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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.

Special 10th Anniversary Edition - Fall 2003

You Can Pay Less in Bank Fees
You can't expect something for nothing. After all, banks are for-profit businesses, subject to taxes and the demands of stockholders. Still, there are things you can do to limit the fees you pay. Examples:
  • Review your monthly mailings and see how much you're paying in fees. Ask your banker about ways to reduce or eliminate those charges.
  • Compare your bank's costs to those of a few competitors every few years. You may find a great bargain elsewhere or discover a better deal at your current bank. When comparison-shopping, concentrate on the accounts and services you actually use. Don't be concerned about analyzing every product or fee you see listed.
  • Look into special deals, such as for customers who have multiple accounts at the bank, maintain a certain balance, arrange for direct deposit, or do a lot of banking electronically.
  • Limit or avoid "surcharges" (access fees) at the ATM by using your own bank's machines or those owned by institutions that don't charge fees to non-customers.
  • If you're a good customer with a clean record, ask if your banker might be willing to refund a fee for a late payment, a bounced check or some similar offense. You also might be able to get a lower interest rate on a credit card or other loan.
Excerpted from "You Can't Expect Something for Nothing... But Often You Can Pay Less in Bank Fees," Summer 1998.


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Last Updated 12/12/2003 communications@fdic.gov