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FDIC Consumer News
The FDIC's official sign has a new look and new information that all insured banks and savings associations will be required to display at teller stations, ATMs and branch locations.
First, the new sign highlights the fact that FDIC insurance is "backed by the full faith and credit of the United States government." In addition, revised wording notes that each depositor is "insured to at least $100,000" – that's because certain retirement accounts now are insured up to $250,000, up from the basic FDIC coverage of $100,000.
The new sign also lists the FDIC's Web site www.fdic.gov, where consumers can get information about their FDIC insurance coverage and other topics of interest.
The signs are already appearing at some institutions but must be displayed by all of them by November 13, 2007.
The FDIC has released a new Spanish version of its online Electronic Deposit Insurance Estimator (EDIE), a user-friendly Internet service that helps consumers calculate the insurance coverage on their deposit accounts at an FDIC-insured institution.
Both the English and Spanish versions of EDIE have been updated to reflect the recent changes in deposit insurance coverage of retirement accounts.
To access the English and Spanish versions of EDIE as well as FDIC brochures and videos on deposit insurance coverage, go to www.fdic.gov/deposit/deposits/index.html. Consumer brochures also are available in Korean and Chinese.
The FDIC is warning homeowners to beware of lenders attempting to lure in customers by claiming to be giving cash or grants under a program tied to the federal Community Reinvestment Act (CRA). Some of the solicitations also imply that the FDIC endorses or supports the offers.
The CRA does not entitle individuals to grants or loans, and the FDIC does not endorse or sponsor mortgage loan programs. Consumers considering a loan secured by their home are urged to comparison shop at a variety of lenders.
Useful information on shopping for a home loan also can be found on the FDIC's Web site at www.fdic.gov/consumers/looking/index.html.
The U.S. Treasury Department has released a survey showing large numbers of consumers mistakenly believe that paper checks are safer than direct deposit when, in fact, the opposite is true.
To learn more about the misconceptions and the facts about direct deposit, see the Treasury's February 28, 2007, press release at http://www.godirect.org/Media/news_2_28_07.cfm.
The FDIC is part of the "Go Direct" campaign by the Treasury Department and the Federal Reserve Banks to encourage recipients of Social Security and other federal benefits to use direct deposit.
Last Updated 05/08/2007