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FDIC Consumer News - Fall 2002

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.

  Credit and Debit Cards 

Illustration of a person selecting from several credit cards they have in their hand. An electronic credit/debit card machine is on a counter in front of them. Playing Your Cards Right: Smart Ways To Use Credit and Debit Cards

Paying with plastic—by credit or debit card—certainly has benefits. You can buy goods and services with a credit card now and pay for them later. And debit cards, which deduct payments automatically from your deposit account, offer a quick, easy way to make small purchases and avoid interest charges. But you must understand the terms and conditions of the card you use—and indications are that many consumers do not.

FDIC Consumer News knows that the banking product consumers gripe about the most—about one third of all consumer complaints received by federal banking regulators—is the credit card. Banking regulators also get questions about debit cards now that they are more popular as a payment option. That's why we offer this special update.

So don't stop reading now—charge ahead!

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Last Updated 11/25/2002 communications@fdic.gov