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FDIC Consumer News - Winter 1997/1998

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.

News Briefs

New Coins — Congress has agreed to give a new look to the dollar coin and the quarter, starting in 1999. A new dollar coin will replace the Susan B. Anthony coin, which was not produced after 1981 because it was so unpopular (primarily because it’s too easily confused with a quarter). The new coin will be gold-colored and otherwise more distinctive. The primary reason to issue a coin is to save government printing costs because, with normal use, coins last about 30 years while dollar bills have to be replaced approximately every 18 months. The new dollar coin will not replace the dollar bill, however.

In addition, Congress approved a program that redesigns the reverse side of the quarter to honor each of the 50 states. Five states will be featured with new quarters each year, starting with Delaware, Pennsylvania, New Jersey, Georgia and Connecticut.

Free Publications — The Department of the Treasury has published a pamphlet with general guidance about a law that will require most federal payments (including Social Security and veterans’ benefits) to be made electronically instead of by check starting in 1999. Although the Treasury still is developing the specifics of the payment program (including who can qualify to continue receiving benefit checks in the mail), the Treasury published the pamphlet to help consumers prepare for the new system. For a copy of the pamphlet, available in English and Spanish, call (202) 874-6540, write to the Treasury’s Financial Management Service, 401 14th Street, SW, Room 318, Washington, DC 20227, or read the pamphlet on the Internet (www.fms.treas.gov/eft).

The Federal Reserve Board has published a new brochure to educate consumers about their rights when leasing a car instead of buying one. The brochure, “Keys to Vehicle Leasing,” describes new rules governing the information that leasing companies must provide consumers as of January 1, 1998. The pamphlet also describes the differences between buying and leasing a vehicle, and defines key terms used in leasing arrangements. Copies are available free from the Federal Reserve Board’s Publications Services, Mail Stop 127, Washington, DC 20551 (202-452-3244) or any of the 12 regional Federal Reserve Banks. The pamphlet also is available on the Board’s Internet site at www.federalreserve.gov/pubs/leasing

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Last Updated 08/03/1999 communications@fdic.gov