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FDIC Consumer News
Rule on Overdraft Fees at ATMs, Sales Terminals Taking Effect
As reported in our Winter 2009/2010 issue, a new rule from the Federal Reserve Board that takes effect on July 1, 2010, will prohibit financial institutions from charging overdraft fees for ATM and one-time debit card transactions unless the consumer agrees to those fees in advance. For more information, including suggestions from FDIC officials about how consumers can keep down the costs of overdraft programs, see our article at www.fdic.gov/consumers/consumer/news/cnwin0910/new_rules.html.
New FDIC Resources on Deposit Insurance
The FDIC has issued updated versions of two brochures that help explain how deposit insurance works and how to estimate the coverage on your deposits. One is “Your Insured Deposits,” a comprehensive guide to the insurance rules. The other is “When a Bank Fails,” featuring facts for depositors, creditors and borrowers. You can see and order these publications and other resources, including videos, by visiting www.fdic.gov/deposit/deposits. You also can place an order by calling 1-877-ASK-FDIC (1-877-275-3342).
Full Guarantee Program Extended Through 2010
In April, the FDIC announced that the temporary program to fully guarantee deposits in noninterest-bearing transaction accounts and certain NOW accounts at participating institutions would be extended through year-end 2010. While the program was expected to apply primarily to businesses with large balances in their checking accounts, any depositor can qualify. For details, visit www.fdic.gov/deposit/deposits/changes.html or call the FDIC toll-free at 1-877-ASK-FDIC (1-877-275-3342). Depositors also are advised to confirm that their bank is among the nearly 6,000 participating in the program (that’s three-quarters of all FDIC-insured institutions) before relying on the full guarantee.
FDIC Providing Quick Tips for Consumers Over the Internet
The FDIC has begun to deliver timely tips on money management on the agency’s Web site and through an e-mail subscription service. The FDIC’s “Consumer Tip of the Week” may be found at www.fdic.gov/consumertips. To receive the weekly tips electronically, use the e-mail update link on that same Web page. “We believe this new service — delivering simple, practical tips on an ongoing basis over the Internet — will make it easier and more convenient for people to stay informed about issues that may affect their financial decisions,” said FDIC Chairman Sheila C. Bair.
FDIC Consumer News Articles Now Available in Audio
You can now listen to FDIC Consumer News articles anywhere, anytime online or by downloading to your MP3 player. To find what’s available, visit www.fdic.gov/consumers/consumer/news/audio/index.html.
New Look, New Tools for Federal Web Site for Financial Education
Mymoney.gov, the federal government’s one-stop source for financial education resources for consumers, has been enhanced with a new design and new tools that include a financial savings calculator, worksheets for establishing a household budget, and a college preparation checklist. Check it out at www.mymoney.gov.
Last Updated 5/20/2010