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Important Update: Changes in FDIC Deposit Insurance Coverage

The FDIC deposit insurance rules have undergone a series of changes starting in the fall of 2008. As a result, certain previously published information related to FDIC insurance coverage may not reflect the current rules. For details about the changes, visit Changes in FDIC Deposit Insurance Coverage. For more information about FDIC insurance, go to www.fdic.gov/deposit/deposits/index.html or call toll-free 1-877-ASK-FDIC (1-877-275-3342). For the hearing-impaired, the number is 1-800-925-4618.

Summer 2006 – Start Smart: Money Management for Teens

A Final Exam: Test Your Money Management IQ

  1. All banks offer checking and savings accounts that are pretty much the same in terms of features, fees, interest rates and opening balance requirements; if you're looking for a new account there's no need to shop around at several banks. True or False?
  2. Let's say you put money in a savings account paying the same interest rate each month, and you don't take any money out. Even though your original deposit and the interest rate remain unchanged, the amount of money you will earn in interest each month will gradually increase. True or False?
  3. FDIC insurance covers deposits, like checking or savings accounts, but not investments such as stocks, bonds or mutual funds. True or False?
  4. Because credit cards offer the option to pay a minimum amount due each month — for example, $20 or $30 on a purchase of several hundred dollars — it's always smart to send in the minimum and stretch out the card payments as long as possible instead of paying the bill in full. True or False?
  5. If you receive an e-mail saying that a company you or your family does business with needs you to update your records by re-entering your Social Security Number or bank account numbers, it's always safe to provide these details as long as the e-mail explains the reason for the request and shows the company's logo. True or False?
  6. It's possible that a gift card you receive for your birthday or another occasion may come with an expiration date, meaning if you don't spend the entire balance by that date you could lose whatever amount remained on the card. True or False?
  7. In the 70-plus years since the start of the FDIC, no depositor has lost a single penny of insured money as a result of a bank failure. True or False?

 

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Last Updated 08/18/2006

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