Each depositor insured to at least $250,000 per insured bank

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FDIC Consumer News - Summer 2003

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.

4. If you picked "True" you are correct.

For example, if you fail to maintain the required property or hazard insurance coverage or you forget to give the lender evidence of your coverage, the creditor typically reserves the right to purchase the insurance and charge you for it, perhaps as part of your loan payment. If you're not monitoring your payments, you could be paying for a property insurance policy purchased by the lender that is more expensive and more limited than what you could obtain by shopping around. See full story...

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Last Updated 09/15/2003 communications@fdic.gov