. Recipients should not click on the link provided.
The FDIC does not issue unsolicited e-mails to consumers or business account holders.
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E-mail Claiming to Be From the FDIC - December 8, 2011
The Federal Deposit Insurance Corporation (FDIC) has received numerous reports of a fraudulent e-mail that has the appearance of being sent from the FDIC.
The e-mails appear to be sent from various "@fdic.gov" e-mail addresses, such as "insurance@fdic.gov," "subscriptions@fdic.gov," "alert@fdic.gov," or accounts@fdic.gov.
The e-mails have subject lines, such as: "FDIC: Your business account;" "FDIC: About your business account;" "Insurance coverage of your business account;" or something similar.
The e-mails are addressed to "Dear Business Owner," and state, "We have important news regarding your bank." They then ask recipients to "Please click here to find details." They conclude with, "This includes information on the acquiring bank (if applicable), how your accounts and loans are affected, and how vendors can file claims against the receivership."
This e-mail and link are fraudulent. Recipients should consider the intent of this e-mail as an attempt to collect personal or confidential information, or to load malicious software onto end users' computers. Recipients should not click on the link provided.
The FDIC does not issue unsolicited e-mails to consumers or business account holders.
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E-mail Claiming to Be From the FDIC - October 19, 2011
The Federal Deposit Insurance Corporation (FDIC) has received numerous reports of a fraudulent e-mail that has the appearance of being sent from the FDIC.
The e-mail appears to be sent from a "Fdic.gov Alert Service [subscriptions@fdic.gov]" e-mail address and has a subject line that reads: "SA-28-2011: Counterfeit Cashier's Checks Alert."
The e-mail states that, "The Federal Deposit Insurance Corporation (FDIC) has to report that counterfeit cashier's checks bearing the institution's name are in circulation." It further states:
"The counterfeit items display a large variaty of routing numbers, which are assigned to a large number to small and medium size banks all over USA. The items are blue, have rounded corners, and display a security feature statement embedded within a darkened top border. The bank's logo, name, and Web site address appear near the top-left corner of the counterfeit items.
Authentic cashier's checks are yellow and display a security padlock icon at the end of the written dollar amount line. The bank's logo, name, and Web site address are in the top-center area.
Copies of a counterfeit item and an authentic check (VOID) can be seen at https://fdic.gov/starsmail/check.sample.asp for your your review."
The e-mail attempts to trick recipients into clicking on a link directing recipients to a fraudulent Web site.
This e-mail and link are fraudulent. Recipients should consider the intent of this e-mail as an attempt to collect personal or confidential information, or to load malicious software onto end users' computers. Recipients should not click on the link provided.
The FDIC does not issue unsolicited e-mails to consumers or business account holders.
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E-mail Claiming to Be From the FDIC - October 11, 2011
The Federal Deposit Insurance Corporation (FDIC) has received numerous reports of a fraudulent e-mail that has the appearance of being sent from the FDIC.
The e-mail appears to be sent from a "regulations@fdic.gov" e-mail address and has a subject line that reads: "2011 updated FDIC regulations."
The e-mail starts out by saying "New Regulation approved for the FDI act expected to be implemented untill december 2011." (note: Typographical errors are included). The e-mail attempts to trick recipients into clicking on a link directing recipients to a fraudulent Web site.
This e-mail and link are fraudulent. Recipients should consider the intent of this e-mail as an attempt to collect personal or confidential information, or to load malicious software onto end users' computers. Recipients should not click on the link provided.
The FDIC does not issue unsolicited e-mails to consumers or business account holders.
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E-mail Claiming to Be From the FDIC - September 15, 2011
The Federal Deposit Insurance Corporation (FDIC) has received numerous reports of a fraudulent e-mail that has the appearance of being sent from the FDIC.
The e-mails appear to be sent from various "@fdic.gov" e-mail addresses, such as "insurance@fdic.gov," "subscriptions@fdic.gov," "alert@fdic.gov," or accounts@fdic.gov.
The e-mails have subject lines, such as: "FDIC: Your business account;" "FDIC: About your business account;" "Insurance coverage of your business account;" or something similar.
The e-mails are addressed to "Dear Business Owner," and state, "We have important news regarding your bank." They then ask recipients to "Please click here to find details." They conclude with, "This includes information on the acquiring bank (if applicable), how your accounts and loans are affected, and how vendors can file claims against the receivership."
This e-mail and link are fraudulent. Recipients should consider the intent of this e-mail as an attempt to collect personal or confidential information, or to load malicious software onto end users' computers. Recipients should not click on the link provided.
The FDIC does not issue unsolicited e-mails to consumers or business account holders.
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E-mail Claiming to Be From the FDIC - August 30, 2011
The Federal Deposit Insurance Corporation (FDIC) has received numerous reports of fraudulent emails that have the appearance of being from the FDIC.
The e-mails appear to be sent from a "no.reply@fdic.gov" e-mail address.
The e-mails have a subject line that read: "FDIC Notification."
The fraudulent emails are addressed to "Dear customer" and state "Your account ACH and Wire transactions have been temporarily suspended for security reasons due to the expiration of your security version. To download and install the newest installations read the document(pdf) attached below. As soon as it is set up, your transaction abilities will be fully restored."
The message concludes with, "Best regards, Online security department, Federal Deposit Insurance Corporation."
The e-mails include an attachment named "FDIC_document.zip." The e-mails and attachments are fraudulent and were not sent by the FDIC. Recipients should consider the intent as an attempt to collect personal or confidential information, or to load malicious software onto end users' computers. Recipients should NOT open the attachment.
Financial institutions and consumers should be aware that other subject lines and modifications to the e-mails may occur over time. The FDIC does not directly contact consumers in this manner nor does the FDIC request personal financial information from consumers.
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E-mail Claiming to Be From the FDIC - August 17, 2011
The Federal Deposit Insurance Corporation (FDIC) has received numerous reports of a fraudulent e-mail that has the appearance of being sent from the FDIC.
The e-mail appears to be sent from "alert@fdic.gov" and includes a subject line that states: "FDIC: Your business account."
The e-mail is addressed to "Dear Business Customer" and states "We have important information about your financial institution. Please click here to find details." It then states, "This includes information on the acquiring bank (if applicable), how your accounts and loans are affected, and how vendors can file claims against the receivership."
This e-mail and link are fraudulent. Recipients should consider the intent of this e-mail as an attempt to collect personal or confidential information, or to load malicious software onto end users' computers. Recipients should not click on the link provided.
The FDIC does not issue unsolicited e-mails to consumers or business account holders.
Update:
We have started detecting new, slight variations of the e-mail (highlighted below).
Some e-mails now appear to be sent from our "subscriptions@fdic.gov" e-mail address, as well as our "alert@fdic.gov" e-mail address. Another example has the appearance of coming from "hgrene@fdic.gov" (no such employee exists, I believe).
Some e-mails are addressed to "Dear Business Owner," instead of "Dear Business Customer."
Some e-mails state, "We have important news regarding your bank," instead of "We have important news regarding your financial institution."
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E-mail Claiming to Be From the FDIC - July 14, 2011
The Federal Deposit Insurance Corporation (FDIC) has received numerous reports of fraudulent emails that have the appearance of being from the FDIC.
The emails appear to be sent from various "@fdic.gov" email addresses, such as "protection@fdic.gov," "admin@administration.fdic.gov," or "service@admin.fdic.gov."
The messages have various subject lines that read: "Update for your banking account" or "ACH and Wire transfers disabled," and "Banking security update."
The fraudulent emails are addressed to "Dear clients" and state "Your account ACH and Wire transactions have been temporarily suspended for your Security, due to the expiration of your security version. To download and install the newest Updates, follow this link. As soon as it is set up, your transaction abilities will be fully restored."
The message concludes with, "Best regards, Online security department, Federal Deposit Insurance Corporation."
These emails and links are fraudulent and were not sent by the FDIC. Recipients should consider the intent of these e-mails as an attempt to collect personal or confidential information, or to load malicious software onto end users' computers. Recipients should NOT access the link provided within the body of the emails and should NOT, under any circumstances, provide any personal financial information through this media.
Financial institutions and consumers should be aware that other subject lines and modifications to the e-mails may occur over time. The FDIC does not directly contact consumers in this manner nor does the FDIC request personal financial information from consumers.
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E-mail Claiming to Be From the FDIC - June 3, 2011
The Federal Deposit Insurance Corporation (FDIC) has received numerous reports of a fraudulent e-mail that has the appearance of being sent from the FDIC.
The e-mail appears to be sent from "alert@fdic.gov" and includes a subject line that states: "FDIC: Your business account."
The e-mail is addressed to "Dear Business Customer" and states "We have important information about your financial institution. Please click here to find details." It then states, "This includes information on the acquiring bank (if applicable), how your accounts and loans are affected, and how vendors can file claims against the receivership."
This e-mail and link are fraudulent. Recipients should consider the intent of this e-mail as an attempt to collect personal or confidential information, or to load malicious software onto end users' computers. Recipients should not click on the link provided.
The FDIC does not issue unsolicited e-mails to consumers or business account holders.
Update:
We have started detecting new, slight variations of the e-mail (highlighted below).
Some e-mails now appear to be sent from our "subscriptions@fdic.gov" e-mail address, as well as our "alert@fdic.gov" e-mail address. Another example has the appearance of coming from "hgrene@fdic.gov" (no such employee exists, I believe).
Some e-mails are addressed to "Dear Business Owner," instead of "Dear Business Customer."
Some e-mails state, "We have important news regarding your bank," instead of "We have important news regarding your financial institution."
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E-mail Claiming to Be From the FDIC - April 29, 2011
The Federal Deposit Insurance Corporation (FDIC) has received numerous reports of a fraudulent e-mail that has the appearance of being sent from the FDIC.
The e-mail appears to be sent from "alert@fdic.gov" and includes a subject line that states: "FDIC: Your business account."
The e-mail is addressed to "Business Owners" and states "We have important information about your bank. Please click here to see information." It then states, "This includes information on the acquiring bank (if applicable), how your accounts and loans are affected, and how vendors can file claims against the receivership."
This e-mail and link are fraudulent. Recipients should consider the intent of this e-mail as an attempt to collect personal or confidential information, or to load malicious software onto end users' computers. Recipients should not click on the link provided.
The FDIC does not issue unsolicited e-mails to consumers or business account holders.
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E-mail Claiming to Be From the FDIC - March 11, 2011
The Federal Deposit Insurance Corporation (FDIC) has received numerous reports of a fraudulent e-mail that has the appearance of being sent from the FDIC.
The e-mail appears to be sent from "accounts@fdic.gov" and includes a subject line that states: "About your business account."
The e-mail is addressed to "Business Customers" and states "We have important information about insurance coverage of your business accounts." It then asks recipients to "Please click here to view details" and includes a hyper link to a Web site.
The e-mail says that it is from "Alyssa Williams, FDIC Insurance."
This e-mail and link are fraudulent. Recipients should consider the intent of this e-mail as an attempt to collect personal or confidential information, or to load malicious software onto end users' computers. Recipients should not click on the link provided.
The FDIC does not issue unsolicited e-mails to consumers or business account holders.
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E-mail Claiming to Be From the FDIC - February 15, 2011
The Federal Deposit Insurance Corporation (FDIC) has received numerous reports of a fraudulent e-mail that has the appearance of being sent from the FDIC.
The subject line of the e-mail states: "Important information for depositors of Federal Deposit Insurance Corporation." The e-mail informs recipients that ".this message was sent to you as you had indicated this e-mail address as a contact, by opening an account in your bank department."
The e-mail then states, "In order to inform you about the news concerning current business activity of the Company on a timely basis, please, look through the last important changes in current regulations of endowment insurance procedure. Please, refer to more detailed information in the attached document." The e-mail says that it is from "Federal Deposit Insurance Corporation Investor Relations Department."
Attached to the e-mail is Zip file named "FDIC_Document.ZIP"
This e-mail and its attachment are fraudulent. Recipients should consider the intent of this e-mail as an attempt to collect personal or confidential information, or to load malicious software onto end users' computers. Recipients should not open the attachment provided.
The FDIC does not issue unsolicited e-mails to consumers.
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E-mail Claiming to Be From the FDIC - January 10, 2011
The Federal Deposit Insurance Corporation (FDIC) has received numerous reports of a fraudulent e-mail that has the appearance of being sent from the FDIC.
The subject line of the e-mails state: "Account Insurance from FDIC" or "FDIC Insurance." The e-mail tells recipients that their "account has been denied insurance from the Federal Deposit Insurance Corporation due to suspected violations of the Patriot Act." The e-mail goes on to ask recipients to "verify through our IDVerify below," stating that ".information will be checked against a federal government database for identity verification." The e-mail says that it is from "Donald E. Powell, Chairman Emeritus FDIC; John D. Hawke, Jr., Comptroller of the Currency; and Michael E. Bartell, Chief Information Officer."
This e-mail and associated Web site are fraudulent. Recipients should consider the intent of this e-mail as an attempt to collect personal or confidential information, or to load malicious software onto end users' computers and should not click on the link provided.
The FDIC does not issue unsolicited e-mails to consumers. Financial institutions and consumers should NOT follow the link in the fraudulent e-mail.
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Suspicious Telephone Calls Claiming to Be From the FDIC - September 1, 2010
The Federal Deposit Insurance Corporation (FDIC) has received numerous reports of suspicious telephone calls where the caller claims to represent the FDIC and is calling regarding the collection of an outstanding debt.
To date, the callers have alleged that the call recipient is delinquent in payment of a loan that was applied for over the Internet or made through a payday lender. The loan may or may not actually exist. The caller attempts to authenticate the claim by providing sensitive personal information, such as name, Social Security number, and date of birth, supposedly taken from the loan application. The recipient is then strongly urged to make a payment over the phone to "avoid a lawsuit and possible arrest." In some instances, the caller is said to sound aggressive and threatening.
These suspicious telephone calls are fraudulent. Recipients should consider them as an attempt to steal money or collect personal identifying information. The FDIC generally does not initiate unsolicited telephone calls to consumers and is not involved with the collection of debts on behalf of operating lenders and financial institutions.
If a caller demonstrates that he or she has the recipient's sensitive personal information, such as Social Security number, date of birth, and bank account numbers, the recipient may be the victim of identity theft and should review his or her credit reports for signs of possible fraud. The individual should also consider placing a "fraud alert" on his or her credit reports. This can be done by contacting one of the three consumer reporting companies listed below. Only one of the three companies needs to be contacted. That company is required to contact the other two, which will place an alert on their versions of the report.
- TransUnion: 1-800-680-7289; www.transunion.com; Fraud Victim Assistance Division, P.O. Box 6790, Fullerton, California 92834-6790
- Equifax: 1-800-525-6285; www.equifax.com; P.O. Box 740241, Atlanta, Georgia 30374-0241
- Experian: 1-888-EXPERIAN (397-3742); www.experian.com; P.O. Box 9554, Allen, Texas 75013
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E-mail Claiming to Be From the FDIC - July 2, 2010
| The Federal Deposit Insurance Corporation (FDIC) has received numerous reports of a fraudulent e-mail that has the appearance of being sent from the FDIC.
The subject line of the e-mails state: "you need to check your Bank Deposit Insurance Coverage." The e-mail tells recipients that, "You have received this message because you are a holder of a FDIC-insured bank account. Recently FDIC has officially named the bank you have opened your account with as a failed bank, thus, taking control of its assets." The e-mail then directs recipients to click on a link stating "You need to visit the official FDIC website and perform the following steps to check your Deposit Insurance Coverage."
This e-mail and associated Web site are fraudulent. Recipients should consider the intent of this e-mail as an attempt to collect personal or confidential information, or to load malicious software onto end users' computers and should not click on the link provided.
The FDIC does not issue unsolicited e-mails to consumers. Financial institutions and consumers should NOT follow the link in the fraudulent e-mail.
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E-mail Claiming to Be From the FDIC – April 30, 2010
The Federal Deposit Insurance Corporation (FDIC) has received numerous reports of a fraudulent e-mail that has the appearance of being sent from the FDIC.
The subject line of the e-mails state: "Just for your time." The e-mail tells recipients that, "The Federal Deposit Insurance Corporation Online department kindly asks you to take part in our quick and easy 5 questions survey." It attempts to entice recipients to take the "survey" by telling them "In return we will credit $50.00 to your account - Just for your time!" The e-mail then directs recipients to click on a link to take the survey (a fraudulent link is provided).
This e-mail and associated Web site are fraudulent. Recipients should consider the intent of this e-mail as an attempt to collect personal or confidential information, or to load malicious software onto end users' computers.
The FDIC does not issue unsolicited e-mails to consumers. Financial institutions and consumers should NOT follow the link in the fraudulent e-mail.
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FDIC suggests steps for consumers when placing deposits at FDIC-insured banks through an agent - April 7, 2010
Today, consumers can purchase FDIC-insured deposit products, including checking, savings and certificate of deposit (CD) accounts, through a host of companies and organizations that advertise in newspapers and on the Internet. These entities include financial companies and consumer membership organizations (for example, affinity groups, consumer groups, unions, professional groups, alumni associations and recreational clubs). These entities act as agents (or endorse agents) that place deposits at FDIC-insured banks on consumers' behalf.
When you purchase a deposit product through an agent, you are relying on that agent to tell you all the important things you need to know about your account. For example, the agent should tell you what will happen to your money, the terms and conditions that apply, and whether your funds are eligible for FDIC insurance coverage. Before entrusting an agent with your money, the FDIC recommends that you get answers to the questions listed below. You should be able to get answers to these questions from the account documentation provided to you, such as the deposit agreement or periodic statements you receive, or by contacting your agent.
Questions to Help You Make an Informed Decision
- Will your funds be deposited in an FDIC-insured bank? Your funds will be insured by the FDIC only if the agent places your funds at an FDIC-insured bank. The agent should be able to provide you with the name of the bank (or banks) where your money will be deposited. After obtaining the bank name from the agent, you can verify the insured status of the bank by using the FDIC's Bank Find at www2.fdic.gov/idasp/main_bankfind.asp or calling the FDIC at 1-877-275-3342.
If the agent is unable to identify the bank, or if the statements and other materials from the agent are inconsistent as to the identity of the bank, you might not wish to entrust the agent with your money. Also, if you already maintain a deposit account at the same bank, be aware that the FDIC will add together both accounts (the account opened by the agent and the account opened by you) in applying the current $250,000 insurance limit in the event of the bank's failure.
- Will your funds be placed in an insured deposit product? The FDIC only insures deposit products, such as checking accounts, savings accounts, money market deposit accounts and CDs. The FDIC does not insure money invested in stocks, bonds, mutual funds, life insurance policies, annuities or municipal securities, even if you purchased these investments at an FDIC-insured bank.
- Will the interest rate and maturity date promised by the agent match the interest rate and maturity date offered by the bank? The agent may promise that your funds will earn interest at a particular interest rate. Further, in the case of a CD, the agent may promise that your investment will mature on a particular date. You should ask the agent whether the promised interest rate and maturity date will match the interest rate and maturity date offered by the FDIC-insured bank. If these terms do not match, it may indicate that your funds will not be placed on deposit at an FDIC-insured bank and may not be eligible for FDIC insurance coverage.
You also may want to ask your agent whether the FDIC's requirements for titling of deposit accounts placed by agents will be met. If the account is titled in the name of the agent, and not in your name, the deposit will not be insured to you unless the agent satisfies the FDIC's requirements for "pass-through" insurance coverage (that is, coverage that "passes through" an agent or custodian to the actual owner(s) of the funds). Deposits placed by an agent at an FDIC-insured bank can be insured as the consumer's funds if (1) the bank's records indicate that the deposit account is held by the agent on behalf of others (for example, the account is titled "XYZ Broker for Clients"), (2) the records maintained by either the bank or the agent identify the actual owner or owners of the funds, and (3) the funds actually are owned by the agent's principals or customers, and not by the agent itself. Your agent should be aware of these requirements.
Consumers are encouraged to review all account documentation carefully. Information in your account agreement should clearly outline the terms and conditions that apply to the account, and should be consistent with the information reflected in periodic account statements. If you have any questions about these materials, contact the agent for clarification and assistance.
For additional information about FDIC deposit insurance coverage, go to www.fdic.gov/deposit/deposits or call 1-877-275-3342 to talk to an FDIC Deposit Insurance Specialist. Also, see Certificate of Deposit: Tips for Savers at www.fdic.gov/deposit/deposits/certificate.
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