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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 recent 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.


5. Sorry, that is incorrect.

The correct answer is "False"

"Many people think if they only make the minimum payment shown on the statement they can keep their account current, keep charging, and have extra cash for other bills," says Janet Kincaid, a Senior Consumer Affairs Officer with the FDIC. "This is generally true, but what people also need to think about is the long-term cost of this alternative." She adds that if you pay only the minimum amount, "it will take you a very long time to pay off the balance, and the interest costs can be shocking." See full story...

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