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

Home > Consumer Protection > Consumer News & Information > FDIC Consumer News

FDIC Consumer News

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.

Fall 2005 - A Special Guide for Seniors and Families

Professionals Can Help With Daily Money Management

Each day, millions of people help their ill or elderly relatives with everything from medications to money management. But some financial tasks – including bill paying, deposits, insurance claims, benefit claims, investment decisions and other daily money matters – may be too much for family members to handle alone.

Your accountant, lawyer or financial planner may be willing to help, but another option, perhaps at a lower cost, is to hire a "daily money manager." If you need help finding one, a possible resource is a state or local government agency that provides referrals and other information to elderly people and their caregivers. To locate these agencies, use the "Eldercare Locator" service of the U.S. Administration on Aging at 1-800-677-1116 or www.eldercare.gov.

When hiring a professional, even one who comes recommended by a friend or relative, look for someone with professional credentials from an organization that requires a commitment to a code of ethics. Ask for several references from clients and other professionals. Clarify the job you want performed and the cost. Closely monitor their work to prevent theft or mismanagement. If you rely on friends or relatives for money management, you should closely monitor their work, too. (Note: For information about adding someone to a bank account as a co-owner or to conduct transactions on your behalf, see Naming Names: Points to Consider Before Giving Friends or Relatives Access to Bank Accounts and Safe Deposit Boxes.)


Previous Story Table of Contents Next Story

Last Updated 11/14/2005